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Macroeconomics 12th Edition by William Baumol,Alan Blinder
Edition 12ISBN: 978-1305033016Macroeconomics 12th Edition by William Baumol,Alan Blinder
Edition 12ISBN: 978-1305033016 Exercise 1
Think about a way you would construct a model of how your college is governed. Which officers and administrators would you include and exclude from your model if the objective were one of the following:
a. To explain how decisions on financial aid are made
b. To explain the quality of the faculty Relate this to the map example in the chapter.
a. To explain how decisions on financial aid are made
b. To explain the quality of the faculty Relate this to the map example in the chapter.
Explanation
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Model of college governance
The new model of college governance would follow the basic hierarchy level as followed by the usual education system.
Basically, to construct a new model of college governance, one must identify the people who have experience in management; the hierarchy has to be outlined; the proper channel of flow of process has to be designed; inappropriate and cumbersome flow of process has to be eliminated, which is identified as a flaw in the prior management.
Eliminating unwanted details and focusing the objective would make a sound model of college governance.
a. Financial administration in the college
Usually, the financial administration is carried out by the trustees of the college trust. But here to think differently, the expenditures of the college have to be decided by the person who is involved with the process of educating. Thus, here the demand would be raised by the College Principal; Vice-Principal; Vice-chairman; and the Chairman. The authority of passing that bill is in the hands of the trustees.
There would be an evident change in the expenditure pattern if the above model is followed rather than spending the financial aid allotted by the trust.
The financial head of the college must be the immediate subordinate of the Vice-chairman of administration.
The financial aids to the college must be governed by the chairpersons in the financial committee of the educational institution.
b. Quality of faculty
There would be little changes if the model is constructed with the perspective of the quality of faculty.
The quality of the faculty represents the pride and reputation of the institution. The faculty should possess the following criteria:
• Strong academic background
• Sound knowledge in teaching
• Ability to adopt the new technologies of teaching
Here, the financial team and the management of the college play an important role in determining the quality of the faculty. The factors such as appointments, salary, and promotion encourage and sustain the quality of the faculty for a long period.
The management must be responsible for the appointment of the faculty; searching potential faculty is a part of the management duties.
Thus, the decision making would change from the trust to the college management for different reasons. Both the trust and the management are important for decision making.
The new model of college governance would follow the basic hierarchy level as followed by the usual education system.
Basically, to construct a new model of college governance, one must identify the people who have experience in management; the hierarchy has to be outlined; the proper channel of flow of process has to be designed; inappropriate and cumbersome flow of process has to be eliminated, which is identified as a flaw in the prior management.
Eliminating unwanted details and focusing the objective would make a sound model of college governance.
a. Financial administration in the college
Usually, the financial administration is carried out by the trustees of the college trust. But here to think differently, the expenditures of the college have to be decided by the person who is involved with the process of educating. Thus, here the demand would be raised by the College Principal; Vice-Principal; Vice-chairman; and the Chairman. The authority of passing that bill is in the hands of the trustees.
There would be an evident change in the expenditure pattern if the above model is followed rather than spending the financial aid allotted by the trust.
The financial head of the college must be the immediate subordinate of the Vice-chairman of administration.
The financial aids to the college must be governed by the chairpersons in the financial committee of the educational institution.
b. Quality of faculty
There would be little changes if the model is constructed with the perspective of the quality of faculty.
The quality of the faculty represents the pride and reputation of the institution. The faculty should possess the following criteria:
• Strong academic background
• Sound knowledge in teaching
• Ability to adopt the new technologies of teaching
Here, the financial team and the management of the college play an important role in determining the quality of the faculty. The factors such as appointments, salary, and promotion encourage and sustain the quality of the faculty for a long period.
The management must be responsible for the appointment of the faculty; searching potential faculty is a part of the management duties.
Thus, the decision making would change from the trust to the college management for different reasons. Both the trust and the management are important for decision making.
Macroeconomics 12th Edition by William Baumol,Alan Blinder
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