Bidirectional approach for university management: improved relationship with students and educational costs management
Abstract
The research, through a bidirectional approach, aims to develop the university management of the degree programs in order to attract and maintain the potential students, as well as to estimate and manage the costs of the educational services offered during their life cycle. The authors bring into the centre of the study the importance of the simulation process in predicting a possible future and reduce the probable risks and costs from time. The results confirm that the simulation methods used help the universities to determine the future risks and to predict when and what relationship marketing programs to use in order to attract, maintain and grow the number of valuable students and also to ensure cost-effective management of university programs.
Keyword : university management, Monte Carlo simulation, Markov chains, Gauss distribution, stochastic simulation, life-cycle cost method (LCC)
How to Cite
Florea, N. V., Paschia, L., Coman, D. M., Ionescu, C. A., Coman, M. D., Ene, C. M., & Gudanescu Nicolau, N. L. (2021). Bidirectional approach for university management: improved relationship with students and educational costs management. Journal of Business Economics and Management, 22(5), 1209-1230. https://doi.org/10.3846/jbem.2021.14687
This work is licensed under a Creative Commons Attribution 4.0 International License.
References
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Kahn, P., & Anderson, L. (2019). Developing Your teaching: Towards excellence (2nd ed.). Routledge. https://doi.org/10.4324/9780429490583
Karim, K. E. (2006). Accounting for decision making and control. Issues in Accounting Education, 21(3), 333.
Kaur, K. (2009). Marketing the academic library on the web. Library Management, 30(6–7), 454–468. https://doi.org/10.1108/01435120910982140
Kolomytseva, O., & Pavlovska, A. (2020). The role of universities in the national innovation system. Baltic Journal of Economic Studies, 6(1), 51–58. https://doi.org/10.30525/2256-0742/2020-6-1-51-58
Lamb, H., Hair, J., McDaniel, C., Faria A. J., & Wellington, W. J. (2012). Marketing (5th ed.). Nelson Education.
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Luban, F. (2005). Business simulations [Simulări in afaceri] Editura ASE.
Nastase (Bidireanu), A., Comandaru, A.-M., Geanina Stanescu, S., Peichea, M., Coman, M. D., & Ionescu, C. A. (2019). Statistical prediction using to forecast the theory of Markov chains. Journal of Science and Arts, 19(2), 415–424.
Nejati, M. (2013). Frontiers of business, management and economics: An interdisciplinary collection of managerial research findings and breakthroughs. Universal-Publishers.
Ong, D. (2009). The international students’ handbook: Living and studying in Australia. UNSW Press.
Oplatka, I., & Hemsley-Brown, J. (Eds.). (2012). The management and leadership of educational marketing: Research, practice and applications (Vol. 15). Emerald Group Publishing Limited.
Palmatier, R., & Steinhoff, L. (2019). Relationship marketing in the digital age. Routledge.
Peppers, D., & Rogers, M. (2004). Managing customer relationships: A strategic framework. John Wiley & Sons.
Perna, A., & Baraldi, E. (2014). CRM Systems in industrial companies: Intra-and inter-organizational effects. Palgrave Macmillan.
Pringle, J., & Fritz, S. (2019). The university brand and social media: Using data analytics to assess brand authenticity. Journal of Marketing for Higher Education, 29(1), 19–44. https://doi.org/10.1080/08841241.2018.1486345
Reichert, S. (2019). The role of universities in regional innovation ecosystems. https://eua.eu/resources/publications/819:the-role-of-universities-in-regional-innovation-ecosystems.html
Sauro, J. (2015). Customer analytics for dummies. John Wiley & Sons.
Schneider, M., & Deane, K. C. (Eds.). (2015). The university next door: What is a comprehensive university, who does it educate, and can it survive? Teachers College Press.
Sheldon, S., & Turner-Vorbeck, T. (Eds.). (2019). The Wiley handbook of family, school, and community relationships in education. John Wiley & Sons. https://doi.org/10.1002/9781119083054
Spickova, M., & Myskova, R. (2015). Costs efficiency evaluation using life cycle costing as strategic method. Procedia Economics and Finance, 34, 337–343. https://doi.org/10.1016/S2212-5671(15)01638-X
Sultan, P., & Wong, H. Y. (2019). How service quality affects university brand performance, university brand image and behavioural intention: the mediating effects of satisfaction and trust and moderating roles of gender and study mode. Journal of Brand Management, 26(3), 332–347. https://doi.org/10.1057/s41262-018-0131-3
Svend, H., & Oliver, O. (2019). Marketing: A relationship perspective (2nd ed.). World Scientific.
Toma, J. (2011). Managing the entrepreneurial university: Legal issues and commercial realities. Routledge. https://doi.org/10.4324/9780203831236
Tracey, W. R. (2004). The human resources glossary: The complete desk reference for HR executives, managers, and practitioners (3rd ed.). CRC Press.
Valdani, E., & Arbore, A. (2013). Bocconi on Management Series: Competitive strategies: Managing the present, imagining the future. Palgrave Macmillan. https://doi.org/10.1057/9780230354586
Williams, P. (2019). Does competency-based education with blockchain signal a new mission for universities? Journal of Higher Education Policy and Management, 41(1), 104–117. https://doi.org/10.1080/1360080X.2018.1520491
Winer, R. S. (2001). A framework for customer relationship management. California Management Review, 43(4), 89–105. https://doi.org/10.2307/41166102
Zio, E. (2013). Springer Series in Reliability Engineering. The Monte Carlo Simulation Method for system reliability and risk analysis. Springer. https://doi.org/10.1007/978-1-4471-4588-2
Altbach, P. G., Reisberg, L., & Rumbley, L. E. (2009). Trends in global higher education: Tracking an academic revolution. A report prepared for the UNESCO 2009 World Conference on Higher Education. Published with support from SIDA/SAREC. http://www.cep.edu.rs/public/Altbach,_Reisberg,_Rumbley_Tracking_an_Academic_Revolution,_UNESCO_2009.pdf
Ashworth, A. (1993). How lifecycle costs could have improved existing costing. In J. W. Bull (Ed.), Life cycle costing for construction. Blackie Academic and Professional.
Asiedu, Y., & Gu, P. (1998). Product life cycle cost analysis: State of the art review. International Journal of Production Research, 36(4), 883–908. https://doi.org/10.1080/002075498193444
Balzer, W. K. (2020). Lean higher education: Increasing the value and performance of university processes (2nd ed.). Routledge. https://doi.org/10.4324/9781351216944
Baran, R. J., Galka, R. J., & Strunk, D. P. (2008). Principles of customer relationship management. Thomson South-Western.
Beardwell, J., & Claydon, T. (2007). Human resource management: A contemporary approach (5th ed.). Pearson Education. http://www.microlinkcolleges.net/elib/files/undergraduate/AccountingandFinance/Human%20Resource%20Management,%20A%20Contemporary%20Approach,%205th%20Edition.pdf
Brock, R. (2019). Young adult literature in action: A librarian’s guide (3rd ed.). ABC-CLIO.
Brown, R. J., & Yanuck, R. R. (1980). Life-cycle costing: A practical guide for energy managers. Fairmont Press. https://www.amazon.com/Life-Cycle-Costing-Practical-Managers/dp/0915586177
Chaminade, C., & Lundvall, B.-Å. (2019). Science, technology, and innovation policy: Old patterns and new challenges. In Oxford research encyclopedia of business and management. https://doi.org/10.1093/acrefore/9780190224851.013.179
Chen, I. J., & Popovich, K. (2003). Understanding customer relationship management (CRM): People, process and technology. Business Process Management Journal, 9(5), 672–688. https://doi.org/10.1108/14637150310496758
Ching, W., Huang, X., Ng, M., & Siu, T. (2013). Markov chains: Models, algorithms and applications. Springer Science & Business Media. https://doi.org/10.1007/978-1-4614-6312-2
Dall’Alba, G., & Barnacle, R. (2007). An ontological turn for higher education. Studies in Higher Education, 32(6), 679–691. https://doi.org/10.1080/03075070701685130
Dhillon, B. (2009). Life cycle costing for engineers (1st ed.). CRC Press. https://doi.org/10.1201/9781439816899
Duica, A., & Florea, N. V. (2018). Challenges for business- E-recruitment and modeling. The Journal Contemporary Economy, 3(3), 19–29. https://ideas.repec.org/a/brc/brccej/v3y2018i3p19-29.html
Duica, M. C., Florea, N. V., Duica, A., & Gilmeanu, R. (2019). Improving the relationships between organizations and their customers using digital multichannel communication and mathematical simulation. Economic Computation & Economic Cybernetics Studies & Research, 53(1), 265–280. https://doi.org/10.24818/18423264/53.1.19.17
Emblemsvåg, J. (2003). Life-cycle costing: Using activity-based costing and Monte Carlo methods to manage future costs and risks. John Wiley & Sons.
Evans, G. R., & Gill, J. (2017). Universities and students: A guide to rights, responsibilities and practical remedies (1st ed.). Routledge. https://doi.org/10.4324/9781315042503
Florea, N. V., & Mihai, D. C. (2017). Predicting employees’ evaluation performance using simulation and mathematical modeling. Journal of Science and Arts, 17(1), 81.
Foglieni, F., Villari, B., & Maffei, S. (2017). Designing better services: A strategic approach from design to evaluation. Springer. https://doi.org/10.1007/978-3-319-63179-0
Fukuda, S. (2017). Emotional engineering (Vol. 5). Springer International Publishing. https://doi.org/10.1007/978-3-319-53195-3
Gluch, P., & Baumann, H. (2004). The life cycle costing (LCC) approach: A conceptual discussion of its usefulness for environmental decision-making. Building and Environment, 39(5), 571–580. https://doi.org/10.1016/j.buildenv.2003.10.008
Harland, T. (2012). University teaching: An introductory guide (1st ed.). Routledge. https://doi.org/10.4324/9780203120606
Ianos, I. (2010). Insertia teritoriala a universitatilor din Romania. Editura Universitara.
Kahn, P., & Anderson, L. (2019). Developing Your teaching: Towards excellence (2nd ed.). Routledge. https://doi.org/10.4324/9780429490583
Karim, K. E. (2006). Accounting for decision making and control. Issues in Accounting Education, 21(3), 333.
Kaur, K. (2009). Marketing the academic library on the web. Library Management, 30(6–7), 454–468. https://doi.org/10.1108/01435120910982140
Kolomytseva, O., & Pavlovska, A. (2020). The role of universities in the national innovation system. Baltic Journal of Economic Studies, 6(1), 51–58. https://doi.org/10.30525/2256-0742/2020-6-1-51-58
Lamb, H., Hair, J., McDaniel, C., Faria A. J., & Wellington, W. J. (2012). Marketing (5th ed.). Nelson Education.
Lechtchinskaia, L., Friedrich, I., & Breitner, M. H. (2012). Requirements analysis for a student relationship management system – Results from an empirical study in Ivy League universities. In Proceedings of the Annual Hawaii International Conference on System Sciences (pp. 5132–5141). Maui, HI, USA. IEEE. https://doi.org/10.1109/HICSS.2012.502
Linger, H., Fisher, J., Wojtkowski, W., Wojtkowski, W. G., Zupančič, J., Vigo, K., & Arnold, J. (2004). Constructing the infrastructure for the knowledge economy: Methods and tools, theory and practice. Springer Science & Business Media. https://doi.org/10.1007/978-1-4757-4852-9
Luban, F. (2005). Business simulations [Simulări in afaceri] Editura ASE.
Nastase (Bidireanu), A., Comandaru, A.-M., Geanina Stanescu, S., Peichea, M., Coman, M. D., & Ionescu, C. A. (2019). Statistical prediction using to forecast the theory of Markov chains. Journal of Science and Arts, 19(2), 415–424.
Nejati, M. (2013). Frontiers of business, management and economics: An interdisciplinary collection of managerial research findings and breakthroughs. Universal-Publishers.
Ong, D. (2009). The international students’ handbook: Living and studying in Australia. UNSW Press.
Oplatka, I., & Hemsley-Brown, J. (Eds.). (2012). The management and leadership of educational marketing: Research, practice and applications (Vol. 15). Emerald Group Publishing Limited.
Palmatier, R., & Steinhoff, L. (2019). Relationship marketing in the digital age. Routledge.
Peppers, D., & Rogers, M. (2004). Managing customer relationships: A strategic framework. John Wiley & Sons.
Perna, A., & Baraldi, E. (2014). CRM Systems in industrial companies: Intra-and inter-organizational effects. Palgrave Macmillan.
Pringle, J., & Fritz, S. (2019). The university brand and social media: Using data analytics to assess brand authenticity. Journal of Marketing for Higher Education, 29(1), 19–44. https://doi.org/10.1080/08841241.2018.1486345
Reichert, S. (2019). The role of universities in regional innovation ecosystems. https://eua.eu/resources/publications/819:the-role-of-universities-in-regional-innovation-ecosystems.html
Sauro, J. (2015). Customer analytics for dummies. John Wiley & Sons.
Schneider, M., & Deane, K. C. (Eds.). (2015). The university next door: What is a comprehensive university, who does it educate, and can it survive? Teachers College Press.
Sheldon, S., & Turner-Vorbeck, T. (Eds.). (2019). The Wiley handbook of family, school, and community relationships in education. John Wiley & Sons. https://doi.org/10.1002/9781119083054
Spickova, M., & Myskova, R. (2015). Costs efficiency evaluation using life cycle costing as strategic method. Procedia Economics and Finance, 34, 337–343. https://doi.org/10.1016/S2212-5671(15)01638-X
Sultan, P., & Wong, H. Y. (2019). How service quality affects university brand performance, university brand image and behavioural intention: the mediating effects of satisfaction and trust and moderating roles of gender and study mode. Journal of Brand Management, 26(3), 332–347. https://doi.org/10.1057/s41262-018-0131-3
Svend, H., & Oliver, O. (2019). Marketing: A relationship perspective (2nd ed.). World Scientific.
Toma, J. (2011). Managing the entrepreneurial university: Legal issues and commercial realities. Routledge. https://doi.org/10.4324/9780203831236
Tracey, W. R. (2004). The human resources glossary: The complete desk reference for HR executives, managers, and practitioners (3rd ed.). CRC Press.
Valdani, E., & Arbore, A. (2013). Bocconi on Management Series: Competitive strategies: Managing the present, imagining the future. Palgrave Macmillan. https://doi.org/10.1057/9780230354586
Williams, P. (2019). Does competency-based education with blockchain signal a new mission for universities? Journal of Higher Education Policy and Management, 41(1), 104–117. https://doi.org/10.1080/1360080X.2018.1520491
Winer, R. S. (2001). A framework for customer relationship management. California Management Review, 43(4), 89–105. https://doi.org/10.2307/41166102
Zio, E. (2013). Springer Series in Reliability Engineering. The Monte Carlo Simulation Method for system reliability and risk analysis. Springer. https://doi.org/10.1007/978-1-4471-4588-2