Nobody downloaded yet

Strategic Management functions - Essay Example

Comments (0) Cite this document
Strategic Management is a form of management that deals with strategically handling day-to-day procedures of particular issues. Some strategic management principles are adopted in order to combat fraudulent activity. As described in the article, 'Vanderbilt reins in lavish spending by chancellor' published in 'The Wall Street Journal'1, strategic management can be adopted by appropriate bodies, private or governmental, in order to combat fraud and misuse of funds.
Download full paperFile format: .doc, available for editing
GRAB THE BEST PAPER97.4% of users find it useful
Strategic Management functions
Read TextPreview

Extract of sample "Strategic Management functions"

Download file to see previous pages Gee and his wife" stay. Vanderbilt University funding is also believed to be used for "Gees' frequent parties and personal chef". It is estimated that "annual tab exceeds $700,000".
Trustees of the board at Vanderbilt University had established a committee to monitor the Gee's spending. However, this was not sufficient to strategically control Vanderbilt University finance being spent in the wrong direction. With trustees holding a big stake, they seek accountability for finance sent, and they do not want to handover blank cheques to university leaders. This is particularly the case since it is known that university leaders have been known to misuse university budgets.
With or without strategic management implementation, American University expelled President Benjamin Ladner after auditors exposed expenditures by him and his wife that exceeded $500,000. In California, a state audit revealed $334 million was used in unreported pay and perks for University of California staffers. With the most recent Vanderbilt University budget spending being questioned, there is need for better and more effective management. The Wall Street Journal reviewed a committee report about the Vanderbilt University spending. It has advised trustees to "take a more active role in university affairs, including strategic planning, capital spending and management compensation". These are the tools to prevent fraud in future with Vanderbilt University budget.
Following some 'spirited board debate'. However, the recommendations to strategically handle the university's spending were implemented. Among some of the strategic recommendations was the creation of a special panel. This panel's job is to "monitor Mr. Gee's budget and outlays for entertainment, travel, food, staff and upkeep of Braeburn". The panel is to report annually to the full board.
Although strategic planning implemented is to correct any discrepancies in spending, there is some concern over the board itself. It is thought that individuals who lend support to Mr. Gee are of concern. Individuals who have undertaken contracting with a parking company for instance have not sought out competitor companies. A consultant has advised the board to seek competitors in order to attain more competitive rates for parking. Though the current contract with the parking company is within the market rates, it is believed that more competitive rates could fit the university budget better.

With the adoption of strategic management for better oversight and accountability, Vanderbilt University has apparently changed its course as compared to the way things were running not so long ago. With consultants advising the board with better strategies, procedures are more transparent and more democratic. One aspect of this is observed in the fact that the board announced that it was seeking parking bids this July.
Other changes observed since the development of strategic management, capital spending and management compensation are observed in new employment compensation. Aside from finance being saved through hiring the most competitive services for the university, funds that are saved can be used for upgrading staff salaries.
With Mr. Gee asserting that he is in favor of ...Download file to see next pagesRead More
Cite this document
  • APA
  • MLA
(“Strategic Management functions Essay Example | Topics and Well Written Essays - 750 words”, n.d.)
Strategic Management functions Essay Example | Topics and Well Written Essays - 750 words. Retrieved from
(Strategic Management Functions Essay Example | Topics and Well Written Essays - 750 Words)
Strategic Management Functions Essay Example | Topics and Well Written Essays - 750 Words.
“Strategic Management Functions Essay Example | Topics and Well Written Essays - 750 Words”, n.d.
  • Cited: 0 times
Comments (0)
Click to create a comment or rate a document

CHECK THESE SAMPLES OF Strategic Management functions

Analysis of the role of any functions: Strategic Management Approach, Performance Management

...? With reference to relevant ICHRM theoretical and research material, critically analyse the role of any two functions from the four given below a) Strategic Management Approach to Human Resource Management b) Performance Management Table of Content: 1-Introduction: 2-Literature Review: Scope of Performance management: Cognitive model of Performance management: Expatriates factors: Strategic Management in the context of Human Resource Management: Strategic management model: 3- Strategic management model:...
20 Pages(5000 words)Assignment

Discuss following statement: Strategic Human Resource Management is the process of linking the HR functions with the strategic o

...Outline Outline 2 Strategic Human Resource Management in 4 The Business Context 4 Reference 10 Strategic Human Resource Management (SHRM) One of the most overlooked facts in the human resource field is that the total cost of the expenditures in the service sectors are either reduced or added by people. As a matter of fact about 80% of total operating costs and expenditures are directly linked with people (Salaman et al, 2005). This is why there should be policies and practices that not only observe how stakeholders like employees are brought on board, trained, mentored, motivated and treated but also as they work in order to make the organizations thrive in the face of...
8 Pages(2000 words)Essay

Management Functions

...? MANAGEMENT FUNCTIONS Number: Introduction Management is a social process that involves responsibility for economical and effective planning as well regulating the activities in an organization to achieve its purposes. George and Jerry (1999) define management as fundamental functions that consist of planning, actuating, organizing and controlling. Each function blends and overlaps with each other. Planning The writer has experienced these management functions implemented at his work place which is Wal-Mart retail store. Planning a function of management that deals with...
4 Pages(1000 words)Assignment

Management Functions

...? Case Study The fundamental management functional attributes have ever been observed to play a pivotal role for the organizations in terms of attaining their long-term business objectives. With reference to the theories of management functions, the report tends to recommend and highlight the importance of fundamental management related concepts that lead towards greater enhancement in the overall business performance of a particular organization. Case Study Management functions can be stated as a set of core and most essential elements for various organizations that not only enable them to achieve their desired business...
6 Pages(1500 words)Case Study

Planning functions of management

...planning horizons. As one of the most important functions of management, planning process is based on stipulated criteria and procedures which have a great impact on planning processes. Criteria such as reduced cost, improved quality, improved sense of direction, better teamwork, and improved service delivery might be used. The timing of any evaluations should also be considered. In Nestle, the plan involves deciding upon how resources will be used to help the organization achieve its strategic goals. It relies more on past records and involves shorter time periods. Present conditions are usually dominant in the planner's mind when the organization initiates a plan and these may be...
3 Pages(750 words)Essay

Technology and Management Functions

...throughout the day so long as their work is getting done. The facilitation of administrative functions and dissemination of key job information through technology has not only improved employee productivity, but has also freed managers to focus more on the real substance of their jobs - decision making. "An organisation's managers can't make split-second decisions if their time is spent processing expenses claims or tracking down staff. An employer can't expect loyalty from staff who learn about the latest job cull from the newspapers, or who are stuck in dead-end jobs with no prospect of renewing their skills" (para. 4). Management at Lexis Publishing is now able to...
5 Pages(1250 words)Essay

Functions of Management Paper

...LAW ENFORCEMENT MANAGEMENT INTRODUCTION TO LAW ENFORCEMENT In a society where the peace and safety of the citizens are threatened, the law enforcement agencies and personnel play a fundamental role. These persons are crucial in maintaining the order of the society and in promoting safety against physical and other forms of harm. Through the use of force, these law enforcers see to it that the citizens, the primary movers of the society, are guarded and kept against danger. A society without this essential aspect would be considered an unhealthy and unsafe one which is why every single place, no matter how small the scope and territory, there should always be law enforcers to ensure safety and security- one of the most...
3 Pages(750 words)Essay

Functions of Management Paper

...Running Head: Functions of Management in an Organization A Paper on the Different Functions of Management in the Beverage Industry In APA Style University Introduction In an organization, management can be considered as one of the fundamental actions needed to be accomplished to be able to keep the operations running. The components of management can be defined on the basis of the four major functions such as planning, organizing, directing and controlling. The main objective of the study undertaken is to be able to determine the management functions and their applications in the beverage industry. The beverage industry can be considered to encompass the different forms of drinks that are present in the natural state and those... that...
3 Pages(750 words)Essay

Davidson (cited in Stone 2011, p.36) argues that Strategic Human Resource Management (SHRM) demands HR professionals who are willing to accept responsibility for organisational performance outside HRM should . . .bring their specialist HR functions mo

...STRATEGIC HUMAN RESOURCE MANAGEMENT goes here] [Your goes here] [Due the paper] Strategic Human Resource Management Introduction Before going to discuss the need of alignment between human resource practices and the firm’s strategic goals and objectives, let us get a better understanding of what strategic human resource management actually is. Strategic human resource management means to carry out HR functions and operations in such a way that they serve the strategic goals of the company. For example, recruitment and selection is one of the main...
11 Pages(2750 words)Essay

Five management functions

...for higher job roles. This helps them to retain their valuable employees within the organization. Managers of Tesco assign authority and responsibility to the employees and ensure that the organizational goals are achieved in the best interest of the company. Few stores failed to run successfully due to the lack of efficient management yet Tesco has proficient teams of management in other stores who ensures that the managerial functions are carried out successfully. Tesco is able to retain its competitiveness and position in the market because of the well executed functions of management. References Brannen, Y. M. & Mughan, T. (2013)....
6 Pages(1500 words)Essay
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.

Let us find you another Essay on topic Strategic Management functions for FREE!

Contact Us