Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/317519 
Year of Publication: 
2021
Citation: 
[Journal:] Journal of Business Economics and Management (JBEM) [ISSN:] 2029-4433 [Volume:] 22 [Issue:] 5 [Year:] 2021 [Pages:] 1209-1230
Publisher: 
Vilnius Gediminas Technical University, Vilnius
Abstract: 
The research, through a bidirectional approach, aims to develop the university management of the degree programs in order to attract and maintain the potential students, as well as to estimate and manage the costs of the educational services offered during their life cycle. The authors bring into the centre of the study the importance of the simulation process in predicting a possible future and reduce the probable risks and costs from time. The results confirm that the simulation methods used help the universities to determine the future risks and to predict when and what relationship marketing programs to use in order to attract, maintain and grow the number of valuable students and also to ensure cost-effective management of university programs.
Subjects: 
university management
Monte Carlo simulation
Markov chains
Gauss distribution
stochastic simulation
life-cycle cost method (LCC)
JEL: 
I20
I29
M41
Persistent Identifier of the first edition: 
Creative Commons License: 
cc-by Logo
Document Type: 
Article

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