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Strategic Finance for Criminal Justice Organizations

Question:

Discuss about the Strategic Finance for Criminal Justice Organizations.

Answer:

Introduction

The article under focus is related to the study involving the positional attributes of Chief Executive in organizations of considerably huge business volume. In simple words, Woodside (2013) stated that Chief Executives are the main pivotal position offered in the organization who mainly concentrates in the strategic planning for the growth and development of the organization. The present segment of work mainly highlights the significant hurdles that can come in the way of the Chief Executives. The paper also finds out the ways in which the managers of Human Resource department can help the Chief Executives to overcome the challenges in the organization by skill development in different management arenas. The study mainly aims at the significant critical issues in the organization that lack complete and appropriate understanding which pushes the resolution of the issues even further.     

The present study is based on the responses of 265 Chief Executives of New Zealand. The researcher attempted to survey 1000 Chief Executives by sending the set of questionnaire. However, only 27% response came back which became the basis of the present study. Researchers have ensured the raw data for the study is selected from Chief Executives of all sectors like private sector, public sector and even not-for-profit organizations. The primary data collected are of both quantitative and qualitative nature which best suited the purpose. Likert scale analysis and bar graph representations are incorporated in the present study for easy understanding of the piece.

The market condition of New Zealand is at a constant war of talent which needs continual and fast changes in strategies and policies to meet the requirements. Now, this market condition is impinged with ambiguous market scenario, prolific fund scarcity and changing situations. The Chief Executives of the organizations of New Zealand are constantly facing challenges to overcome the present market condition and find out strategies to glide comfortably through the market. Changes are inevitable in such situation and the top management needs to be competent to process change management with proper grip on every internal and external aspects. Crick and Lindsay (2015) stated that Chief Executives need to inculcate some political capability and emphasize on interpersonal relations in office to handle such complicated situation. HR Managers can be helpful to Chief Executives in handling such situations to efficiently manage available resources by developing further skills to meet the scarcity.

The article indicates that the study is thoroughly based on vividly analyzed data of both quantitative and qualitative type collected from the survey of the Chief Executives of New Zealand. Now, analysis of both types of data has become a strong part of the paper. Here, the researchers have utilized the benefits of both types of data to reach an appropriate understanding of the study. Ou et al. (2014) mentioned that Quantitative data remains free from any personal prejudice since the numeric data speaks for own self without keeping any space for personal biasness of the researchers. The strength of the study is enhanced by including the qualitative data which helps in detailed and in-depth understanding of the challenges that hinder the performances of the Chief Executives and the probable resolution to the same. The views and perspectives offered in the present study are supported with relevant numeric and specific data with relevant citations.

The authors make the study even more authentic with live examples and stark comparisons in the study. Labor productivity in organizations of New Zealand is the main key study point which is understood even better when compared with the present scenario of US. Productivity gap is identified as one of the potential issues in present market scenario of New Zealand. Robinson (2014) stated that sampling is highly important as only representative samples can help in analysis of the whole situation. Here, the authors have meticulously selected Chief Executives from all three sectors of organizations namely private sector, public sector and not-for-profit sector. Every sector of organizations has separate type of work environment, separate types of norms and different types of challenges which are essentially exclusive to the type of organization. This coverage ensures least discrepancy in the study as the characteristic features of all types of organizations are covered in the article.  

Authors have taken all initiatives to strengthen the study. However, Inspite of sending questionnaire to 1000 Chief Executives, only 265 responses were received. The sum is meager and forms even less than 27% of the whole lot. Now, this forms a major limitation of the study. How far the received 265 responses can become representative of the complete 1000 Chief Executives remains a lingering question throughout the study. In this context, Berger et al. (2016) mentioned that proper sampling is most significant in reaching the just conclusion of any research work. While adequate and representative sampling can enhance the authenticity of the study, limited or inadequate sample can be lead to disclosure of partial resolution of the issue. The authors have analyzed the quantitative data based on only Likert scale whereas the researchers could have resorted to correlation or regression study which could have been more appropriate in finding the relation among the numerous variables and the impact in the present study.

The present study is completely based on primary data analysis. Only primary data study can lead to manipulative inferences based on personal inclination or preferences of the researchers. Most importantly, such study that is based on overall challenges faced by the Chief Executives of New Zealand needed even more extensive study of the previously studied works and other relevant secondary data. Secondary data has the potential to guide along the correct pathway with relevant supportive evidences from past study on similar issue. Al‐Maskati et al. (2015) observed that depending solely on primary data can be viewed as a significant weak point of the study.

Here, the researchers resort to positivism philosophy with deductive approach. Explanatory research design is incorporated in the present study, whereas, exploratory research design cold have been more appropriate. Actually, the objectives of the present study could have been best achieved by exploratory design to identify the cause and the effect of the issues faced by the Chief Executives.

External market scenario and macro-environment for business impact the decisions taken by the Chief Executives of any organization. Hence, study across boundary could have been more beneficial for understanding and analysis of the present issue. Only New Zealand is considered at the back drop of the study which can provide limited data for analysis. The study could have been more effectual if some basic software tools like MS-Excel and some advanced tools like SPSS or E-View which could have been used to enhance the calculation efficiency and data analysis outcome.

Capability to manage interests of stakeholder, business partners and community, uncertainty & change management and effective resource management are most significant criteria for the Chief Executives (Koerniadi et al, 2014). The study reveals that resolution to the challenges can be best provided by the human resource team of the organization. However, I differ in opinion with the authors in this perspective. Practically speaking, sole support from HR department is too insignificant to handle such situations. Instead, Chief Executives need assistance from all stakeholders of the organization which includes investors, shareholders, employees, suppliers, customers and even the Government.

Reddy et al. (2013) studied that internally the departments that work together can best understand the issues faced by the organization and can be very effective in understanding the probable resolution of the challenges. The IT, HR, sales, finance, purchase, marketing and operations department can integrate to provide the best support for the Chief Executives to resolve any issue on the way. In this context, McNulty et al. (2013) mentioned that every step taken by the senior officers of an organization can impact the employees in all the departments and the stake holders to a considerable extent. So, the study could have been more factual if the impact of the stakeholders in overcoming the challenges to achieve organizational targets was covered. In fact achieving targets can impact on the challenge count of the Chief Executives (Doss et al. 2012). So, study of the impact of the organizational goals could also have been covered.

Masulis et al. (2012) mentioned that the approach adopted by the Chief Executives in an organization can be a significant determinant of the type and volume of challenges that can come in the way. Officers adopting participative leadership can expect to implement necessary policies and changes more efficiently from officers adopting autocratic leadership. Even work environment prevailing in the organization is very significant. Collectivism culture can help in achieving organizational goals and implement policies much easily than organizations practicing individualism culture (Kim and Nofsinger, 2007). However, the researchers could have tested the validity, authenticity and reliability of the study outcome, absence of which can emerge as a major limitation of the study.

The overall study can be regarded as an appreciable attempt to identify the critical challenges faced by the Chief Executives of New Zealand. Few identified limitations can be removed in further study options. Research on Chief Executives of different economies based on both primary and secondary data remains as the future scope for study. The validity of the research outcome can be easily justified in future study considering all the weaknesses of the present one.

Reference List:

Al‐Maskati, N., Bate, A.J. and Bhabra, G.S., 2015. Diversification, corporate governance and firm value in small markets: evidence from New Zealand.Accounting & Finance, 55(3), pp.627-657.

Berger, A.N., Imbierowicz, B. and Rauch, C., 2016. The roles of corporate governance in bank failures during the recent financial crisis. Journal of Money, Credit and Banking, 48(4), pp.729-770.

Crick, D. and Lindsay, V., 2015. Service and service-intensive New Zealand internationalising SMEs: Managers’ perceptions of government assistance.Marketing Intelligence & Planning, 33(3), pp.366-393.

Doss, D., Sumrall, W. and Jones, D. (2012). Strategic finance for criminal justice organizations. Boca Raton, Fla.: CRC Press.

Kim, K. and Nofsinger, J. (2007). Corporate governance. Upper Saddle River, N.J.: Pearson/Prentice Hall.

Koerniadi, H., Krishnamurti, C. and Tourani-Rad, A., 2014. Corporate governance and risk-taking in New Zealand. Australian Journal of Management, 39(2), pp.227-245.

Masulis, R.W., Wang, C. and Xie, F., 2012. Globalizing the boardroom—The effects of foreign directors on corporate governance and firm performance.Journal of Accounting and Economics, 53(3), pp.527-554.

McNulty, T., Zattoni, A. and Douglas, T., 2013. Developing corporate governance research through qualitative methods: A review of previous studies. Corporate Governance: An International Review, 21(2), pp.183-198.

Ou, A.Y., Tsui, A.S., Kinicki, A.J., Waldman, D.A., Xiao, Z. and Song, L.J., 2014. Humble chief executive officers’ connections to top management team integration and middle managers’ responses. Administrative Science Quarterly, p.0001839213520131.

Reddy, K., Locke, S. and Fauzi, F., 2013. Relevance of corporate governance practices in charitable organisations: A case study of registered charities in New Zealand. International Journal of Managerial Finance, 9(2), pp.110-132.

Robinson, O.C., 2014. Sampling in interview-based qualitative research: A theoretical and practical guide. Qualitative Research in Psychology, 11(1), pp.25-41.

Woodside, A.G., 2013. Moving beyond multiple regression analysis to algorithms: Calling for adoption of a paradigm shift from symmetric to asymmetric thinking in data analysis and crafting theory. Journal of Business Research, 66(4), pp.463-472.

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