Following on from our post on ‘why’ institutions should be delving into Academic Program Financial Management, and the previous tips on data requirements, project staffing, and model business rules and assumptions, this week’s tip looks at managing expectations relating to timelines.

Tip 4 – Timeline (time to build, time to update)

Let’s be honest – in tough fiscal times, putting together a project team of 5-6 people to work on a new project is probably virtually impossible to do, even if the desired outcome is considered beneficial.

The table below outlines the major steps in undertaking the model development, plus two updates….giving the institution a decent trend and enabling them to be benchmarked against other similar higher education providers.

In summary, outsourcing a model build can take between 5 and 12 weeks depending on the model complexity and reporting requirements. Subsequent model updates only take 4-6 weeks. This minimises institutional effort on the development of the model and maximizes the time available for institutions to analyze and utilize the data.

Hopefully this short series of posts has helped you formulate the backbone of your own plan on how to implement a comprehensive Academic Program Financial Management Model for your institution.

In an era of shrinking budgets, increasing accountability, and heightened competition, APFM is not just a financial tool but a strategic necessity. It helps institutions remain mission-focused while achieving operational efficiency and ensuring long-term viability. By aligning academic priorities with financial realities, APFM creates a sustainable model for delivering high-quality education in an ever-changing environment.

If you would like to learn more about Academic Program Financial Management models please click here.