Lecture 1
Managerial Functions
• What managers do?
Managerial functions
• Planning
• Organizing
• Staffing
• Directing
• Controlling
What is planning
• Defining organisational goals and the means to achieve them
• Setting objectives
• Developing strategies
• Forecasting future conditions
• Establishing policies and procedures
• Imagine that you are stuck in a tiny deserted island. You only have
enough coconut to stay alive for 10 days. A shark circling around the
island is eager to have you for lunch. This keeps you from enjoying
your private beach and makes you want to get to the main land as
soon as you can.
Organising
• Arranging resources and tasks to achieve objectives
• Designing organisational structure
• Allocating resources
• Assigning tasks and responsibilities
• Establishing coordination mechanism
Staffing
• Ensuring that the organisation has the right people in the right jobs
• Recruiting and hiring
• Training and development
• Performance appraisal
• Succession planning
Leading
• Guiding and motivating employees to meet the organisational
objectives
• Communicating effectively
• Motivating employees
• Leading by example
• Resolving conflicts
Controlling
• Monitoring and evaluating progress to ensure objectives are met
• Setting performance standards
• Measuring actual performance
• Comparing actual performance against standards
• Taking corrective actions when necessary
Managerial functions for a
Biotech firm
Planning
• Strategic Planning: Developing long-term goals and determining the
best strategies to achieve them.
• Operational Planning: Creating short-term objectives and outlining
the necessary steps to meet the strategic goals.
• Financial Planning: Budgeting, forecasting financial needs, and
managing funding sources, including grants and investments.
Organizing
• Structure: Defining the organizational structure, including
departments, teams, and reporting hierarchies.
• Resource Allocation: Ensuring that the right resources (human,
financial, technological) are allocated to different projects and
departments.
• Coordination: Facilitating communication and coordination between
different parts of the organization.
Staffing
• Recruitment: Attracting and hiring qualified talent, including
scientists, researchers, and support staff.
• Training and Development: Providing ongoing education and
development opportunities to enhance employees' skills.
• Performance Management: Setting performance standards,
evaluating employees, and providing feedback and support.
Directing
• Leadership: Guiding and motivating employees to achieve
organizational goals.
• Communication: Ensuring clear and effective communication within
the organization.
• Decision-Making: Making informed decisions based on data, analysis,
and input from various stakeholders.
Controlling
• Quality Control: Implementing and maintaining high standards for
research and product development.
• Regulatory Compliance: Ensuring that the firm adheres to all relevant
regulations and industry standards.
• Financial Control: Monitoring financial performance and ensuring
efficient use of resources.
Innovating
• Research and Development (R&D): Fostering a culture of innovation
and supporting R&D activities to develop new products and
technologies.
• Collaboration: Partnering with universities, research institutions, and
other companies to enhance innovation.
• Intellectual Property Management: Protecting patents, trademarks,
and other intellectual property.
Marketing and Sales
• Market Analysis: Understanding market needs, trends, and
competition.
• Product Development: Translating research findings into marketable
products.
• Sales Strategies: Developing and implementing strategies to promote
and sell products.
Project Management
• Project Planning: Defining project goals, timelines, and deliverables.
• Resource Management: Allocating resources effectively to ensure
project success.
• Risk Management: Identifying and mitigating potential risks
throughout the project lifecycle.
Corporate Social Responsibility (CSR)
• Ethical Practices: Ensuring ethical conduct in all business operations.
• Sustainability: Promoting environmentally sustainable practices.
• Community Engagement: Building and maintaining positive
relationships with the community and stakeholders.
•
Technology Management
• IT Infrastructure: Managing the firm’s IT infrastructure to support
business operations.
• Data Management: Ensuring secure and efficient handling of data,
including research data, customer information, and business
intelligence.
• Cybersecurity: Protecting the firm from cyber threats and ensuring
data privacy.
• Fixed target v/s fluid target
• Stable landscape v/s unstable landscape
Evolving roles of managers
• Directive to instructive
• Restrictive to expansive
• Exclusive to inclusive
• Repetitive to innovative
• Problem solver to challenger
• Employer to entrepreneur
