IDEAS home Printed from https://ideas.repec.org/a/gam/jsusta/v15y2023i16p12635-d1221534.html
   My bibliography  Save this article

A Novel Hybrid Approach for Prioritizing Investment Initiatives to Achieve Financial Sustainability in Higher Education Institutions Using MEREC-G and RATMI

Author

Listed:
  • Reda M. S. Abdulaal

    (Department of Industrial Engineering, Faculty of Engineering, King Abdulaziz University, Jeddah 21589, Saudi Arabia
    Financial Sustainability Office, King Abdulaziz University, Jeddah 21589, Saudi Arabia
    Department of Industrial Engineering, College of Applied Sciences, AlMaarefa University, Ad Diriyah 13713, Saudi Arabia)

  • Anas A. Makki

    (Department of Industrial Engineering, Faculty of Engineering—Rabigh, King Abdulaziz University, Jeddah 21589, Saudi Arabia)

  • Isam Y. Al-Filali

    (Financial Sustainability Office, King Abdulaziz University, Jeddah 21589, Saudi Arabia)

Abstract

Financial sustainability is a crucial challenge for higher education institutions due to various challenges and constraints. This necessitates determining their investment priorities accurately based on multiple criteria to ensure a sustainable income. This study puts forward a novel, hybrid approach for prioritizing the financial sustainability plan investment initiatives in higher education institutions using an updated method for the removal effects of criteria with a geometric mean (MEREC-G) and ranking the alternatives based on the trace-to-median index (RATMI) techniques. The developed approach is applied to the strategic financial sustainability plan investment initiatives at King Abdulaziz University (KAU). The study’s results prioritized the investment initiatives based on quantitative and qualitative criteria with different weights. Results also revealed the potential initiatives that can be considered quick-winning initiatives. Furthermore, results determined one high-potential initiative for each of KAU’s financial sustainability plan pillars. Based on the results, the study recommended four steps that assist KAU in ranking the initiatives effectively. Implications of the novel approach include assisting decision makers in higher education institutions to evaluate investment initiative priorities based on objective and subjective criteria to ensure the financial sustainability of their institutions.

Suggested Citation

  • Reda M. S. Abdulaal & Anas A. Makki & Isam Y. Al-Filali, 2023. "A Novel Hybrid Approach for Prioritizing Investment Initiatives to Achieve Financial Sustainability in Higher Education Institutions Using MEREC-G and RATMI," Sustainability, MDPI, vol. 15(16), pages 1-18, August.
    • Handle: RePEc:gam:jsusta:v:15:y:2023:i:16:p:12635-:d:1221534
    as

    Download full text from publisher

    File URL: https://www.mdpi.com/2071-1050/15/16/12635/pdf
    Download Restriction: no
    File URL: https://www.mdpi.com/2071-1050/15/16/12635/
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Habib M. Alshuwaikhat & Yusuf A. Adenle & Bilal Saghir, 2016. "Sustainability Assessment of Higher Education Institutions in Saudi Arabia," Sustainability, MDPI, vol. 8(8), pages 1-16, August.
    2. Kashif Abbass & Halima Begum & A. S. A. Ferdous Alam & Abd Hair Awang & Mohammed Khalifa Abdelsalam & Ibrahim Mohammed Massoud Egdair & Ratnaria Wahid, 2022. "Fresh Insight through a Keynesian Theory Approach to Investigate the Economic Impact of the COVID-19 Pandemic in Pakistan," Sustainability, MDPI, vol. 14(3), pages 1-20, January.
    3. Reda M. S. Abdulaal & Omer A. Bafail & Ghous Ali, 2022. "Two New Approaches (RAMS-RATMI) in Multi-Criteria Decision-Making Tactics," Journal of Mathematics, Hindawi, vol. 2022, pages 1-20, September.
    4. Katerina Kabassi, 2021. "Comparing Multi-Criteria Decision Making Models for Evaluating Environmental Education Programs," Sustainability, MDPI, vol. 13(20), pages 1-17, October.
    5. Ismaila Rimi Abubakar & Yusuf A. Aina & Habib M. Alshuwaikhat, 2020. "Sustainable Development at Saudi Arabian Universities: An Overview of Institutional Frameworks," Sustainability, MDPI, vol. 12(19), pages 1-15, September.
    6. Nomeda Dobrovolskienė & Anastasija Pozniak & Manuela Tvaronavičienė, 2021. "Assessment of the Sustainability of a Real Estate Project Using Multi-Criteria Decision Making," Sustainability, MDPI, vol. 13(8), pages 1-19, April.
    7. Isam Y. Al-Filali & Reda M. S. Abdulaal & Ammar A. Melaibari, 2023. "A Novel Green Ocean Strategy for Financial Sustainability (GOSFS) in Higher Education Institutions: King Abdulaziz University as a Case Study," Sustainability, MDPI, vol. 15(9), pages 1-17, April.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Esther Salmerón-Manzano & Francisco Manzano-Agugliaro, 2018. "The Higher Education Sustainability through Virtual Laboratories: The Spanish University as Case of Study," Sustainability, MDPI, vol. 10(11), pages 1-22, November.
    2. María Pilar de la Cruz López & Juan José Cartelle Barros & Alfredo del Caño Gochi & Manuel Lara Coira, 2021. "New Approach for Managing Sustainability in Projects," Sustainability, MDPI, vol. 13(13), pages 1-27, June.
    3. Ismaila Rimi Abubakar & Yusuf A. Aina & Habib M. Alshuwaikhat, 2020. "Sustainable Development at Saudi Arabian Universities: An Overview of Institutional Frameworks," Sustainability, MDPI, vol. 12(19), pages 1-15, September.
    4. Ali M. Al-Bahi & Mohamed S. Abd-Elwahed & Abdelfattah Y. Soliman, 2021. "Implementation of Sustainability Indicators in Engineering Education Using a Combined Balanced Scorecard and Quality Function Deployment Approaches," Sustainability, MDPI, vol. 13(13), pages 1-28, June.
    5. Aroub Alnasser & Nsreen Musallat, 2022. "Food Sustainability Knowledge among Saudis: Towards the Goals of Saudi Vision 2030," Sustainability, MDPI, vol. 14(18), pages 1-17, September.
    6. Anas A. Makki & Reda M. S. Abdulaal, 2023. "A Hybrid MCDM Approach Based on Fuzzy MEREC-G and Fuzzy RATMI," Mathematics, MDPI, vol. 11(17), pages 1-19, September.
    7. Manuel Muñoz-Suárez & Natividad Guadalajara & José M. Osca, 2020. "A Comparative Analysis between Global University Rankings and Environmental Sustainability of Universities," Sustainability, MDPI, vol. 12(14), pages 1-19, July.
    8. Jassem Alokla & Arief Daynes & Paraskevas Pagas & Panagiotis Tzouvanas, 2023. "Solvency determinants: evidence from the Takaful insurance industry," The Geneva Papers on Risk and Insurance - Issues and Practice, Palgrave Macmillan;The Geneva Association, vol. 48(4), pages 847-871, October.
    9. Sadia Akhtar & Kashif Ullah Khan & Fouzia Atlas & Muhammad Irfan, 2022. "Stimulating student’s pro-environmental behavior in higher education institutions: an ability–motivation–opportunity perspective," Environment, Development and Sustainability: A Multidisciplinary Approach to the Theory and Practice of Sustainable Development, Springer, vol. 24(3), pages 4128-4149, March.
    10. Bandar Alkhayyal & Wafa Labib & Talal Alsulaiman & Abdelhakim Abdelhadi, 2019. "Analyzing Sustainability Awareness among Higher Education Faculty Members: A Case Study in Saudi Arabia," Sustainability, MDPI, vol. 11(23), pages 1-13, December.
    11. Abdulrahim Zaher Meshari & Majed Bin Othayman & Frederic Boy & Daniele Doneddu, 2021. "The Impact of Learning Organizations Dimensions on the Organisational Performance: An Exploring Study of Saudi Universities," International Business Research, Canadian Center of Science and Education, vol. 14(2), pages 1-54, February.
    12. Carmen Díaz-López & Andrés Navarro-Galera & Montserrat Zamorano & Dionisio Buendía-Carrillo, 2021. "Identifying Public Policies to Promote Sustainable Building: A Proposal for Governmental Drivers Based on Stakeholder Perceptions," Sustainability, MDPI, vol. 13(14), pages 1-21, July.
    13. Anas A. Makki & Isam Y. Al-Filali, 2024. "Modeling the Strategic Enablers of Financial Sustainability in Saudi Higher Education Institutions Using an Integrated Decision-Making Trial and Evaluation Laboratory–Interpretive Structural Modeling ," Sustainability, MDPI, vol. 16(2), pages 1-23, January.
    14. Maria Ghani & Usman Ghani, 2024. "Economic Policy Uncertainty and Emerging Stock Market Volatility," Asia-Pacific Financial Markets, Springer;Japanese Association of Financial Economics and Engineering, vol. 31(1), pages 165-181, March.
    15. Serfraz, Ayesha, 2022. "Relationship between foreign direct investment inflows and Covid-19 pandemic in Pakistan: A monthly co-integration analysis," ZÖSS-Discussion Papers 97, University of Hamburg, Centre for Economic and Sociological Studies (CESS/ZÖSS).
    16. Liu, Ailan & Dai, Sijia & Wang, Zhixuan, 2023. "Environmental protection tax on enterprise environmental, social and governance performance: A multi-perspective analysis based on financing constraints," Journal of Asian Economics, Elsevier, vol. 89(C).
    17. Abbass, Kashif & Sharif, Arshian & Song, Huaming & Ali, Malik Tayyab & Khan, Farina & Amin, Nabila, 2022. "Do geopolitical oil price risk, global macroeconomic fundamentals relate Islamic and conventional stock market? Empirical evidence from QARDL approach," Resources Policy, Elsevier, vol. 77(C).
    18. Vincent Canwat, 2023. "Political economy of COVID-19: windows of opportunities and contestations in East Africa," Palgrave Communications, Palgrave Macmillan, vol. 10(1), pages 1-16, December.
    19. Sharifah Nurlaili Farhana Syed Azhar & Noor Adelyna Mohammed Akib & Suzyrman Sibly & Saidatulakmal Mohd, 2022. "Students’ Attitude and Perception towards Sustainability: The Case of Universiti Sains Malaysia," Sustainability, MDPI, vol. 14(7), pages 1-17, March.
    20. Abdullah M. Barasin & Ammar Y. Alqahtani & Anas A. Makki, 2024. "Performance Evaluation of Retail Warehouses: A Combined MCDM Approach Using G-BWM and RATMI," Logistics, MDPI, vol. 8(1), pages 1-23, January.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:gam:jsusta:v:15:y:2023:i:16:p:12635-:d:1221534. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: MDPI Indexing Manager (email available below). General contact details of provider: https://www.mdpi.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.