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ERIC Number: EJ885241
Record Type: Journal
Publication Date: 2010
Pages: 5
Abstractor: ERIC
Reference Count: 0
ISBN: N/A
ISSN: ISSN-1068-1027
Strategic Thinking about How Costs and Goals Interact
Cavanaugh, John C.; Graves, William H.
Trusteeship, v18 n3 p20-24 May-Jun 2010
In the grand economic scheme, the intense public pressure to lower costs came late to higher education. No institution--public or private, non-profit or for-profit--has escaped the always difficult, sometimes protracted discussions of how to increase efficiency and lower costs. Although this intense pressure predates the recent great recession, the "new" economic climate has made the situation worse. Unless boards truly understand in significant detail where revenue comes from and where it goes, they are likely to select overly simplistic cost-cutting strategies that may create short-term savings without addressing structural cost issues. Truly effective solutions to financial crisis must be based on thorough, complex understanding of how the finances actually work and how expenditures can be better aligned with key strategic goals or revenue-generating objectives. The authors contend that by more strategically allocating resources and reducing costs, institutions are more likely to reach their strategic education goals.
Association of Governing Boards of Universities and Colleges. 1 Dupont Circle Suite 400, Washington, DC 20036. Tel: 800-356-6317; Tel: 202-296-8400; Fax: 202-223-7053; Web site: http://www.agb.org
Publication Type: Journal Articles; Reports - Descriptive
Education Level: Higher Education
Audience: N/A
Language: English
Sponsor: N/A
Authoring Institution: N/A