Financial modeling of higher educational institution using quality management approaches

A possibility of applying modern quality management methods to improve the efficiency of financial activities of higher education institutions is considered in this paper. Quality management can be applied not only to the production of goods or services, but also to improve the quality of any process. Accordingly some aspects of quality management can be applied to the financial processes of the university. In particular, Ishikawa diagram and House of Quality can be used to create a financial model of the university, which can help to improve the decisions making process. The goals and objectives that should be solved to create the model and a way of its application are set in this paper.