Changes in the composition of faculty with regard to age, tenure status, number of new members, average salary, turnover rate, and percentage of nontenured faculty receiving tenure are of concern to university policy makers. As a result of developments, such as changes in the mandatory retirement age and the limited growth of universities, assessing the nature and extent of changes in personnel characteristics, and determining the impacts of various personnel decisions upon these characteristics is important. A method is presented that provides insights into changing personnel characteristics and of the effectiveness of various changes in personnel policies. The method utilizes a Markov model of faculty flows and requires a minimum of two years of time series data concerning faculty age and tenure status. The impacts of six policies on the tenure status, salary, and age distribution of full-time faculty members at a large land grant university were analyzed. The policies are: (1) continuation of current hiring and retirement practices; (2) hiring only nontenured faculty; (3) hiring only assistant professors and instructors for the tenure track; (4) hiring only nontenured assistant professors and instructors for the tenure track; (5) mandatory retirement age extended to 70; and (6) mandatory retirement age at 65. The report demonstrates how these policies are modeled and discusses the various results. (JMD)