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Strategic Management functions - Essay Example

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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.
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Strategic Management functions

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 ... Read More
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