We generate answers to your questions about the costs, revenues, enrollment, and staffing of your institution using your own institutional data, providing you with customized decision modeling tools to strategically assess enrollment, tuition, and financial scenarios for your institution. This service allows you to project how various changes in enrollment patterns will impact future costs and revenues of the institution. This process financially empowers institutions to strategically navigate changing economic demands and fulfill their mission for many years into the future.
Every institution houses immense amounts of data about enrollment, student schedules, costs, revenues, programs, departments, staffing, etc. However, in most institutions, these data sets are housed in separate systems that act like silos of information and many questions are left unanswered. That is where we come in. We take the data from each silo of information in your institution and combine it in ways that allows the leaders of an organization to see the institution in a more strategic light. This is the program costing service. When this service is combined with the dashboard product, institutions are provided with a tool to project future costs and revenues based upon changing enrollment patterns.
Another complicating factor for financial decision making on campuses is that student course enrollment patterns are variable depending upon a variety of factors. Students enroll in courses from different departments, programs, and divisions, and each course will have its own unique cost.
By analyzing each student’s enrollment and comparing it to the revenue that student pays for their courses ACCORD can determine the cost/revenue ratio for that student, as well as the cost/revenue ratio for each department as well as each major program. This provides a highly detailed profile that is based on actual student enrollment, costs, and revenue at your institution.
If the answers to the following questions would help you make strategic decisions at your organization, please contact us.
- Which programs (or majors) in your institution generate more revenue than costs?
- Which programs (or majors) in your institution generate more costs than revenue?
- Which departments in your institution generate more revenue than costs?
- Which departments in your institution generate more costs than revenues?
- If enrollment goes up in one program but down in another, how will that change the costs and revenue of the institution?
- How much would the costs of my institution increase with the addition of one student in a particular program?
- When a student in a particular program (for example a nursing major) takes courses offered by other departments (for example English courses) how does that change the overall costs and revenues?
- Would growth in enrollment in some of the programs on my campus lead to a financial deficit?
- If growth in student enrollment in one program will lead to a deficit, how much growth will be needed in another program to maintain a balance between my costs and revenues?
Every institution has specific, unique needs. If you have a question that you want answered that is not listed here, give us a call: (877) 786-8481. We will be happy to work with you to generate customized reports to answer your questions.