A Mathematical Model that Analyzes the Financial Implication of Outsourcing Policy for Private Universities in Nigeria
Osatohanmwen Enagbonma *
Mathematics Unit, Department of Physical Sciences, Faculty of Science, Benson Idahosa University, Benin City, Nigeria.
Augustine A. Osagiede
Department of Mathematics, Faculty of Physical Sciences, University of Benin, Benin City, Nigeria.
*Author to whom correspondence should be addressed.
Abstract
Wastages and shortages of academic personnel in universities are issues of great concern to management of universities (Both public and private). However, in the available literature, there are no adequate mathematical models that evaluate the cost implications of personnel outsourcing policy for private universities to deal with such issues. We develop a mathematical model that can address such real life problems. The idea of Linear algebra was used to develop the model for the case scenario. The model is able to compute the financial implication of outsourcing academic staff for private universities. The result obtained gave the financial implication of maintaining the entire personnel outsourcing policy.
Keywords: Outsourcing policy, academic staff, cost implication, universities