Higher Education Financial Stress Test
Summary
These can come in various forms but likely ones are changes to Government policy or international disputes which are completely out of the control of universities but can still have a significant financial impact on the institution. A major benefit of the predictive model is that multiple scenarios can be developed covering a wide range of possible “what ifs” and then quickly and easily compared to determine the optimum way forward. The next step would be to forecast 5-10 years into the future to see what the longer term financial impact would be and then run a range of different contingency scenarios to see which one would work best for the institution. So these contingency plans can be developed based on a huge amount of detailed data and also with the active participation of individual schools. This way they can determine appropriate staffing levels and if there is a requirement to reduce staff numbers then this can be done via normal attrition through resignations and retirements rather than mass sackings during a financial crisis!
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