Abstract:
The problems of educational institutions are multifaceted due to rapid competition, fast-paced technological developments, and insecurity, coupled with government, student, and staff-related issues that are difficult even to predict. Educational institutions have not been able to escape from these unpredictable risk components, as they are also exposed to the same amount of uncertainty in the present situation. This paper reviews empirical studies on risk management strategies and the operational efficiency of educational institutions from 2017 to 2023. The review focuses on the operational inefficiency of educational institutions in managing risk. Two objectives guided the review, while the significance of the review was clearly stated based on the problem of the operational inefficiency of educational institutions in managing risk.
Description:
The transmission of knowledge, the development of skills, and the advancement of society are all intersected by educational institutions such as primary and secondary schools, colleges, polytechnics, seminaries, research institutes, and universities. These institutions face complicated, diverse, and multifaceted challenges in their laudable efforts to ensure sustainable development and nurture the next generation. No wonder Jings (2021) stated that there are many different issues plaguing educational institutions in developing countries, particularly Nigeria. These issues include those pertaining to the government, financial instability, inadequate funding, staff and student issues, and the fact that federal and state government funding for education is not keeping up with the rising cost of education.
