| CODE | PHE1132 | ||||||
| TITLE | Strategic and Financial Management | ||||||
| UM LEVEL | 01 - Year 1 in Modular Undergraduate Course | ||||||
| MQF LEVEL | 5 | ||||||
| ECTS CREDITS | 5 | ||||||
| DEPARTMENT | Institute for Physical Education and Sport | ||||||
| DESCRIPTION | Strategic management can make three main contributions to sport organisations: providing direction, decision-making support and facilitate coordination. The reason why sport organisations need strategic plans is that although they are small, they are a complex organisation in a complex and rapidly moving environment. Without written strategies there is no focus and priorities and it is difficult to know whether they are actually achieving their goals. There are also many stakeholders to deal with. Sport organisations are unique in nature because, apart from managing various business and commercial properties, they are entrusted with developing and promoting sport and safeguarding the interests of various member organisations and entities within a democratic framework. For sport organisations, the main sources of funding are derived from sponsorship, ticketing, media rights, hospitality, and financial contributions from both national government, European (e.g. UEFA)and international sporting organisations (e.g. International Olympic Committee). Despite these at times substantial financial resources, sport organisations locally still have to be managed as non-profit organisations. Public money must also be properly accounted for. However, over the last few years there has been a shift towards decreasing the level of direct state involvement and exploring new avenues, such as public-private partnerships, to build sports infrastructure and/or stage sports events. It can be argued that in the future this trend will continue to grow, bringing immediate implications for local sport organisations, which historically have depended almost exclusively on state funding. Managers working in sport must learn to develop strategic partnerships for example in the way they market their association, attract sponsorship and organise fundraising events, in order to implement successful and sustainable funding strategies that will benefit the organisation in the longer term. Study-unit Aims: The aims of this unit are to outline the principles and techniques that can be used in the strategic planning of sport organisations. Students will learn how to conduct a SWOT analysis of a sport entity, perform a strategic analysis and evaluate its strategic impact. Moreover, they will develop a financial plan in line with the organisation's strategy. In the second half of this study-unit the financial management cycle will be introduced and the need for sound financial management will be highlighted. It will define the financial planning process and focuses on key areas of budgeting. Ways in which sport organisation's finances can be accounted for will be demonstrated. Finally, the principles of evaluation and reporting will be explained and applied to the local context. Learning Outcomes: 1. Knowledge & Understanding By the end of the study-unit the student will be able to: - Define the steps required to develop a strategic plan; - Undertake a SWOT analysis of their sport organisation; - Perform a strategic analysis of their sporting organisation; - Evaluate strategic impact; - Develop a financial plan in line with the organisation's strategy; - Prepare necessary budgets to achieve financial plan; - Put in place procedures for accounting for finances; - Report financial performance accurately and transparently. 2. Skills By the end of the study-unit the student will be able to: - Develop analytical skills through SWOT; - Improve numeracy skills through the analysis of financial statements such as: Cash flow, Balance sheet and Income statement. Main Text/s and any supplementary readings: Main texts - Draebye, M. & Raju, P. (2012). Strategic Management of Sports Governing Bodies. Greyhouse Knowledge Publis. - Foster, G., Greyser S. A., & Walsh, B. (2006). The business of sports: Cases and text on strategy and management. Mason, OH, : Thomson South- Western. - Fried, G., Shapiro, S., & Deschriver, T. D. (2007). Sport finance. Champaign, IL, USA: Human Kinetics. - Hamil, S., & Chadwick, S. (Eds.) (2010). Managing football: An international perspective. Oxford, England: Butterworth-Heinemann. Supplementary Readings - Kuper, S., & Szymanski, S. (2009). Soccernomics. New York: Nation Books. - Stewart, B., Nicholsen, M., Smith, A. C., & Hoye, R. (eds.), (2011). Sport Management: principles and applications (3rd ed.). London: Routledge. |
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| STUDY-UNIT TYPE | Lecture | ||||||
| METHOD OF ASSESSMENT |
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| LECTURER/S | Andrew Decelis Adele Muscat (Co-ord.) Tino Riolo |
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The University makes every effort to ensure that the published Courses Plans, Programmes of Study and Study-Unit information are complete and up-to-date at the time of publication. The University reserves the right to make changes in case errors are detected after publication.
The availability of optional units may be subject to timetabling constraints. Units not attracting a sufficient number of registrations may be withdrawn without notice. It should be noted that all the information in the description above applies to study-units available during the academic year 2023/4. It may be subject to change in subsequent years. |
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