The <record> you defined ain't an action and you have gave its id for action attribute of <menuitem>

create an action and give its id for <menuitem>

Your action is wrongly defined, the model "ir.ui.view" is used to define views like Form, Tree or Search. For more details I suggest you to read documentation on this link https://www.odoo.com/documentation/8.0/howtos/backend.html#basic-views.

Hope it helps

try this code:

<?xml version="1.0" encoding="utf-8"?>

<openerp>

<data>

<record id="student_fee_management1" model="ir.ui.view">

<field name="name">Student Name1</field>

<field name="model">fee.structure</field>

<field name="arch" type="xml">

</field>

</record>

<record id="student_fee_management" model="ir.actions.act_window">

<field name="name">Student Name</field>

<field name="res_model">fee.structure</field>

<field name="view_type">form</field>

<field name="view_mode">list,form</field>

</record>

<menuitem id="student_fee_managament_main_heading" name="Fee Management" action="student_fee_management"/>

</data>

</openerp>