What is Full Economic Costing (fEC)?
Full Economic Costing is further extension of the Transparent Approach to Costing methodology that has been established within the Higher Education Sector since 1999. The purpose of the fEC methodology is to ensure sustainability and transparency of costing and pricing methods.
What is the fEC/TRAC Implementation Steering Group?
The fEC/TRAC Implementation Steering Group was established in April 2005. The role of the group is wide ranging. Terms of Reference for the group are available by clicking here.
Who are the members of the fEC/TRAC Implementation Steering Group?
The Pro-Vice Chancellor (Resources) is chair of the group. Other members of the group are:
Director of Finance, Director of Regional and International Development, 1 x Head of Department, 1 x Departmental Principal Lecturer, Principal Management Accountant and Senior Planning Officer (Resources)
How frequently does the group meet?
The group meets approximately every six weeks.
Who does the fEC/TRAC Implementation Steering Group report to?
The group reports to the Planning and Resources Committee
What specific issues does the group consider?
The group considers a wide range of issues, which include, development of consistency costing processes and underpinning systems to support Research Council project funding, other project related bids and course development.
Do any guidelines exist to support the implementation of fEC?
To assist in the implementation of fEC a Guidance manual has been made available to Higher Education Institutions. This manual consolidates all of the earlier TRAC developments and provides very detailed guidance to assist Higher Education Institutions in the implementation of fEC.
How is fEC being implemented at this University?
An Overarching Implementation Plan has been developed through the Steering Group. Click here to see a copy of the Plan.
Are we involved in any benchmarking activities?
Yes regular benchmarking activities take place. These are serviced through J M Consulting and KPMG. In addition, more ad-hoc benchmarking activities take place via the Midlands Costing and Pricing Self Help Group.