Welcome to dialog about Benchmarking and Metrics (Key Performance Indicators). What are some metrics that would be useful to your business unit at LSSU?
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As increasing enrollment is a responsibility we all share, it would be helpful when managing time and effort to have a general idea what the actual value of a student is. This would need to include tuition, fees, and average food and housing expenditures adjusted to reflect average discounts and our expenses in providing services.
Putting a dollar value on prospective students could help us to understand the value of every conversation we have and help quantify the monetary value of recruiting efforts.
This might need to be adjusted as situations change yearly, for example right now we likely have excess resources whereas when we increase enrollment we might reach a point were additional students cause additional hiring or other growth costs.
From a tuition/fees point of view, each student brings in about $7,000 in tuition (after discounts) and $550 in fees.
Could someone list the current key Performance indicators LSSU uses for the different department? This would provide a starting point for the discussion.
It is my understanding that the new CAFE’ committees are working with the President and Provost to develop those metrics – institutionally. Departmental units would then develop their metrics which would align with the institution.
Note: In the budget you shared some institutional financial indicators. Are there additional financial indicators used for departments/schools that lead into the institutional calculations?
I would encourage units to develop meaningful indicators. The ones I have shared so far are for the entire institution. Using the ratios I presented at the unit level might not make any sense.