Incentives in the Budgeting System After the first two questions posed in a previous article on budgeting and finance, namely identifying the sources of academic income and how the department’s budget is established, have been answered, the new chair should…
By: Blase Scarnati, PhD and Michelle Miller, PhD
Picture a day when you’ve gathered your faculty together to have a substantive conversation about some pressing issue facing the institution. You explain the situation using terms such as revenue, the business of education, efficiencies, degree production, throughput, and the like. This may seem sensible given that, in part, universities function like businesses. As with our counterparts in the for-profit corporate world, we in education experience the reality of balancing budgets and making tough choices about how to steward limited financial resources.