Application of Lagrange Polynomial for Interpolating Income Generation from Certain Students’ Fee Structure

Abstract

This paper presents the findings of the study that aimed to examine the changing aspects of income generation from certain students’ fee structure. It used an empirical example of Higher learning institution from Tanzania to determine whether Lagrange interpolation method would emerge a useful tool for interpolating and extrapolating enrolments of undergraduate students. The functional values evaluated at all nodes on the given data set accurately match the enrolments records of each respective academic year, though with nonconformities at the additional interior nodes. The function obtained from polynomial curve fitting using Excel spreadsheet at replaced the Lagrange polynomial to compute the rate of income generated from undergraduate students’ fees for academic years 2012/2013 to 2018/2019. The relative errors committed by range from the number at the node  to the number at the node . Enrolments trend however is not stable, as it fluctuates basing on the particular academic year that causes the rate of income generated from undergraduate students’ fees to act wildly. Being the cause therefore oscillatory behaviour perhaps lax if enrolments grew continuously in the successive academic years, however, this would mark progressive manner if there will be reciprocal efforts to improve physical and electronic resources imbued by human resources capacity. Higher learning institutions could diversify their income generation strategies from multiplicity sources of incomes by using various techniques, including rising students’ fees and downhill expenses without compromising quality of services and products, reducing dependency on Government subsidies, and strengthening the rate of students’ retention in higher learning. They may also utilize to the maximum the unobserved multiplicity sources of incomes for instance; consultation fees, project funds, and new competitive learning programs to support realization of their strategic objectives in coherence with their missions and visions. Keywords: Enrolment, Generation, Income, Interpolation, Lagrange, Polynomial DOI : 10.7176/MTM/9-5-05 Publication date :May 31 st 2019