Strategic Management functions Essay Example | Topics and Well Written Essays - 750 words

Strategic Management functions - Essay Example g-force and his wife stay. Vanderbilt University financing 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 effected a committee to monitor the Gees spending. However, this was not sufficient to strategically control Vanderbilt University finance being fagged 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 stomach 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 p erks for University of California staffers. With the well-nigh recent Vanderbilt University budget spending being questioned, in that respect is need for better and much effective management. The besiege Street Journal reviewed a committee report about the Vanderbilt University spending. It has advised trustees to take a more than active role in university affairs, including strategic planning, capital spending and management compensation. These be the tools to clog fraud in future with Vanderbilt University budget. Following whatsoever spirited board debate. However, the recommendations to strategically handle the universitys spending were implemented. Among some of the strategic recommendations was the creation of a special card. This panels job is to monitor Mr. Gees 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 contender companies. A consultant has advised the board to seek competitors in order to attain more militant rates for parking. Though the current contract with the parking company is within the market rates, it is believed that more war-ridden rates could fit the university budget better. With the adoption of strategic management for better oversight and accountability, Vanderbilt University has apparently changed its sort 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 quest parking bids this July. Other changes observed since the development of stra tegic management, capital spending and management compensation are observed in new employment compensation. Aside from finance being saved through hiring the to the highest degree 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