New Manager's New Roles in the 21st Century.

The 21st Century Mangers role has become very difficult and is becoimg more difficult in the coming years. All all managers are KNOWLEDGE WORKERS , the emphasis on knowledg has increased by leapes and bounds. It is bit difficult from what it was required 20/30 years before.

As we are living in the WORLD OF VUCA, 

V=VOLATILITY,

U=UNCERTAINTY,

C=COMPLEXITY 

A=AMBIGUITY

The role of managers has increaded tremendously and AGILITY is the BUZZ WORD to manage VUCA.

The following aspects may be said to be inclusive under managerial role.

KNOW YOUR PRODUCT and  SERVICES: 

Then you do the following.

• Demand analysis and forecasting.
• Cost and production analysis.
• Pricing decisions, policies and practices.
• Profit management.
• Capital management.
• Stake Holder Management.
• Looking out for New Oppertunities.
• Coming out from Non Profit Making Business.

These aspects may also be defined as the ‘Management Thought’ or "Old Wine in a New Bottle". In recent years, there is a trend towards integrations of managerial conpects and operations research and applied mathametics. Hence, techniques such as linear programming, inventory models (EOQ) and theory of games, decesion tree, have also been regarded as a part of managerial role. The Manager must have deep knowledge on all these above subjects and as we said and learnt in the scientific management by TAYLOR , it is becoing more scientific with precession.

With help of advance information technolgy and new technologies coming in like BIG DATA, AI, DEEP LEARNING, MACHINE LEARNING, most of the decesesion are taken by IT /AI with accuracy , with optimally useing the scarecity of resources in a GLOBAL SCALE.If a business can not scale up it's going to die soon, this should be kept in mind.One should be very care ful when to slace up and when to go slow.

BUSINESS ECO SYSTEM:

The most important role for the manager now a days is the deep understanding of the Business Ecosystem.

Demand Sorting ,Analysis and Forecasting:
A business firm is an economic organization, which transforms productive resources into goods that are to be sold in a market. A major part of managerial decision-making depends on accurate estimates of demand. This is because before production schedules can be prepared and resources are employed, a forecast of future sales is essential. This forecast can also guide the management in maintaining or strengthening the market position and enlarging profits. The demand analysis helps to identify the various factors influencing demand for a firm’s product and thus provides guidelines to manipulate demand in a global scale. Demand analysis and forecasting, thus, is essential for business planning and occupies a strategic place in managerial functions. It comprises of discovering the forces determining sales ,consumer behabiour and their measurement and there after meticulas planning in order to acheive them. The main  PREDICTIVE  ANALYTIC topics covered in this are:

• Demand determinants.
• Demand distinctions.
• Demand forecasting.

Cost and Production Analysis:
A study of economic costs, combined with the data drawn from the firm’s accounting records, can yield significant cost estimates. These estimates are useful for management decisions. The factors causing variations in costs must be recognised and thereby should be used for taking management decisions. This facilitates the management to arrive at cost estimates, which are significant for planning purposes. An element of cost uncertainty exists in this because all the factors determining costs are not always known or controllable. Therefore, it is essential to discover economic costs and measure them for effective profit planning, cost control and sound pricing practices. Production analysis is equally  important as  cost analysis. The chief topics covered under cost and production analysis are:

• Cost concepts and classifications.
• Cost-output relationships.
• Economics of scale.
• Production functions.
• Cost control.
• Budgetig.

Pricing Decisions, Policies and Practices .
Pricing is a very important area which the managers should know all the ingredients and copmonents /vendors which makes the pricing. In fact price is the origin of the revenue of a firm. Focus on TOP LINE  ( Revenue)  should be the top priority, which comes from the pricing. As such the success of a business firm largely depends on the accuracy of price decisions of that firm. Remember if you can manage your TOP LINE ,you can manage your BOTTOM LINE.The important aspects dealt under area, are as follows:

• Price determination in various market forms.
• Pricing methods
• Differential pricing product-line pricing and price forecasting.

Profit Management:
Profit is not a dirty word. It is the combination of three things of management's 1.Effectiveness.2.Effort.3.Risk Premium.
Business firms are generally organized with the purpose of making profits. In the long run, profits provide the chief measure of success. In this connection, an important point worth considering is the element of uncertainty existing about profits. This uncertainty occurs because of variations in costs and revenues. These are caused by factors such as internal and external. If knowledge about the future were perfect, profit analysis would have been a very easy task. But in the VUCA world it's becoming very difficult.However, in a world of uncertainty, expectations are not always realized.  The important aspects covered under this area are:

• Nature and measurement of profit.
• Break-Even Planning.
• Profit policies and techniques of profit planning.
• Managing Fluctuation of profits.

Profits:The proof of the pudding is in eating.Take care about your P/E ratois.

Capital Management:
Among the various types and classes of business problems, the most complex and troublesome for the business manager are those relating to the firm’s capital investments. Capital management implies planning and control and capital expenditure. In this procedure, relatively large sums are involved and the problems are so complex that their disposal not only requires considerable time and labor but also top-level decisions. The main elements dealt with cost management are:

• Cost of Capital.
• Capital Budgeting .
• Capital Structure Planing.
• Rate of return and selection of projects, managing Debts and Debt Services.
• Exit paln for Loss making projects.

HR Management:

The human aspect is an important aspect , even though the ROBOTICS ,AI may take over many things , but it will also create job, the need for human resourse will never die down the skill sets required will be diffrent , learning, un -learning, skilling , de -skilling will be continious process. The continious improvement and self dicovery for each and every indivisual is a must.Charls Darwin may be re-discovered,re-thought in a new way, and every day. Survival of the fittest.

The various aspects outlined above represent the major uncertainties, which a business firm has to consider . As we dicsucced the VUCA,demand volatility and uncertainty, cost volatility and uncertainty, price volatility and uncertainty, profit uncertainty and capital market volatilityand  uncertainty. 
Therefore alertness and continious attention is required as a role for a manager in the 21st century. The job has become a tight rope walking , and the job role chalenges are increasing continiously.