Description
Book SynopsisCovid-19's Impact on Higher Education: How Business Continuity Planning Can Reverse It asks and answers probing questions affecting higher education in the post-COVID-19 educational landscape. The book examines whether private universities, particularly liberal arts colleges, have viable business models and discusses the risk posed by a faulty business model. It fits a liberal arts foundation into a sustainable value chain for a university and shows how business continuity planning (BCP) can help a university to achieve long-term sustainable operation. It also recommends goals, composition, and successful practices for a business continuity planning task force. Ultimately, this book creates a pathway to build viable undergraduate degrees on a liberal arts foundation. It concludes with authority, responsibility, and accountability in business continuity planning.
Trade ReviewDr. John J. Hampton has continued his book series on risk management in higher education by heralding risks, particularly to private liberal arts colleges. Covid-19 accelerated those institutional risks, as well as posing new ones. A stakeholder approach to enterprise risk management is urged on boards of trustees, college presidents, administrators, and professors to deal with shared risks and rewards, collaborative governance, and the need to reverse negative trends. Liberal arts education is not at all devalued, but rather is recognized as cultivating critical thinking, improving problem solving, and effectively analyzing information. A challenge is issued to reconceptualize curriculum and degrees based on a liberal arts foundation, including undergraduate and graduate degrees in Business. Institutions are further encouraged to develop student-centered and flexible approaches to course offerings, academic calendars, and the cost of college. Dr. Hampton presents a series of invaluable questions and tools to university leadership at all levels to guide the revision and adaptation of an institution’s business model and the identification and creation of its value chains.
-- Paula Becker Alexander, J.D. Associate Professor, Seton Hall University, and author of "Corporate Social Responsibility"
One of most common things heard in various institutions goes something like: “You can’t run a (church, school, non-profit, arts center, university) like a business.” The problem is that people don’t understand business and consequently do not define the term correctly. A business is any organization that provides a product or service, collects revenue, and has expenses. Obviously, the university qualifies. As both an experienced academic and a skilled business expert, Dr. Hampton understands that the present plight and questionable future of the traditional university is dependent on creating a business model that works in today’s environment. This book not only spells out the problems, but also discusses detailed solutions. It is easy to understand, reads well, and is important to the future of higher education.
-- Art Pulis, business consultant, Pulis and Associates
There is no question that one of the pillars of strength of a thriving society is an active, robust, forward-thinking educational system. Today, our institutions of higher education are facing enormous challenges—economic, social, health-related concerns—that require clear thinking and solid advice. Dr. Hampton provides just that. In an engaging Socratic manner, he shows us how business continuity planning and risk management are the tools that can help higher education institutions thrive, rather than succumb to outdated and narrow-focused thinking. This book is a must-read requirement for educators, administrators, trustees, government officials, and donors.
-- Nathan Sambul, entrepreneur; investor; visiting professor at universities in the U.S.A. and Europe
Contemporary university education is more reflective of the medieval format of its origins than of today’s fast paced, technologically advanced society. It is no surprise that new graduates are often woefully unprepared for the knowledge, skills, and abilities required to be successful contributors to the modern workforce. Hampton tackles this disconnect by offering Business Continuity Planning to ameliorate the connection between university instruction and workplace practice. His analysis of the problems presented by traditional liberal arts pedagogy and their contribution to risk in the business of higher education highlights the consequences of ‘business as usual.’ The apparent bottom line, according to Hampton, is that, as long as universities ignore the importance of revising their business models to reflect contemporary Business Continuity Planning, the new graduate, and thus the contemporary workforce, will allow their work to control them, rather than controlling work for themselves. This insightful piece is a ‘must read’ for those charged with Curriculum Development and with Enterprise Risk Management at the university level.
-- Elizabeth Mitchell Coronado, senior training specialist for safety basis, Los Alamos National Laboratory
This outstanding book illustrates how the reader can obtain critical facts and apply risk management techniques to make logical decisions in higher education. We know that the choice of college today is a great challenge. Graduates are faced with huge student debt that can take a decade or even longer to repay. Proper planning and the right decisions are needed. The author explains strategies from both the student and college perspective. The book focuses on risk management tools that can be applied to make logical decisions. The author’s experience and intensive research produced this exceptional book that encourages readers to pursue critical facts before taking action on a choice of college or careers. The book is a must read for parents of future students. Also, it provides useful information for professors and other college decision makers.
-- Gary Seneca, MBA, tax preparer
For decades, universities, particularly liberal arts institutions, have overwhelmingly focused on academic pursuits while overlooking the business of education. Their business myopia has resulted in a failure to understand their customers and their products. The COVID-19 pandemic has leveled the playing field for higher education and prompted observant institutions to consider their position in the value chain. In Covid-19’s Impact on Higher Education: How Business Continuity Planning Can Reverse It, Hampton demonstrates how modern enterprise risk management could be used to strategically reposition universities to compete in an evolving educational market. He posits that business continuity planning can bring not only sustainability but a competitive advantage to those institutions that embrace the new business plan at all stakeholder levels. Pragmatically written as a series of questions, this book answers the question for anyone competing for higher education’s savvy consumers.
-- William Fawcett, Chief Executive Officer for Haverford Reinsurance
Table of ContentsList of Figures
Preface
Chapter 1. Do Liberal Arts Colleges Have Viable Business Models? Even More Important, Why Do They Need Them?
The Liberal Arts
Liberal Arts Foundation
Disagreement on Achieving the Outcomes
Comparing a Liberal Arts Lecture and a Typewriter
Mission, Vision, and Values Statements
Key Terms
A Simple Business Model and Value Chain
Business Model for a University
Value Chain for a Calligraphy Degree
Faculty View of a Value Chain
Administrator View of a Value Chain
Chapter 2. What is the Risk of a Faulty Business Model? Do Professors and Administrators Need to Work Together to Get it Right?
Strategy and Tactics
Strategic Purpose
Components of a Value Chain
Design Thinking is Recommended
Issues When Developing a Value Chain
Three Determinants of Value
Risk Factors in Value Chains
Market Insights in Value Chains
Strategies of a Business Model
Customer-based Business Model
Chapter 3. Does Your University Know about Enterprise Risk Management (ERM)? Or Will Risks Simply Take Care of Themselves?
Enterprise Risk Management
Business Risk
Addressing Business Risk
Questions about ERM
Categorizing Risk
Chapter 4. Why is Managing the Business Model Similar to Climbing Mount Everest? Are We Sure We Know What We’re Doing as We Face Risk in the Immediate Future?
Would you Consider Climbing Mount Everest?
Should a University Accept the Risks of Changing its Business Model?
The Risk Picture for Universities
Evaluating Risk
Managing Risk in the Business Model
Institutional Category
Financial Health
Chapter 5. How Does a University Revise its Business Model? Are We Getting into the World of Business Continuity Planning?
Business Continuity
Business Continuity Planning (BCP) Task Force
Bureaucratic Team
Innovative Team
Chapter 6. Where Does the Liberal Arts Fit in a Sustainable Value Chain for a University? Does Anybody Really Care about Shakespeare?
A Focus On Our Students
What Do Our Students Want?
What Do Our Students Need?
Does the Traditional College Model Support Critical Thinking?
Liberal Arts Core Outcomes
Bachelor Degree Outcomes
Liberal Arts Core Courses
Chapter 7. Business Continuity Planning (BCP) on a Liberal Arts Foundation: What Do We Have to Consider? What Do We Have to Change?
Business Model and Philosophy
Value Chain Analysis—Student Component
What Factors Shape Student Choices of Colleges?
What Factors Motivate Students to Attend College?
Academic Motives for Attending College
Chapter 8. Let’s Build a Modern Curriculum on a Liberal Arts Foundation: Hey, This Is A Program that Really Meets My Needs
Curriculum Design
Design of a College Program
College Course Formats
Flexible Formats of Courses
Evaluation of Student Performance
Chapter 9. Let’s Build our Own Undergraduate Degree on a Liberal Arts Foundation: If We Design and Offer the Right Products, Will They Come?
A Unique College Experience
Recruiting Message
Admission Requirement
Graduation Flexibility
Course Formats
Competitive Tuition
Course Schedule
Courses and Curriculums
Bachelor’s Degree in Liberal Arts or Business Administration
Two Bachelor’s Degrees
Transfer Students
Flexible Formats and Grading for Courses
Chapter 10. Authority, Responsibility, and Accountability in Business Continuity Planning: Who Should Be Responsible for What?
Curriculum Discussions
Board of Trustees Responsibilities
Responsibilities of the University Officers
BS in Liberal Arts Major
Information Acquisition 101
Cause and Effect 101
Interpretation of Written Meaning 101
Numerical Literacy 101
Personal Perspectives 101
Visual Language 101
Thinking in Time 101
Argumentation 101
Business Administration Major Outcomes
Business Continuity Plan for the MBA
MBA Course Formats
MBA Marketing Effort
Chapter 11. End of the Journey: What Would Happen if No One Listens to the Crisis in Higher Education?
Framework of Risk and Uncertainty
Evaluating Business Continuity Efforts
A Final Thought
