Finance + Faculty: Management Accounting in Higher Ed
Summary
Management accountants bring strategic thinking, applied work experience and the ability to convert data into dialogue. To be effective, however, faculty must move beyond wish lists to understand how programs relate to staffing and facilities within an operating budget. In Professor William F. Massy’s upcoming book “Resource Management for Colleges and Universities” he states “American colleges and universities remain the gold standard for world-wide higher education, but flaws in their decision-making cultures and business models are becoming ever more apparent.” Professor Massy goes on to describe “Academic Resourcing (AR)” as a way of using to support better Higher Education decision-making. “AR deals with resource allocation writ large: not just the university’s budget and associated processes, but to everything that involves the application of like facilities and equipment to the furtherance of academic goals. If this is something you would like to try at your institution but not sure how to start, then we have developed this document which can be downloaded from here: http://www.pilbara.co/fullcostreadiness/ to provide initiation guidance and what to be aware of when building these types of models.
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