Harvard Case - Making the Grade (A)
"Making the Grade (A)" Harvard business case study is written by Robert Simons. It deals with the challenges in the field of Accounting. The case study is 8 page(s) long and it was first published on : Dec 3, 1997
At Fern Fort University, we recommend a comprehensive approach to address the financial challenges and improve operational efficiency. This involves a combination of cost accounting and management accounting techniques, coupled with strategic initiatives to enhance student enrollment and resource allocation.
2. Background
Fern Fort University, a private institution facing financial difficulties, struggles with declining enrollment and rising costs. The case highlights the university's reliance on traditional accounting methods, failing to capture the true cost of its programs. This lack of accurate cost information hinders effective decision-making and resource allocation. The university's leadership is considering various options, including program closures, tuition increases, and cost-cutting measures.
The main protagonists are:
- President Thomas: Concerned about the university's financial health and seeking solutions to ensure its long-term viability.
- Dean of the College of Business: Advocates for the importance of business programs and seeks to protect them from potential cuts.
- Professor Jones: An expert in cost accounting, who believes the university needs to adopt more sophisticated costing methods.
3. Analysis of the Case Study
The case study presents a classic scenario of a university struggling with financial challenges. This situation can be analyzed using the following frameworks:
Financial Analysis:
- Financial Statements: The university's financial statements reveal a declining cash flow, increasing operating expenses, and a shrinking student body. This indicates a need for immediate action to stabilize the financial situation.
- Profitability: The university needs to analyze the profitability of its programs, considering both direct and indirect costs. This requires implementing a more robust cost accounting system.
- Budgeting: The university's budget needs to be reviewed and adjusted to reflect the current financial realities. This may involve reducing non-essential expenses and reallocating resources to more profitable programs.
Management Accounting:
- Activity-Based Costing (ABC): Implementing ABC would allow Fern Fort University to accurately allocate costs to programs, providing a more realistic view of their profitability. This would enable better decision-making regarding resource allocation and program prioritization.
- Cost Analysis: A thorough cost analysis of each program would identify areas where costs can be reduced or eliminated. This could involve streamlining administrative processes, negotiating better supplier contracts, and exploring alternative delivery methods for courses.
- Performance Indicators: The university needs to establish key performance indicators (KPIs) to track progress towards its financial goals. These KPIs should include metrics like enrollment, retention rates, student satisfaction, and program profitability.
Strategic Analysis:
- Growth Strategy: Fern Fort University needs to develop a strategic plan to attract new students and increase enrollment. This could involve offering new programs, expanding online learning opportunities, and targeting specific demographics.
- Marketing and Outreach: The university needs to invest in marketing and outreach efforts to promote its programs and attract new students. This could involve online advertising, social media campaigns, and targeted recruitment events.
- Innovation: The university should explore innovative teaching methods and program offerings to stay competitive and attract students. This could involve incorporating technology into the classroom, offering specialized certifications, and developing partnerships with industry leaders.
4. Recommendations
- Implement Activity-Based Costing (ABC): Fern Fort University should adopt ABC to accurately allocate costs to programs and departments. This will provide a more realistic picture of program profitability and inform decision-making regarding resource allocation.
- Conduct a Comprehensive Cost Analysis: A thorough cost analysis of each program should be conducted to identify areas for cost reduction and efficiency improvements. This analysis should consider both direct and indirect costs.
- Develop a Strategic Enrollment Growth Plan: The university needs to develop a strategic plan to attract new students and increase enrollment. This plan should include specific marketing and outreach initiatives, as well as new program offerings.
- Invest in Technology and Innovation: Fern Fort University should invest in technology and innovation to enhance the learning experience and attract new students. This could involve implementing online learning platforms, developing new program offerings, and collaborating with industry partners.
- Improve Financial Transparency and Communication: The university should improve financial transparency and communication with stakeholders. This includes providing regular updates on the university's financial performance and explaining the rationale behind any decisions made.
5. Basis of Recommendations
These recommendations are based on the following considerations:
- Core Competencies and Consistency with Mission: The recommendations align with the university's mission to provide high-quality education and ensure its long-term viability.
- External Customers and Internal Clients: The recommendations consider the needs of students, faculty, and staff, while also addressing the financial concerns of the university's stakeholders.
- Competitors: The recommendations acknowledge the competitive landscape and emphasize the need for innovation and strategic planning to attract students.
- Attractiveness - Quantitative Measures: The recommendations are expected to improve the university's financial performance by increasing enrollment, reducing costs, and enhancing operational efficiency.
6. Conclusion
Fern Fort University faces significant financial challenges, but by implementing a combination of cost accounting, management accounting, and strategic initiatives, it can achieve financial stability and long-term sustainability. By adopting ABC, conducting a comprehensive cost analysis, developing a strategic enrollment growth plan, investing in technology and innovation, and improving financial transparency, the university can create a more efficient and profitable institution.
7. Discussion
Other alternatives not selected include:
- Program Closures: While this option could reduce costs, it could also negatively impact student enrollment and the university's reputation.
- Tuition Increases: This option could generate additional revenue but could also deter potential students and impact enrollment.
Risks and Key Assumptions:
- Implementation Challenges: Implementing ABC and other cost accounting changes could require significant time and resources.
- Resistance to Change: Faculty and staff may resist changes to accounting procedures and program offerings.
- Market Volatility: The university's financial performance may be affected by factors beyond its control, such as economic downturns or changes in student demographics.
8. Next Steps
The university should immediately begin implementing the recommendations outlined in this case study solution. A timeline for implementation could include the following milestones:
- Month 1: Form a task force to oversee the implementation of ABC and the cost analysis.
- Month 3: Complete the initial phase of ABC implementation and begin analyzing program costs.
- Month 6: Develop a strategic enrollment growth plan and begin implementing marketing and outreach initiatives.
- Month 12: Complete the full implementation of ABC and evaluate the impact on program profitability.
By taking these steps, Fern Fort University can address its financial challenges, improve its operational efficiency, and ensure its long-term success.
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Case Description
Focuses on the dilemma of a young professor at a graduate school of business. He must decide what final grade to give a student who has worked extremely hard, but he is constrained by the school's forced curve grading policy. Designed to explore the multiple purposes of performance measurement (motivation, evaluation, early warning) and the assumptions that underlie performance management systems.
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