A Novel Hybrid Approach for Prioritizing Investment Initiatives to Achieve Financial Sustainability in Higher Education Institutions Using MEREC-G and RATMI

Abstract

Financial sustainability is a crucial challenge for higher education institutions due to various challenges and constraints. This necessitates determining their investment priorities accurately based on multiple criteria to ensure a sustainable income. This study puts forward a novel, hybrid approach for prioritizing the financial sustainability plan investment initiatives in higher education institutions using an updated method for the removal effects of criteria with a geometric mean (MEREC-G) and ranking the alternatives based on the trace-to-median index (RATMI) techniques. The developed approach is applied to the strategic financial sustainability plan investment initiatives at King Abdulaziz University (KAU). The study’s results prioritized the investment initiatives based on quantitative and qualitative criteria with different weights. Results also revealed the potential initiatives that can be considered quick-winning initiatives. Furthermore, results determined one high-potential initiative for each of KAU’s financial sustainability plan pillars. Based on the results, the study recommended four steps that assist KAU in ranking the initiatives effectively. Implications of the novel approach include assisting decision makers in higher education institutions to evaluate investment initiative priorities based on objective and subjective criteria to ensure the financial sustainability of their institutions.

Integration and Innovation Path Analysis of Enterprise Marketing Data Management Based on Deep Learning

“…The program aims to integrate business, information technology and statistical knowledge to cultivate digital marketing professionals adapted to the era of big data. The program not only focuses on teaching theoretical knowledge but also emphasizes the cultivation of practical skills to cater to the complex and rapidly changing environment of the digital marketing field (Abdulaal et al, 2023). In addition, the program works closely with industry players to ensure that the training content matches the actual market needs.…”

Modeling the Strategic Enablers of Financial Sustainability in Saudi Higher Education Institutions Using an Integrated Decision-Making Trial and Evaluation Laboratory–Interpretive Structural Modeling Approach

“…This is achieved by creating and sharing knowledge, improving skills and expertise, cultivating principles and beliefs, and involving the community to accomplish their SDGs [6,7]. This is in addition to expanding their sources of income, reducing expenses, and targeting strategic investments that ensure financial sustainability [4,[6][7][8][9][10][11].…”

“…Consequently, several research studies have concentrated on different schemes to attain financial sustainability in HEIs [6][7][8][9][10][11][12][13][14][15][16][17][18][19][20][21][22][23][24][25]. Some of these studies focused on factors affecting financial sustainability in HEIs [6,8,15,16].…”

“…Moreover, some studies focused on strategies for increasing income generation [21,23,24] and the performance evaluation of financial sustainability in HEIs [7,17] and their units [20]. Strategic planning for financial sustainability in HEIs and investment initiatives was also the focus of some studies [9][10][11].…”

“…The first performance area of resource development comprises 33 investment initiatives linked to 43 performance indicators, all falling under eight main pillars. These investment initiatives were prioritized following an original integrated multi-criteria decisionmaking (MCDM) approach combining a method based on the removal effects of criteria using the geometric mean (MEREC-G) with ranking the alternatives based on the trace-tomedian index (RATMI) method [11].…”