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Ensure the financial stability and health of the school.
Financial stability of the McKelvey School of Engineering is essential if we are to pursue aggressively the objectives listed above. Without a secure base of tuition, research funding, and philanthropy, the school may become overly focused on revenue generating activities and fail to invest in the important goals necessary to achieve our core objectives.
Financial resilience is a different objective than those listed above, because it is a means to an end rather than an explicit statement of our mission and values, but it is critical to our efforts.
Goal 1: Continued growth of size and quality of academic master’s programs.
Unlike undergraduate tuition, tuition from master’s programs directly supports the school. Ensuring those programs are strong and stable is critical to the financial health of the school.
Goal 2: Develop structured business models for Sever Institute offerings.
The Sever Institute is the professional development arm of the school of engineering and is vital to its financial health. Its offerings of master’s degrees, graduate course certifications, and short courses need to be academically strong, industrially relevant, and financially sustainable. Each program needs a business model that considers customer demand and availability, recruiting strategies and modes of content delivery.
Goal 3: Establish robust, multi-faceted relationships with key companies.
As articulated in several of the objectives and goals above, deep relationships with industry are essential to advance the overall research and education missions of the school. In addition, strategic partnerships with particular companies can significantly strengthen the financial stability of the school. Companies can provide recurring overall support for departments, research funding for faculty, career development investment for graduating students and scholarships for students.