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Strategy, Resources, and Budget

Our strategy is embedded in our long-term financial plan and our annual budget process. The essence of that strategy, presented in the following sections, is the generation and allocation of resources to achieve our goals and objectives as well as maintaining the alignment of our vision and goals with our budget.

As we implement the strategic plan, the proposed actions must be assessed with respect to the goals, objectives, and the financial situation. The latter will alter timelines but should not alter our commitment to the achievement of our priorities. We will adequately fund those initiatives that advance the achievement of the strategic plan.

Proposals for university-wide initiatives must meet the test of the "investment square" for resource allocation:

  1. Visibility The initiative must promise to bring external recognition to IIT in an area of importance to society in general and to higher education specifically.
  2. Sustainability There must be foreseeable resources to sustain any initiative. Sources of funding—for example, from government and corporate grants, philanthropy, and/or tuition revenues—must be predictable over at least a five-year horizon. There must also be a strong indication that any university investment will attract outstanding scholars, innovators, and students to the university.
  3. Synergy Investment in a university-wide initiative must directly or indirectly stimulate improvement in more than one area of the university. Our size dictates the importance of leveraging resources across the institution.
  4. Leadership Even the best idea will stall without a champion. The champion must have a passion for the idea, be recognized for outstanding work related to it, and be the spokesperson for it. The champion must also accept responsibility for recruiting the necessary human and financial resources to advance the initiative.

To maintain the credibility of our planning process, there should be demonstrable use of the strategic plan in all areas of our operations and resource allocations.

The two most important steps we can take to advance the university

  1. Continual reference to the strategic plan in decision-making
  2. Focus on the vision

The strategic plan is a living document that requires continuous amendment to maintain consistent progress toward the vision. The vision should not change in the immediate future; however, the plan should evolve on an annual basis because of a shifting financial climate, unexpected opportunities that present themselves, and changes in the external environment, including technology, business, and our challenging global society.