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Strategic Management functions - Essay Example
Author : odooley
Pages 3 (753 words)
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.
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. ...