Open AccessFinancial Resource Allocation in Higher Education
Author(s) -
Ana Ušpurienė,
Leonidas Sakalauskas,
Valerijonas Dumskis
Publication year - 2017
Publication title -
informatics in education
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.53
H-Index - 19
eISSN - 2335-8971
pISSN - 1648-5831
DOI - 10.15388/infedu.2017.14
Subject(s) - institution , computer science , finance , financial institution , financial management , resource allocation , higher education , stage (stratigraphy) , financial modeling , economics , actuarial science , sociology , economic growth , computer network , social science , paleontology , biology
The paper considers a problem of financial resource allocation in a higher education institution. The basic financial management instruments and the multi-stage cost minimization model created are described involving financial instruments to constraints. Both societal and institutional factors that determine the costs of educating students are examined and involved into the model, too. A financial flow planning model of an education institution (e.g., university) has been created, using two-stage or four-stage stochastic programming algorithms, with easily selected education institution’s accounting data. The created model has been adapted to solve the two-stage and multi-stage financial flow optimization problem of the branch of university, and the obtained results of two-stage and multi-stage tasks have been compared. A mixed integer programming algorithm, realized in the model using CPLEX Studio 126 for optimization, can be flexibly adapted for practical needs of financial planning of education institutions.