Introduction Strategic management is founded on strategic fundamentals. Management accounting provides a theoretical framework and a language of discourse for three levels of approaches including pre-enactment, declaration and implementation. Performance indicators are linked to the benchmarking practices and are often identified using specific piloting procedures in order to ensure best higher education programs that meet the needs of the public and responds appropriately to the relevant priorities. The indicators provide data and information regarding the cost of operating and providing public services. Much attention is increasingly being focused on defining what is expected of higher education institutions and the students as well as the best mechanisms that can be used to achieve the expectations. A range of potential variables is needed to effectively evaluate the quality of an educational institution or the program it uses to offer public services. The performance indicators refer to quantitative data that give a measure of some characteristics of the organization’s performance (Thomas 2005, p. 75). This paper begins by analyzing some key measures of dealing with performance indication, especially in the modern universities. It then critically evaluates the methods of dealing with product and service costing and budgeting in the higher learning institutions and then explains a number of alternative strategies that may be more useful in the perspective of operational and strategic administration in the modern universities such as the University of Newland in the Midlands UK. Dealing with performance indicators According to Baldoni & Chockler (2012, p. 209), the term Key performance indicator is an industry terminology that is used to describe some element used to quantify success or organizational performance. Indicators have been used for a long time to define the economic state and labor market. However, the influences of the indicators on other aspects of the society have become a significant phenomenon (Baldoni & Chockler 2012, p. 209). In education, the indicators are commonly used by the organizations at various levels to assess the accomplishments or the success of specific events or activities in which the organizations are involved. In some cases, success is described in terms of the progress toward some particular objectives. However, most organizations consider success as the repeated accomplishments of some degree of operational objective. Performance indicators have been largely integrated into the administration of higher education in various levels. Many educational organizations now understand better the importance of dealing with key performance indicators. The advancements of the public indicators as a mechanism of public policy have gradually emerged as the interaction between the technical developments and the political significance and missions. One significant thing about indicators is that they have to be differentially weighted depending on the discipline in which they are involved. Cave (1997, p. 2) explains that different applications of performance indicators (PIs) can be described using four variables which include technical progress, the inf