UK Education Industry – Wonderful Investment Opportunity – Research Education

Universities in the UK have been an educational Mecca for students aspiring for higher education. However, with passing time the education system in the UK is lagging behind in the modern global setup. Many OECD countries are catching up with the UK’s education standards as the UK has not been able to raise its education standards with needs of time.The education sector of the UK can be divided into three main categories:
• School Education
• Further Education
• Higher EducationAn opinion poll commissioned by public universities clearly indicates that UK residents back investment in universities to maintain quality of research and teaching. The public clearly understands that high quality universities are important for the development of individuals, society and economy of the country. Universities heavily rely on external funding to provide high quality student experiences, deliver world class research and develop highly skilled graduates needed for the development of a nation. In a tight financial environment, the government is finding it tough to provide adequate funds to universities for their research activities and innovation in ways of learning.In today’s economy, the importance of higher education extends beyond teaching. UK universities play an important role in the country’s economy. UK universities continue to enrich and impart knowledge and understanding to students globally. International students studying in the UK bring a large amount of revenue, equivalent to 3 billion pounds, to the country’s economy. International students are important for the success of the UK’s higher education system. They contribute approximately 8% to higher education budgets and also contribute to local economies through their off-campus spending. These students studying in the UK are likely to become political leaders, captains of industry and opinion formers of the future. These links play an important role for the UK in trade and diplomatic terms.Twenty-five percent of immigrants to Britain are students and the number is bound to rise in coming years. The influx of international students is mainly the result of marketing efforts of higher educational institutions. UK universities fiercely sell their courses to international students. Each foreign students brings around 15,000 pounds in the way of fees and living expenses. UK universities continue to play an important role in an uncertain economy. International students pay full tuition fees while enabling universities to provide subsidized education to local students. In a scenario where government funding is felt inadequate, international students bring a bounty of funds that can be used by universities to improve their education and research standards to stay ahead in global competition.UK universities now generate about 59 billion pounds and have left behind sectors such as agricultural, pharmaceutical, advertising and the postal industry. The importance of the education sector in the UK is increasing gradually. The focus of UK universities is research and teaching. Some universities are, however, research intensive and transfer knowledge to businesses and other organizations. This procedure is called knowledge transfer, and UK universities use expertise and the facilities of these business communities in return.Governments in different parts of the UK are encouraging universities to seek private funding. Universities establish links with businesses and industries in several disciplines in long and short-term research. Some universities have also established regional consultancy agencies to foster ties with the industry. UK universities are expected to play a greater role in the UK’s knowledge-driven economy. The global completion and requirement of funds will push universities to look for alternative ways of funding in future.

Having Customized Educational Research Measures is a Must – Research Education

Developing educational research measures is indeed a must for the very reason that these measures are used to check just how effective educational research has been, in terms of performance, quality, and its present state against the goals and objectives of the academic institution involved. This thereby requires the creation and development of KPIs or key performance indicators. By definition, KPIs are quantifiable measures that take note of a company’s present state in relation to the goals and objectives it wants to achieve. These KPIs are then plotted onto a balanced scorecard, a managerial tool that has gained a lot of ground in just about any field in the corporate world. Even the government and hospitals have found a lot of use in balanced scorecards and KPIs. Such use can also be found in the academe, which is why a lot of schools and colleges today are now making use of KPIs to check if they are still operating on the right track.In the field of educational research, the KPIs to be used should be as complete as needed. This is to ensure that the upper management of the academic institution will be able to utilize them to the maximum benefit. There are actually 4 perspectives that can be used in developing the educational research scorecard, in general. These 4 perspectives should be used as a guide when you are in the process of creating the KPIs that you are going to plot on the scorecard. These perspectives are: external stakeholders, internal stakeholders, business and finance, and growth and innovation.One important thing to remember about the creation of KPIs is that not all of data gathered by your team would create great KPIs at all. There are some KPIs that might seem useful but do not really serve any purpose whatsoever. Therefore, you need to choose the KPIs that would make a great addition to the scorecard. To guide you through, you should choose the KPIs that are recent and target-oriented, and they should be based on rates and volume and balanced all throughout. By balanced, we mean that you should have both leading metrics AND lagging metrics. But for guiding purposes, the KPIs that you use could be classified into three: revenue, access, and success.How large the academic institution is can also be a factor as to which KPIs to use. The larger the institution, the more students it caters, then the more demanding your KPIs and metrics will have to be. There can also be special cases when the classifications used would well exceed the three mentioned above. Other classifications can include transfer rate, student success, volume transfer, volume completion, student access, enrollment yield, online course success, course/program success, basic skills, revenue factors, productivity indicators, and so many more. These KPIs do have their very own purpose as to how they are generally used. But you still need to bear in mind that these can be modified or customized to fit the very nature of your school or college. The bottom line here is that the more customized your educational research measures are, the better they would fulfill their purpose.