Budget optimization modelling for sustainable development of the university research: The example of Russia

Abstract

Russian universities have undergone many changes in recent years, including increased attention to innovative development and transformation of the main function of universities. In addition to education function, universities now should cooperate with the market and create the infrastructure for the successful development of R&D. One of the main resources for this is financing, but it is often in deficiency. Moreover, sudden economic shocks add instability to the situation. This problem is acute for research projects which often last for several years and react sharply to sudden changes in the key resources. This article proposes an optimization model for the management of universities' own funds to ensure sustainable and predictable R&D funding. The model uses mathematical and machine learning methods. The model is applied to statistical data from Russian universities, as well as to one particular Russian university.