We will develop a new incentive-based budget model, including implementation of an appropriate form of Responsibility Center Management (RCM) for the size and configuration of the Stevens budget. The RCM model will aim to align administrative authority with financial responsibility and accountability at the local level; calibrate resources with priorities by making funding available through the annual budgeting process to achieve the goals of the strategic plan; deploy budget allocations that provide incentives for improved performance above target goals; and spur thoughtful and measured risk-taking.
Owners: PROVOST JIANMIN QU, Vice President Louis Mayer
Periodic external reviews will be conducted for all academic units and programs. High priority will be placed on those units and programs subject to accreditation reviews by MSCHE, ABET and AACSB. Results of reviews will be used to ensure optimal effectiveness and efficient use of University resources.
Owner: Provost JIANMIN QU
A review methodology and quantitative metrics will be established to assess all administrative functions over a five-year period to evaluate their efficiency and effectiveness, with reference to appropriate external resources such as industry benchmark data and independent program reviews conducted by practitioners from best-in-class institutions.
Owners: President Nariman Farvardin, Vice President Louis Mayer, Vice President Warren Petty, Provost JIANMIN QU
We will have a state-of-the art information technology enterprise. The IT and networking infrastructure will be an enabler to advance our academic, research, and administrative functions, providing the tools, technology, and capabilities to lead in our academic focus areas and to maximize the efficiency, effectiveness and productivity of administrative operations.
Owner: Vice President Tej Patel
Stevens’ finances will continue to improve and strengthen, including enhancing the liquidity profile of the University from a baseline of 0.2 in 2012 to a target of a minimum of 1.0 by 2022 (the equivalent of approximately three months of operating expenses, and based on fiscal year-end audited financial statements).
Owner: Vice President Louis Mayer
Stevens will construct a University Center that will function as the heart of the University and a hub of student, faculty, staff and visitor interactions. In addition, a significant inventory of student housing will be added to our campus through development of new residence halls and modernization of existing dormitories.
Owner: Vice President Robert Maffia
We will implement plans to create a world-class physical environment for students, faculty and staff. We will expand and modernize the physical infrastructure to accommodate planned growth and upgrade existing space for instructional, research, student life, residential, and administrative needs, including completion of the Gianforte Academic Center, the North Building, the Babbio Garage expansion, and a University Center and Student Housing project, along with ongoing renovations of classrooms, study spaces, student life spaces and the campus itself. In addition, Stevens will be a model of sustainability, through innovative energy initiatives, policies and programs to promote use of biodegradable materials and recycling, and smart transportation initiatives to reduce use of cars.