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Measuring the value of colleges and universities

Presentation to the University Economic Development Association
by

Ed Morrison

on 4 March 2013

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Transcript of Measuring the value of colleges and universities

Measuring What’s Valuable: University Impact Assessment and Leveraging Results First, an introduction What's missing:
1) Major increases in productivity
2) Value of research
3) Role of University in Community What's missing The "old" approach
to measurng economic impact EMSI's Approach:
Multiple Perspectives
on Value Creation Provides employment data and economic analysis via web tools and customized consulting projects
Produced more than 1,200 comprehensive impact analyses for colleges, universities and the private sector. Developer of new tools and strategies for university engagement
Incubates new approaches to strategy in open networks: Strategic Doing University treated as a factory:
Measure operations impact
Measure student spending
Measure visitor spending McKinsey produced a report
underscoring the need
for an educated workforce A shortage of 1.5 million college graduates by 2020 Even in the midst of a slow economy, the "skills gap" is starting to appear The Student Perspective: Increased earnings
The Business Perspective: More healthy, vibrant economy
The Taxpayer Perspective: ROI, lower rates, lower social costs The Student Perspective
University of Idaho: 18% ROI
Texas Community Colleges: 15.4% ROI
Herkemer County CC: 14.2% ROI
Kent State: $1 invested returns $4.80 in lifetime earnings The Business Perspective:
An engine with multi-million dollar or billion dollar impacts The Taxpayer Perspective
Positive returns on investment
Lower social costs For New Mexico taxpayers, investment into NNMC generates a 13.2% rate of return--substantially higher than alternative public investments Communicating
the results: NNMC Some Next Steps
Explore some websites: University of Idaho; Kent State
Map your university's engagement activities as a portfolio of collaborations
Convene a conversation with your President, engagement and communication staff to review this new approach
Connect to explore your opportunities to change the conversation Accelerating Impact and Value: Building a New Platform for Engagement How can we use these new insights to change the conversation about the role of colleges and universities in our economy? Here's how we can change the conversation Step 1: Explain the transformation taking place Step 2: Provide a model of transformation Step 3: Tell stories: Show how your college
or university creates value Thank You!

Hamilton Galloway
EMSI

Camilla Bustamante
Northern New Mexico College

Ed Morrison
Purdue Center for Regional Development Step 4: Launch regular civic forums
to build university engagement networks Why Measure Your Value? Impact Assessments:
Increase Community Awareness
Demonstrate Accountability
Raise Taxpayer Support
Recruit Students Dispel Common Myths :
Universities are a drain on public resources
Colleges are just like any other business
Colleges only provide education No Higher Education
limits lifetime earnings Value of Research Two Roles of Colleges
In the Community The Power of Convening: Key Focus Initiatives:
Supply Chain and Workforce Development
Applied Research Collaborations and Pilot Projects
Policy and Finance (innovation, tech transfer and commercialization)
Building the Narrative Measuring inflow of research dollars
Measuring impact of tech-transfer, licensing, royalties
Describing societal benefits Inflow of research dollars creates
wealth in the local economy Successful research and technology can
be deployed to create new flows of money
and capital into the institution New money can be allocated to acquire:
More resources
More staff/researchers
Fund new research endeavors Successful research and technology once deployed
creates new business/employment opportunities
& often links to improvements to society The Need:
Justification for growth
Defeat perception of drain on system
Establish value of college
President wanted an EIS Components:
Investment Analysis
Economic Growth Analysis Student Perspective:
21.5% rate of return on
NNMC educational investment Taxpayer Perspective:
13.2% rate of return on public
investment in NNMC Economic Growth/Contribution:
NNMC's activities generate $177.7 million
annually--7.5% of regional economy Other Considerations to be addressed:
College Operations: capital and labor expenditures
Student Spending: non-local students
Visitor Spending: non-local visitors Income integrated into community:
$$ Generated from basketball games and conferences
Adjustments for alternative use of funds 57% believe college
provides only fair or
poor value 76% of college presidents
believe college provides
good or excellent value Closing gaps in workforce
Convening and organizing leadership and action Increase alignment between program offerings and occupational demand
Full transcript