Resolving the Crisis in Higher Education

John “Jack” Hampton is a professor at St. Peter’s University and a former dean of the schools of business at Seton Hall and Connecticut State universities. He is the author of multiple enterprise risk management books with the American Management Association and a series of higher education books with Rowman & Littlefield.

• List of FiguresPrefaceChapter 1. Do Liberal Arts Colleges Have Viable Business Models? Even More Important, Why Do They Need Them?The Liberal ArtsLiberal Arts FoundationDisagreement on Achieving the OutcomesComparing a Liberal Arts Lecture and a TypewriterMission, Vision, and Values StatementsKey TermsA Simple Business Model and Value ChainBusiness Model for a UniversityValue Chain for a Calligraphy DegreeFaculty View of a Value ChainAdministrator View of a Value ChainChapter 2. What is the Risk of a Faulty Business Model? Do Professors and Administrators Need to Work Together to Get it Right?Strategy and TacticsStrategic PurposeComponents of a Value ChainDesign Thinking is RecommendedIssues When Developing a Value ChainThree Determinants of ValueRisk Factors in Value ChainsMarket Insights in Value ChainsStrategies of a Business ModelCustomer-based Business ModelChapter 3. Does Your University Know about Enterprise Risk Management (ERM)? Or Will Risks Simply Take Care of Themselves?Enterprise Risk ManagementBusiness RiskAddressing Business RiskQuestions about ERMCategorizing RiskChapter 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 UniversitiesEvaluating RiskManaging Risk in the Business ModelInstitutional CategoryFinancial HealthChapter 5. How Does a University Revise its Business Model? Are We Getting into the World of Business Continuity Planning?Business ContinuityBusiness Continuity Planning (BCP) Task ForceBureaucratic TeamInnovative TeamChapter 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 StudentsWhat Do Our Students Want?What Do Our Students Need?Does the Traditional College Model Support Critical Thinking?Liberal Arts Core OutcomesBachelor Degree OutcomesLiberal Arts Core CoursesChapter 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 PhilosophyValue Chain Analysis—Student ComponentWhat Factors Shape Student Choices of Colleges?What Factors Motivate Students to Attend College?Academic Motives for Attending CollegeChapter 8. Let’s Build a Modern Curriculum on a Liberal Arts Foundation: Hey, This Is A Program that Really Meets My NeedsCurriculum DesignDesign of a College ProgramCollege Course FormatsFlexible Formats of CoursesEvaluation of Student PerformanceChapter 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 ExperienceRecruiting MessageAdmission RequirementGraduation FlexibilityCourse FormatsCompetitive TuitionCourse ScheduleCourses and CurriculumsBachelor’s Degree in Liberal Arts or Business AdministrationTwo Bachelor’s DegreesTransfer StudentsFlexible Formats and Grading for CoursesChapter 10. Authority, Responsibility, and Accountability in Business Continuity Planning: Who Should Be Responsible for What?Curriculum DiscussionsBoard of Trustees ResponsibilitiesResponsibilities of the University OfficersBS in Liberal Arts MajorInformation Acquisition 101Cause and Effect 101Interpretation of Written Meaning 101Numerical Literacy 101Personal Perspectives 101Visual Language 101Thinking in Time 101Argumentation 101Business Administration Major OutcomesBusiness Continuity Plan for the MBAMBA Course FormatsMBA Marketing EffortChapter 11. End of the Journey: What Would Happen if No One Listens to the Crisis in Higher Education?Framework of Risk and UncertaintyEvaluating Business Continuity EffortsA Final Thought

Dr. 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.