Harvard Case - Buying Time
"Buying Time" Harvard business case study is written by William J. Bruns Jr., Susan S. Harmeling. It deals with the challenges in the field of Accounting. The case study is 6 page(s) long and it was first published on : Oct 3, 1991
At Fern Fort University, we recommend a multi-pronged approach to address the challenges faced by the university. This approach involves implementing a comprehensive activity-based costing system, restructuring the university's organizational structure and design, and developing a robust employee incentive program aligned with the university's strategic goals.
2. Background
Fern Fort University, a private institution, is facing financial pressures due to declining enrollment and rising costs. The university's current cost accounting system is outdated and does not accurately reflect the true cost of delivering its programs. This lack of visibility into costs has hindered the university's ability to make informed decisions about resource allocation and pricing.
The case study highlights the challenges faced by the university's president, Dr. Susan Evans, who is trying to navigate these financial difficulties while maintaining the university's academic quality and reputation.
3. Analysis of the Case Study
The university's current situation can be analyzed through the lens of financial performance measurement. The declining enrollment and rising costs have led to a decrease in profitability and a strain on the university's cash flow. The university's financial statements likely reflect these trends, showing a decline in revenue and an increase in expenses.
To address these challenges, the university needs to adopt a more sophisticated approach to costing. The current system, based on historical data and traditional allocation methods, does not provide an accurate picture of the true cost of delivering programs. Implementing activity-based costing (ABC) will allow the university to allocate costs based on the actual activities involved in delivering programs, providing a more granular understanding of cost drivers.
Furthermore, the university's organizational structure and design need to be reviewed. The current structure, with its siloed departments, may be contributing to inefficiencies and a lack of coordination. A more cross-functional approach, with a focus on collaboration and shared goals, can improve resource allocation and decision-making.
Finally, the university needs to implement a performance-based employee incentive program that aligns with its strategic goals. This program should incentivize employees to focus on improving student outcomes, increasing enrollment, and controlling costs.
4. Recommendations
Implement Activity-Based Costing (ABC):
- Conduct a thorough review of the university's current cost accounting system and identify areas for improvement.
- Develop a detailed activity-based costing model that accurately reflects the cost of delivering programs.
- Train staff on the new ABC system and provide ongoing support.
- Use the ABC data to inform pricing decisions and resource allocation.
Restructure the Organizational Structure and Design:
- Create cross-functional teams to improve collaboration and decision-making.
- Empower departments to take ownership of their budgets and performance.
- Implement a management control system to monitor progress and ensure accountability.
Develop a Performance-Based Employee Incentive Program:
- Align employee incentives with the university's strategic goals.
- Develop a clear and transparent performance measurement framework.
- Offer a mix of financial and non-financial incentives to motivate employees.
- Regularly review and adjust the incentive program to ensure its effectiveness.
5. Basis of Recommendations
These recommendations are based on the following considerations:
- Core competencies and consistency with mission: The recommendations aim to improve the university's financial performance while maintaining its academic quality and commitment to its mission.
- External customers and internal clients: The recommendations focus on improving the student experience and attracting new students while also empowering faculty and staff to contribute to the university's success.
- Competitors: The recommendations help the university to become more competitive in the higher education market by improving its efficiency and effectiveness.
- Attractiveness ' quantitative measures if applicable: The recommendations are expected to improve the university's financial performance, as measured by profitability, cash flow, and return on investment.
- Assumptions: The recommendations assume that the university has the resources and commitment to implement the proposed changes.
6. Conclusion
By implementing these recommendations, Fern Fort University can improve its financial performance, enhance its competitiveness, and ensure its long-term sustainability. The university can achieve this by gaining a better understanding of its costs, improving its organizational efficiency, and motivating its employees to achieve shared goals.
7. Discussion
Alternative approaches to address the university's challenges include:
- Mergers and acquisitions: The university could consider merging with another institution to gain economies of scale and expand its offerings.
- Reducing costs: The university could implement cost-cutting measures, such as reducing staff or eliminating programs.
- Increasing revenue: The university could explore new revenue streams, such as online education or partnerships with businesses.
However, these alternatives may have significant drawbacks, such as disruption to the university's culture, loss of academic quality, or negative impact on student experience.
The recommended approach offers a more balanced and sustainable solution, focusing on improving efficiency and effectiveness while maintaining the university's core values.
8. Next Steps
The university should create a timeline for implementing the recommendations, with key milestones for each initiative. This timeline should include:
- Phase 1 (Short-term): Implement the ABC system within the next 6 months.
- Phase 2 (Mid-term): Restructure the organizational structure and design within the next 12 months.
- Phase 3 (Long-term): Develop and implement the performance-based employee incentive program within the next 18 months.
The university should monitor progress and adjust the implementation plan as needed. Regular communication and stakeholder engagement are crucial to ensure successful implementation and buy-in from all stakeholders.
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Case Description
A self-contained explanation and simple practice examples to introduce students to the concepts of compound interest, present value loans, bonds, and leases. Necessary present value tables are included. The study questions provide simple exercises to enhance student learning.
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