Parco report

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Information about Parco report
Business & Mgmt

Published on December 2, 2013

Author: natashazmaqbool

Source: slideshare.net

Description

Principles of Management - Company Report - PARCO

MANAGEMENT FUNCTION | 2 TERM REPORT PRINCIPLES OF MANAGEMENT MANAGEMENT FUNCTIONS

MANAGEMENT FUNCTION | 3 CONTENTS Acknowledgement 5 Preface 6 Management & PARCO 7 PARCO 8 Introduction to PARCO 9 Prelude 11 Vision & Mission 12 Core Values 13 PARCO’s Beliefs 14 Code of Conduct 16 Hierarchy of PARCO - Pakistan 19 Organizational Mission and Vision leading to Organizational Objectives 20 PARCO's Thinking and Working Habits 21 Corporate Social Responsibility 23 Managing in Global Arena 27 PLANNING 28 Planning in PARCO 29 Importance of planning according to PARCO 30 Management by Objectives 31 Plan and Planning tools 32 Strategic Planning 35

MANAGEMENT FUNCTION | 4 Decision Making 44 Organizing 46 Organizing 47 Classical Organizaing Theory 48 Influencing 57 Principles of influencing 58 Influencing sub-system 59 Communication 62 Leadership 67 Motivation 73 Controlling 82 Issues Highlighted and Recommendations 85 Conclusion 86

MANAGEMENT FUNCTION | 5 Acknowledgement First and foremost, we would like to express our deep appreciation to Mrs. Shagufta Rafif, our supervisor, who gave us the possibility to work as a group on this management report. Not only this, she also proved to be one of the best and the most perfect source of guidance and assistance in the creation of this report. She has always been at our sides as a mentor and supported us throughout this entire report. We would like to thank her for her endless efforts. Besides, we are also obliged to Miss Khalida Zafar for giving us her precious time and valuable assistance and cooperation and helping us fulfill this task.

MANAGEMENT FUNCTION | 6 Preface Behind the preparation of this report the basic idea was to choose a company operating in Pakistan and gaining an insight into its management system. We wanted to have a look at the functions of principles of management and acquire knowledge as to how these functions and operations are implemented in the practical field. This report revolves around the four main functions of management, namely: Planning, Organizing, Influencing and Controlling. Through the guidance and consultation of professionals and experts from within the organization we are able to look into various aspects with great concentration which further led us to compile this report.

MANAGEMENT FUNCTION | 7 Management & PARCO The practice of management is as old as the mankind itself. It is only its emergence as a discipline of study in the academia that is new. In this age of science and technology, the knowledge of management is often mistakenly believed to be universally applicable, like Mechanical Engineering which designs a crane that would work anywhere with the same efficiency. More often, this approach brings harm than good in developing countries that rely on Western prescriptions. Without denying the value of knowledge when appropriately applied, PARCO has often carved out its own path, contrary to the standard methodology and popular wisdom of the management thinkers, and emerged successfully as a world class organization. For example the innovative strategy of financial management that made its auto-financed growth possible, defies any standard text book. It succeeded because the progenitors in the exchange and securities market to cover the risks. Had PARCO listened to the advice of Multilateral Financial Institutions, the country would still be importing what are touted as ‘cheaper’ refined products and peasants would still be thrashing wheat at the farmlands of Mahmood Kot, where a world class Mid-Country Refinery stands proudly as a model of value addition and industrial progress.

MANAGEMENT FUNCTION | 8 PARCO PAK ARAB REFINERY (LTD) PARCO is one of the largest energy producing company in the corporate sector of Pakistan with an asset base of approximately Rs.141 billion. It is a Joint Venture between the Government of Pakistan and the Emirate of Abu Dhabi and was incorporated as a public limited company in 1974. The share holding is 60% with the Government of Pakistan and the remaining 40% is held with Emirate of Abu Dhabi through its Abu Dhabi Petroleum Investment Company L.L.C, a subsidiary group of International Petroleum Investment Company (IPIC) .

MANAGEMENT FUNCTION | 9 INTRODUCTION TO PARCO Incorporated in Pakistan in May 1974, as a public limited Company, Pak-Arab Refinery Limited (PARCO) is a joint venture between the Government of Pakistan (GOP-60%) and Abu Dhabi Petroleum Investments (ADPI-40%). The company was formed to set up and operate a Refinery near Multan and for this purpose laid an 865 KM, 16” diameter underground pipeline which was commissioned in 1981. This pipeline has been designed to transport crude oil for the proposed refinery and also refined petroleum products for consumption in the northern part of Pakistan. PARCO, as an integrated energy company is acting as a fulcrum in the country’s strategic oil supply and logistics. With the synergy of fully developed Petroleum Storages and expanding oil pipeline network, integrated with significant and modern refining capabilities, it has emerged as the strategic fuel supplier in the country. PARCO is actively involved in various facets of oil storage, transportation, refining and marketing of energy products. In the last 25 years, the company has embarked upon a comprehensive plan of growth and expansion by putting up new infrastructure projects in the energy sector. The Company has made significant contribution to the national exchequer not only through payment of substantial dividends, taxes and import duties, but also by savings pool expenses. It has also affected considerable savings in foreign exchange and has offered increased employment opportunities in the country. PARCO owns and operates the country’s largest Refinery and crude-cum products Pipeline System, which can best be described as the country’s energy lifeline. It consists of pipelines systems, i.e. KMK, MFM, KPLP with a sophisticated Telecommunications and SCADA Systems. Pak-Arab Pipeline Company (PAPCO), a Joint Venture of PARCO, SPL, PSO and COPL, owns a 26” diameter Pipeline from Port Qasim to Mahmood Kot, which is also operated by PARCO. The Company achieved another milestone when it recently obtained three simultaneous International Certifications: ISO 9001 (Quality Management System), ISO 14001 (Environmental Management System) and OHSAS 18001 (Occupational Health and Safety Management System) for its Mid-Country Refinery. PARCO has also achieved an Environment Excellence Award from the National Forum for Environment & Health, an NGO working under the auspices of Ministry of Environment and UNEP.

MANAGEMENT FUNCTION | 10 However, the Refinery project got shelved in the late seventies, but the pipeline system was commissioned in 1981. Since its commissioning, PARCO pipeline system has transported over 22 million tons of petroleum products up country which otherwise would have been transported through rail and road. Since 1981, PARCO has steadily increased its pumping throughput from 0.5 million tons per annum to about 2.0 million tons per annum which was further increased to 4.5 million tons per year after completion of two booster pumping stations at Bubak in Sindh and the other at Fazilpur in Punjab. PARCO pipeline has helped the nation save millions in foreign exchange through reducing imports of HSD (high speed diesel) required by rail and road modes of transportation. This formidable surface transport capacity has now become available for transporting other essential commodities in the country. PARCO pipeline system with safety, speed, efficiency, minimal loss and no environmental pollution is helping the nation in accelerating and sustaining economic growth and development. Moreover, PARCO pipeline has provided additional petroleum storage capacity of over 255,000 metric tons to the advantage of the country. Many other intangible economic benefits are accruing because of the PARCO project. Though difficult to quantify these advantages in monetary terms, the uninterrupted supplies of petroleum products to up-country markets for use in the important agricultural and transport sectors and in the development of backward areas has significantly contributed in boosting the overall economic activity. Over the years, PARCO expanded and extended its operations in a professional manner.

MANAGEMENT FUNCTION | 11 PRELUDE PARCO reminds one of a sprawling big tree, which has its branches coming down to the ground only to turn into new roots and then to grow into new branches. It makes one wonder how this organic process was started and sustained. Many of such organisms are lost to the vagaries of environs, some survive as stunted specimens, but only a few achieve the grandeur that inspires contemplation. This is an organization that has not only survived but has also grown many times over in the harsh climate of the third world business, but still continues to keep expanding in different directions. In order to discover the climate that PARCO was born in, its unique origin that gave it an impetus that has lasted, and the secret of its survival despite the hostile elements around it, one has to travel back thirty years in time. The socio-political scenario of Pakistan in early seventies was indeed bleak. The country had been dismembered, putting to question all its assumptions of sovereignty, political structures and economic parameters. The nation, although in turmoil, was in no mood to be crowned down. It responded to the challenge with a new credo of ‘Self-Reliance’ although with somewhat undue haste and desperate radicalism. Old structures of political economy demolished and new ones erected. What followed was a veritable ‘induced revolution’ with its natural consequences of upheaval and chaos. But a new boldness was born that would not have come about in the old paradigm. Now when the dust had settled the management was in a position to take stock. Although a great deal has gone from bad to worse, there seems to be some residual of good left by the storm in its trail, which may prove to be of crucial value. Perhaps this is how the nation moved forward in history. A credible deterrence against the expansionist designs of the neighboring power remains firmly in place, although often criticized by ‘friends’ and foes alike. Among other positive signals, there is an unmistakable urge for self-reliance and independence of which the hardy tree of PARCO planted in the harsh conditions of the seventies is but one manifestation.

MANAGEMENT FUNCTION | 12 VISION AND MISSION OF PARCO VISION To be a leading national energy company of choice for all stakeholders by employing a strategy of diversification and integration with the right technology and adopting best industry practices for sustained competitive advantage. MISSION To transport, refine and market petroleum and related products in Pakistan in a safe, efficient, reliable and environment-friendly manner maintaining professional excellence and ensuring favorable returns on all employed resources.

MANAGEMENT FUNCTION | 13 CoreValues P A R C O Progressive Corporate Outlook Aggressive Pursuit of Technical Excellence Reliability of Service Consistency in Performance Organized and Systematic Development

MANAGEMENT FUNCTION | 14 PARCO’s Beliefs We strongly believe in the following fundamental values, which form The Guiding Principles of PARCO and are reflected in all of its activities and dealings: PARCO believes that it is an integral part of the economy, safety and security of Pakistan. With its success, it contributes to the prosperity and well being of all, including the PARCO family. PARCO believes in tempering its policies with human values that can raise the human capital of the company and the nation. Companies may have technology, but it is people who can make it work. Nation may have resources; it is only people’s skills which can add value to them. PARCO believes that the value of integrity is sacrosanct and a condition precedent to correct behavior for accomplishing sustainable and lasting success. It has been able to block all outside elements in their attempts of compromising on principles, without fear or favour. PARCO believes in swimming against the current when challenged by the vested interests opposing pursuit of its cherished goals. It continued its struggle to rescue the Mid-Country Refinery project from being scuttled till it succeeded after 24 years. PARCO believes that, ethical standards and fair dealings with the shareholders, staff, customers, suppliers or contractors even at a price in the short term are guarantee for fostering a mutually beneficial relationship in the long term. PARCO believes that it is counterproductive to exploit a situation for maximizing profits. Therefore, it reduced the pipeline tariffs when higher capacity utilization was achieved. It kept aside a large part of its profit and ploughed it back into new projects thus helping the economy when new investments was not forthcoming in Pakistan. It reduced the more efficient 90 Octane Motor Gasoline without increasing the price. It turned down the highest bidders amongst the LPG distributors, to give others better margins so that they may be able to offer better services in the rural population and deliver gas to the distant mountainous areas, thus helping to save the forests.

MANAGEMENT FUNCTION | 15 PARCO believes that valid profits are made by good businesses through efficient services, productivity of operations, value addition, innovative financing and strategic management of its assets and skills, contribute to the well being of the society. PARCO believes that the business activities that it carries out, the products it puts in the market and services that it provides to the customers have an impact on human lives and tries its best to make them as beneficial as possible for the people concerned. PARCO believes that the law on the statues must be followed not only in letter but also in spirit. The heavy expenditure incurred for abatement and mitigation of environmental hazards at MCR exceeds the existing legal obligations, is a case in the point. PARCO believes in the value of transparency, openness and self examination, and consider them as safeguards against potential faults. Besides offering full exposure through its annual reports, it subjects itself voluntarily to the scrutiny of professional credit rating experts. PARCO believes in ensuring continuity. It has given a good account of itself by practicing what is professes, that speaks for itself. It promises to do even better by passing on its legacy to those who will join the PARCO family in the times to come.

MANAGEMENT FUNCTION | 16 Code of Conduct In PARCO, when the management and staff go about their business with others in connection with the business their actions are guided by the following principles: Dealing with Employees  We, at PARCO, practice a merit-based equal opportunity policy for recruitment and reject any influence of sex, color, cast, faith, ethnic origin or recommendations by influential persons.  Our decision for promotions and rewards are performance-based and being transparent, are understood by all.  We help the employees in self-growth by providing training opportunities to them.  Those who are proactive, innovative and take initiative besides doing their routine job are chosen for higher responsibilities. Dealing with the Communities  As a company, we are acknowledged as a responsible corporate citizen in the community of business and industry of Pakistan.  We strive for zero effect on the environment and contribute significantly to reducing the damage done to nature by man.  We do not tolerate unsafe and hazardous-to-health work practices in transit or the workplace.  We are aware of the societal deficits and contribute modestly where we can act as a catalyst to promote the causes relating to community development, health and education and also extend a helping hand to the maintenance of cultural, artistic and literary life in the country.

MANAGEMENT FUNCTION | 17 Dealing with the Customer  We do not stop at being fair and efficient in offering our products and services to the customer, but reach out to know his need that he may not be articulating. Examples  We were the first to introduce environment friendly products like the lead-free petroleum and 90 Octane Gasoline that set the standards for the competition.  Introduced mobile LPG filling stations and delivery of diesel to tractors at the farmland.  Introduced easy to carry 5kg gas cylinders to facilitate customers in hilly areas.  True and full information about our products and services dispend efficiently and with courtesy.  We are partners with our customers, such as the Oil Marketing Companies, in the endeavour for national development, although we compete with them in providing better services to the customers.  We pass on higher values of business, better products and models of efficient services to the marketplace through our associates and independent channels of distribution.

MANAGEMENT FUNCTION | 18 Dealing with the Business Partners and External Entities  We consider our suppliers, contractors and service providers as our business partners and deal with them with the reserve for our employees and customers.  We do not promise, offer, pay or accept bribes, commissions or gifts in order to obtain or dispense and advantage.  We do not allow any direct or indirect transaction with the external entities, which could be construed as clash of interest.  We do not derive any pecuniary benefits other than what is our entitlement.  We do not hand out information unless it is authorized to be publicized.  We reciprocate hospitality and courtesy only within the limits of generally accepted business practices. Dealing with Information  We believe in free-flowing information. Having nothing to hide, any information would only reveal our professionalism and integrity and helps to bind together the PARCONIANS as proud members of one family.  The departmental boundaries are only an administrative convenience and do not come in the way of the valuable and free interaction, which helps PARCO act as one. It also happens to be one of the secrets of success.  We disclose our working by making financial statements that project our directors of the future, to help our stakeholders appraise us openly and with full freedom.

Hierarchy of PARCO – Pakistan Stockholders Board of Directors Managing Director Head of Internal Audit Company Secretary Head of Safety & Security General Manager Refinery Operations Managers General Manager Pipeline Operations General Manager Planning & Technical Services General Manager Finance Managers Managers Managers Employees General Manager Corporate Affairs Managers

Organizational Mission & Vision Leading to Corporate Objectives Organizational objectives are the targets towards which an open management system is directed. The objectives flow naturally from the mission statement. Listed below are the objectives of PARCO that flow naturally from their mission statement. Mission & Vision Elements Leading National Energy Company Company of Choice for All Stakeholders Corporate Objectives (Goals)  Leading national energy company of Pakistan in the business of transporting, refining and marketing of petroleum and related products.  Achieving leadership in market share.  Increasing and sustaining profitable growth. Respected by all stakeholders:      Shareholders Customers Employees Suppliers Community Diversification Create a project portfolio that diversifies into energy and other sectors while reducing overall risk to the business. Integration  Expand into areas that integrate with our business and have synergy with our core strengths and operations.  Improve efficiency and profitability of current operations Right Technology  Use relevant and correct technology that maximizes efficiency, output and safety while fulfilling market and regulatory needs.  Inducting technology that maximizes financial return. Best Industry Practice Sustained Competitive Advantage  To operate in safe, efficient, reliable and environment-friendly manner.  To maximize capacity utilization.  Continuous improvement of human resource, finance, materials, marketing, information technology and other functions in order to maximize customer satisfaction. Develop strategies and venture into business which are sustainable in the long term and create a competitive advantage for the company.

MANAGEMENT FUNCTION | 21 PARCO’S THINKING AND WORKING HABITS At PARCO, we understand the strategic nature of our business and are also aware that our work habits and ethics transcend corporate boundaries and affect the entire nation. We therefore believe that while working for the company, we are indirectly toiling for the nation. The following are the pillars of our work habits.  Pursuit of Excellence – We know that our long term survival can only be assured by continuously adapting to change and excelling in every activity of business. This distinction can only be achieved by a professional outlook and active acquisition of knowledge. We promote this by reading, listening, discussing, observing, thinking, sharing and continuous investment in human resources development. Only then we are able to create synergies through a concerted effort.  Simplicity – We believe that complex theories are really founded on simple thoughts, and unless something is explained in simple terms it has not been understood. Our systems and procedures originate and culminate at the floor where the work is done; they are made by all of us and are in a language we all speak.  Quick Response – A shortened response time to problem identification, solutions, actions and results has given us the competitive edge necessary for survival in a deregulated competitive environment.  Sustainable Growth – We realize the pitfalls of artificial and opportunistic growth. Our Own growth is founded on our inherent strengths acquired through our performance, which we plan to continue at a steady pace.  Our customers – Our customers are not limited to the entities and individuals buying from us. They are our suppliers, our employees, our associates and the nation, who are being affected by our individual and collective actions. We know the value of reliable service to them and ensure that they get it.  Value addition – All our actions add value. There is no duplication or mindlessness in them.  Managing change – We know that the only thing constant over time is change and we manage it. Consequently we are on the lookout for breakthrough knowledge and cutting edge technologies. We embrace them and make them freely available to all within the company.

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MANAGEMENT FUNCTION | 23 Corporate Social Responsibility In order to succeed and sustain in long run, a business enterprise must contribute to the aspirations of the society it serves. It may be a much-used truism, that by providing services and goods every business serves the society. Woefully, it falls too short of the spirit of responsibility to be of any value. The management of a kiln operator and a feudal estate using bonded labour also supply as much good and services as the protection of mafia, but at the same time do more harm than good to the society. No doubt, they make good profits, by oppressing the captive worker at meager wage and for long working hours but at what cost to the society! Responsibility lies in making the same profit or even more by using the ingenuity of the modern age, by developing the skills of the worker to make him more productive and improving the quality of his and his dependents’ life, by making his work more rewarding and by contributing revenue to the national exchequer in order to get collective benefits in return.

MANAGEMENT FUNCTION | 24 PARCO’s Services to the Society In the community of business and industrial enterprises, PARCO gives a good account of itself as a singularly responsible corporate citizen. It is interesting to note how it incorporated the greater good of the society in its agenda, while pursuing its prime objective of fulfilling a strategic need of the country profitably and without being a burden on the exchequer.  Education 1. PARCO has an extensive Schools & Clinics Support Program which provides basic education and health facilities to underprivileged communities. Under this program, around 60 institutions are given assistance along PARCO’s pipeline and refinery across Pakistan. 2. PARCO has partnered with TCF (The Citizen Foundation) and has set up campuses to impart quality education to the underprivileged. 3. PARCO has also sponsored TCF’s fund-raising walk ‘ILMATHON’ where PARCONIANS actively participate. 4. PARCO offers 100 percent scholarships for 4 years program of two students at the Sargodhian Spirit Trust School in Sargodha.  Health 1. A community clinic operates in Mid-Country Refinery that provides free medical assistance to the underprivileged communities. 2. Free eye camps are conducted every year with other NGOs in Mid-Country Refinery. 3. Medical camps were put up in 2010 flood to provide medical assistance to the flood affected people.  Road Safety 1. All drivers at PARCO are completely trained and provided awareness regarding the traffic safety rules. 2. PARCO ensures that all staff and employees adhere to the road safety rules as responsible citizen. 3. PARCO joined hands with National Highways and Motorway Police (NH&MP) to run campaigns on Road Safety where a booklet by the name of “Safar Asaan” in Urdu language, was distributed on national highways to motorists.

MANAGEMENT FUNCTION | 25  Employee Care 1. In the offices, the staff members are encouraged to complete their task in the office hours and discourage late sittings. 2. In PARCO, the employees have in-house facilities which include an auditorium for movies and events, a bowling alley, gymnasium, squash and tennis courts, swimming pool, shopping centre and hospital. 3. Sports galas and events are organized and staff is encouraged to participate and stay physically fit and active. 4. PARCO supports the education of the employees’ children. And also provides scholarships and educational support to staff members. 5. Ibn-e-Sina Hospital at the Mid-Country Refinery provides medical assistance to the employees posted in MCR site. 6. PARCO sponsors 5 non-management and 2 management staff for Hajj annually. 7. PARCO provides Dowry grant to the non management staff and also funeral assistance.  Environment 1. Waste water discharged is reused for plants after quality standard is ensured by NEQS (National Environmental Quality Standards). 2. PARCO ensures that the products and fuels are environment friendly. 3. About 36km of PARCO’s pipeline travel through Kirthar National Park. PARCO contributed significantly to the neighboring wildlife. 4. 700 gallons overhead tank is created along with tube wells and ponds to provide water to wildlife species specially the endangered species. 5. In designing oil pipeline routes, all environmental aspects and matters were kept in mind and the requirements of Pakistan Environmental Protection Agency (EPA) were complied fully. 6. PARCO performs ground water monitoring near the refinery twice annually to ensure that the community is using safe underground water.

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MANAGEMENT FUNCTION | 27 Managing in Global Arena PARCO is a Multinational Joint Venture between the Government of Pakistan and The Emirate of Abu Dhabi. A multinational corporation is a company which has its operations in more than one country. It carries out its activities on an international level. An international joint venture is a partnership formed by the company in one country with a company in another country for the purpose of pursuing some mutually desirable business understanding.

MANAGEMENT FUNCTION | 28 PLANNING

MANAGEMENT FUNCTION | 29 Planning in PARCO The first function of management is planning. Planning is the process of determining how the organization can get where it wants to go and what it will do to accomplish its objectives. It is also a process of setting the objectives and determining how to accomplish them. PARCO believes that planning is the fundamental activity of the management system and has to be done in order to successfully achieve its organizational goals. There is a separate department in PARCO for planning called ‘Corporate Planning’. This department is headed by the General Manager who is working in the company since 30 years and has experience and knowledge about the working environment of the organization. There are other managers under the chief who are all experienced and have degrees in various fields. Listed below are the major steps of planning which is also followed by PARCO: i. ii. iii. iv. v. vi. Stating organizational objectives List alternative ways of reaching the objectives. Develop premises upon which each alternative is based. Choose best alternative for reaching objectives. Develop plans to pursue chosen alternative. Put the plans into action.

MANAGEMENT FUNCTION | 30 Importance of planning according to PARCO: Planning improves focus and flexibility – Good planning improves planning and flexibility, both of which are important for performance success. An organization with success knows what is does best, know the needs of its customers and knows how to serve them well. An organization with flexibility is willing and able to change and adapt to shifting circumstances and operates with an orientation toward the future rather than the past. Planning improves action orientation – Planning is a way for people and organization to stay ahead of the competition and always become better at what they are doing. It keeps the future visible as a performance target and reminds us that the best decisions are often made before events force them upon us. Planning improves coordination – Good planning throughout the organization creates a hierarchy of objectives in which lower level objectives lead to the accomplishment of higher level ones. Planning improves control - When planning is done well, it facilitates control, making it easier to measure performance results and take action to improve things as necessary. Without controlling, planning lacks the follow-through needed to ensure that things work out as planned.

MANAGEMENT FUNCTION | 31 Management by Objectives (MBO) Planning and controlling are two different functions of management system but they go hand in hand. Both these functions are very closely related to each other. A useful technique for integrating planning and controlling in day-today practice is management by objectives (MBO). This is a structure process of regular communication in which a supervisor/team leader and subordinates/team members jointly set performance objectives and review results accomplished. Shown below is management by objectives as an integrated planning and control framework. Manager Subordinates Jointly plan Setting objectives Setting standards Choosing actions Individually act Performing tasks (subordinates) Providing support (manager) Jointly control Reviewing results Discussing implications Renewing MBO cycle According to PARCO planning and controlling are very important and critical parts of the management system. An MBO should be there to ensure that they are doing effectively and efficiently. The current MBOs going on in PARCO are as following; (1) To increase the profit of the company and (2) Asphalt plant communicating.

MANAGEMENT FUNCTION | 32 Plan and Planning tools A plan is a specific action proposed to help the organization achieve its objectives. Planning tools are techniques that help managers to develop plans. The two most important tools of planning are forecasting and scheduling. Forecasting is a process of predicting future environmental happenings that would influence the operations of the organization. There are two main types of forecasting qualitative and quantitative. In qualitative method we have the Jury of Executive Opinion method and the Sales Force Estimation method. PARCO uses both these method of forecasting.  In Jury of Executive opinion method, appropriate managers from within PARCO sit together and discuss their opinions on what will happen to the sales of oil in the future. In this method the managers’ answer independently about what they think about the sales in future, then a summary of all the answers is prepared and redistributed. Another summary is made which is again modified and redistributed. Then finally a forecast is generated from all opinions and justifications which were made during the question answers.  In Sales Force Estimation method, the future sale of PARCO is predicted by analyzing the opinions of salespeople as a group. These salespeople interact with the customers of PARCO such as PSO and Shell, and develop predictions for future sales. In quantitative method we have the moving average method, regression method and product stages method.  The moving average method utilizes historical data to predict future sales of the company. In PARCO, the forecasters use a seven year moving year to predict future oil sales.  In regression, sales are analyzed by the historical relationship between sales and time. Regression provides forecasters with a trend line that best explains the historical relationship between sales and time.  Product stages method predicts future sales by using the product life cycle to better understand the history and future if the product.

MANAGEMENT FUNCTION | 33 Life Cycle Support of Business Assets PARCO perceives its assets as a living resource, and continues to take measures that enhance its productivity and prolong its life. This is achieved through a continuous process of diligence that results in replacement of inefficient elements, updating technology and extending the plants. The microwave communication system, Supervisory Control and Digital Acquisition (SCADA), originally based on analogue technology was thus converted to digital system sometimes ago. Steps have already been taken to take it to fibre-optic mode in the near future. The Pipeline is constantly under watch, to ensure its mechanical and operational integrity. It is done through a high-tech computerized technique known as intelligent ‘pigging’ that examines the pipeline from inside for any weakness. It is an on-going process to strengthen or replace, of required, those segments of Pipeline that have outlived their use after giving 22 years of service. Scheduling is another important planning tool. It is the process of formulating a detailed listing of activities that must be accomplished to attain an objective, allocating the resources necessary to attain objective and setting up and following timetables for completing the objectives. The two main scheduling techniques are Gantt chart and PERT (Program Evaluation and Review Technique).

MANAGEMENT FUNCTION | 34 Shown below is a S-Curve of the company that displays how the company peaked out as a Pipeline Company in 1991 has extended its corporate life up to 2010 and beyond. PARCO thus sits in driving seat of every infrastructure project related to the country’s oil sector. As the subject of modular growth is one of the strongest points of PARCO strategy.

MANAGEMENT FUNCTION | 35 Strategic Planning Strategic planning is a comprehensive action plan that identifies long term direction for an organization and guides resource utilization to accomplish goals with sustainable competitive environment. Long term is usually defined as a period of time extending about three to five years into the future. ‘Being Different Makes a Difference’. PARCO has perceived its objectives, projects, growth and market with its characteristic uniqueness. Its strategies to accomplish the results are equally innovative and refreshing; so is the interesting way of presenting them. Strategy Management is the process of ensuring that an organization possesses and benefits from the use of an appropriate organizational strategy. Strategy management is successful when good strategies are crafted from insightful understandings of the competitive environment of the organization, and these strategies are well implemented. Strategic management generally consist five sequential steps: 1) 2) 3) 4) 5) Environmental analysis – Studying general, operating and internal environment. Establishing organizational direction – Stating the mission and the objectives. Strategy formulation Strategy implementation Strategic control

MANAGEMENT FUNCTION | 36 Environmental Analysis Environmental analysis is the study of the organizational environment to pinpoint environmental factors that can significantly influence organizational operations. At PARCO, when carrying out the environmental analysis, the analyst keeps in mind the working of the general environment, operating environment and internal environment.

MANAGEMENT FUNCTION | 37 PARCO sees itself as a national asset and therefore keeps in mind the interest of all people and different areas of the country. According to PARCO, you can change the history of the country but not the geography, which in turn should change your business perception and create new opportunities in areas where the company can serve the national as well as the business interest best. No business can exist in isolation of profit motive and succeed without satisfying the needs of the society that it serves. Neither can it afford to be oblivious of the technological breakthroughs taking place all around and make progress without exploiting them. PARCO has grappled with these factors by a comprehensive study of the issues involved and presented its decision-makers the scenario in an intriguing and innovative depiction. PEST Analysis This analysis is done to know about the general environment in which PARCO exist. It tells us about the political, economical, social and technological factors that might influence the working of PARCO. Political and Legal Factors: Rules and regulations are imposed by the government which PARCO has to adhere, such as industrial laws which talks about the protection of labour rights. In PARCO there is a labour union which takes care of its labours. In addition to this, there are further rules and regulations regarding the foreign trade, if the government makes changes in some foreign policy, PARCO had to abide by the new policy for trading. Economic Factors: While studying PEST, PARCO has to know about the economic issues, like the inflation and interest rates. Social Factors: Social issues are very important to any organization. Since PARCO produces various different products from crude oil, it has to be environment friendly. Also have to take care of the people in the way of their Pipeline. Technological Factors: Technology component includes new approaches to producing products and services. PARCO uses a user-friendly man machine interface in its refinery. The total cost of implementation of this project was about US$ 886Million.

MANAGEMENT FUNCTION | 38 Establishing Organizational Direction After the environmental analysis, the second step of strategic management process is establishing organizational direction. This begins with the careful review of and clarification of organizational mission, values and objectives. This sets the stage for critically assessing the organization’s resources and capabilities. Michael Porter, Harvard scholar and strategy consultant, says that “sound strategy starts with having the rigth goal.” Strategy Formulation It is the process of determining appropriate course of action for achieving organizational objectives and thereby accomplishing organizational purpose. In PARCO, managers formulate strategy that reflect environmental analysis, lead to the fulfillment of organizational mission and results in reaching organizational objectives. The three main tools of stategy formulation are: 1. Critical question analysis 2. SWOT analysis 3. Business portfolio analyis

MANAGEMENT FUNCTION | 39 Critical Question Analysis This tool is about answering the four baisc questions, which are as follows. What are the purpose and objectives of the organization? The purpose of PARCO is to fulfill its mission statement. The objectives are: to be a leading national enerygy company, be the company of choice for all stakeholders, employing a strategy of diversification and integration with the right technology, best industry practices, safe transportation of petroleum products, employee friendly company and sustained competitive advantage. Where is the organization presently going? PARCO is currently going in the right direction and fulfilling its mission. In what kind of environment does the organization now exist? PARCO is currenly operating in an environment which is favourable for its operations. All of its strategies are formulated in such a way that deals with the various factors in the market. What can be done to better achieve organizational objectives? In order it survive in this competitive environment, it should develop new and innovative strategies to compete.

MANAGEMENT FUNCTION | 40 SWOT Analysis It is a strategic development tool that examines organizational strenghts and weaknesses and environmental opputunities and threats. S trengths W Pakistan's leading Energy Company. It is owned by the Pakistan’s Government. The Pipeline Network is safe, costeffective and eco-friendly. Mid-Country Refinery and its location is extremely sensible and strategic. International partnerships. Strong financial position. Environment friendly – use of lead-free gasoline. Employees are PARCO’s major strength. O pportunities High recovery rates from existing projects. The demand for petroleum products is increasing in Pakistan. Pipeline network to Peshawar is creating an opportunity of export to neighbouring countries such as Afghanistan. eaknesses Little promotional activity. Under utilizing the storage capacity. Flammable nature of the products produced by PARCO The raw material used by PARCO produces furnace oil but there is deregulation of price in furnace oil market. T hreats Increased competition with refineries such as Byco Refinery Limited, Pakistan Refinery Limited, Nation Refinery Limited and Attock Refinery Limited. CNG is being promoted. Governmental rules and regulations. Since crude oil is imported but great fluctuation in international oil prices. Uncertain political and economical condition of the country.

MANAGEMENT FUNCTION | 41 Business Portfolio Analysis This is another strategy development tool that has gained wide acceptance. It is based on the philosophy that organizations should develop strategy much as they handle investment portfolios. BCG Growth-Share Matrix The Boston Consulting Group (BCG), a leading manufacturing consulting firm, developed and popularized a portfolio analysis tool that helps managers develop organizational strategy based on market share of business and the growth of markets in which businesses exist. The first step in using this Matrix is identifying the organization’s strategic business units (SBUs). It is a significant organization segment that is analyzed to develop organizational strategy aimed at generating future business or revenue. The SBUs in PARCO are PAPCO, PARCO Pearl Gas, TOTAL, Corporation House PVT LTD, 21, PARCO Pearl Lubricants, In-house and Oil Refine LPG through PPG PVT. Theses SBUs can be located in any one of the four quadrants below.

MANAGEMENT FUNCTION | 42 Porter’s Model for Industry Analysis The Porter Model is a framework for business management developed by Michael Porter in 1979.They consider those forces close to a company that affects its ability to serve its customers and make a profit. A new entrant for PARCO is a threat but the company re-designs its strategies in order to compete with its competitors and is successful in doing so and still remains the leading national energy company. The Porter’s Model is shown below.

MANAGEMENT FUNCTION | 43 Strategy Implementation This is the fourth step of strategic management process. No strategy, no matter how well formulated, can achieve long term success if it is not properly implemented. According to the analyst at PARCO, the successful implementation of strategy requires handling people appropriately, allocating resources necessary for the implementation, monitoring progress and solving problems as they occur. Strategic Control This is the last step in strategic management process, and consists of monitoring and controlling the whole process and ensures that it is working properly.

MANAGEMENT FUNCTION | 44 Decision Making Decision making is a process leading to the selection of a course of action among alternatives. In PARCO, decision making is covered while planning because managers must also make decisions when performing the other three managerial functions – organizing, influencing and controlling. Decisions are divided into two basic types: programmed decisions and non-programmed decisions. Decisions are made in PARCO by following these simple steps listed below: 1. The problem or the issue is first analyzed. 2. Data regarding the issue is then collected and analyzed. 3. The data collected is presented to the decision making committee. It makes suggestions and recommendations which are then forwarded to the board of directors. 4. The boards of directors have the authority to pass the final decisions after analyzing the recommendations and suggestions by the committee. 5. The decision after being made is passed to the department heads and is then implemented. 6. After implementing, feedback is regularly collected to ensure that the decision made is effectively working. Tools for decision making There are two important tools used to make sound and effective decisions which are used by managers in PARCO, and they are; probability theory and decision tree. Probability theory is a tool that uses risk situations – situations in which decision makers are not completely sure of the outcome of an implemented decision. It is estimated by calculating the expected value for each alternative considered. PARCO uses this tool to predict the expected value of the project in consideration. A decision tree is a graphic decision making tool typically used to evaluate decisions involving in a series of steps. PARCO use this method to pass effective decisions.

MANAGEMENT FUNCTION | 45 Group Decision Making Groups commonly make decisions in a company. Decisions in PARCO are mostly made in groups because according to them it has many advantages. The advantages are: Group can generally come up with more and better decisions. When a group makes a decision, the members of that group tend to support the implementation of the decision. Group members tend to perceive the decision as their own, and this perception makes them strive to implement the decision successfully. There are three main techniques of group decision making. They are: brainstorming, Delphi technique and nominal technique. The technique used in PARCO is Delphi Technique. This technique helps make group decisions. It involves circulating questionnaires on a specific problem among committee members, sharing the questionnaire results with them, and then re-circulates and refines individual responses until a consensus regarding the problem is reached.

MANAGEMENT FUNCTION | 46 ORGANIZING

MANAGEMENT FUNCTION | 47 Organizing Organizing is the process of arranging people and other resources to work together to accomplish a goal. As one of the basic functions of management, it involves both creating a division of labour for tasks to be performed and then coordinating results to achieve a common purpose. There are five main steps of organizing which is also followed by PARCO for the successful attainment of organizational goals. STEP 1 STEP 2 STEP 3 Reflect on plans and objectives. Establish major task. Divide major tasks into subtasks. STEP 5 Evaluate results of organizing strategy. STEP 4 Allocate resources and directives for subtasks.

MANAGEMENT FUNCTION | 48 Classical Organizing Theory This theory comprises of cumulative insights on how organizational resources can be best used to enhance goal attainment. The following sections discuss three major components of this theory: Weber’s bureaucratic model, division of labour and structure. Weber’s Bureaucratic Model Max Weber used the term bureaucracy to label the management system that includes three main primary components: detailed procedures and rules, a clearly outlined organizational hierarchy, and impersonal relationships among organization members. PARCO does not believe in this theory as the management there is not characterized by detailed rules and procedures. Division of Labour The main consideration of any organizing effort is how to divide labour. Division of labour is the assignment of various potions of a particular task among a number of organization members. Production is divided into number of steps, with the responsibility of completing various steps assigned to specific individuals. The essence of division of labour is that individuals specialize in doing part of a task rather than the entire task. PARCO also believes in the division of labour. They assign the individuals of various portions a particular task among a number of organization members. The usefulness of division of labour is that when workers specialize in a particular task, their skills at performing that task tend to increase.

MANAGEMENT FUNCTION | 49 Structure Structure refers to the designated relationships among resources of the management system. There are two types of structure, formal and informal. Formal is the one outlined by the management and informal are developed among the organizational members because of informal activities. Organization structure is represented by an illustration called an organization chart. It is constructed in a pyramid form. The individual at the top has the most authority and as we move down the authority decreases. Shown below is the organization chart of PARCO which talks about the Scalar Chain concept. According to this concept there is only one boss that issues orders. In case of too many bosses there will be confusion and contradiction. Multi-dimensional Integration Realizing that no entity can make progress in isolation, PARCO has pursued a policy of taking along with it, its partners in business, its customers and its stakeholders in the process of decision- making, in implementation and in sharing the fruits of business. 1. Vertical Integration: PARCO believes in integrating all the contributing factors coinciding with the vertical path of decision-making process that starts from the needs of the customer and ends up with the strategic imperatives of the State. 2. Horizontal Integration:The Company makes sure that the experience gained from execution of a task in one part of the organization are transmitted and used to benefit other horizontally across the organization so as to ensure a consistent approach. This further amounts to enriching the operations of the associate companies. 3. Supply Chain Integration: The crude that starts its journey from the dark cavities of earth and ends in brightening up the human abode has a long way to travel and needs a number of stages of transformation. Its supply chain comprises pumps, storage tanks, pipelines, oil tankers, the refining plants, and an efficient distributing network. PARCO serves by integrating the entire supply chain system between the supplier and the consumer efficiently, to the benefit of both.

MANAGEMENT FUNCTION | 50 Structural Overhaul The reporting order was re-shaped from a flat base of all executives taking orders from the Managing Director, to a pyrimid pattern in order to effect better delegation and fuller focus on the essential aspects of management. CEO Top Management Middle Management Frontline People PARCO's Customers

MANAGEMENT FUNCTION | 51 Span of Management Span of management is the number of individuals that a manager supervises. The more individuals a manager supervises, the greater the span of management. Span of management has significant effect on how well managers carry out their responsibilities. Divisions, Departments and Sections were demarcated afresh in PARCO to assign their organic funtion in the organization.The Span of Management of depends from department to deparrment and section to section upon the work activities. Committees For a vibrant enterprise there is a need to design a self-operating in-built check and balance mechanism. Internal Audit was introduced in the company for the first time in 1989. Management committees were established to ensure participative and transparent decision-making. Eight such committees operated, which cover such subjects as bid opening, bid evaluation, project review, coordination of operations. One of them called as Trigger Committee is specifically task related, while the Executive Committee covers all the major decisions and meets once a month under the chairmanship of the CEO. A few committees comprising of the Board Members were also strengthened to oversee the matters regarding finance, personnel, technical and bid evaluation etc. at macro level of the company.

Departments Department is a unique group of resources established by management to perform some organizational task. Shown below are the functional departments of PARCO. Refinery Operations Department Manufacturing Operations Administration Technical Maintenance Office services Process Engineering Planning Scheduling Oil Movement Employee Relations Refinery Information System Security

MANAGEMENT FUNCTION | 53 Pipeline Operations Department Co-ordination Stations & Terminals Pipeline Maintenance Telecom & Sub-System

MANAGEMENT FUNCTION | 54 Planning & Technical Services Department Planning Technical Services Pipeline & Station Planning Information System Engineering Support Inspection Materials Projects Refinery Library Procurement Contract Warehousing

MANAGEMENT FUNCTION | 55 Finance Department Finance Management System Project Accounting Financial Planning General Accounting Budgeting & Reporting

MANAGEMENT FUNCTION | 56 Corporate Affairs Department Personal & Training Office Services Legal Affairs & Contracts Lands Public Relations Administration Transport Protocol

INFLUENCING

MANAGEMENT FUNCTION | 58 BASIC PRINCIPLES OF INFLUENCING The four managerial functions are: i. ii. iii. iv. Planning Organizing Influencing Controlling Influencing is the process of giving appropriate direction to the activities of organization members that lead to the attainment of management system objectives. It involves dealing with such issues as morale, arbitration of conflicts, and the development of good working relationships. It is a critical part of a manager's job. How well a manger influences others determines how successful a manager will be. One of the primary functions of PARCO’s management is guiding the activities of employees to enhance the accomplishment of organizational goals. The management influences people through leadership, motivation, managing groups and communicating.

MANAGEMENT FUNCTION | 59 The Influencing subsystem: This is how the management of PARCO guides and influences it employees. Encouraging Creativity and Innovation Building Corporate Culture Considering Groups Communication Motivating Leading

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MANAGEMENT FUNCTION | 61 COMMUNICATION Communication is the process of sharing information with other individuals.To help managers become better interpersonal communicators, new training techniques are constantly being developed and evaluated. PARCO emphasizes on the communication skills of managers because this ability and skill is cited as the most responsible skill for managers’ success. The communication activities of PARCO’s managers generally involve interpersonal communication that is sharing information with other organization members. Communication by setting example - The PARCO Way It is one thing to sermonize but another to practice what one preaches. When the CEO decided to outline the philosophy of the PARCO management in a document captioned ‘The PARCO Way’, it was like issuing a ‘Charter of Rights and Responsibilities’ of the PARCO family, which the management as well as the employees were implicitly bound to honour. It appeared as the preface of a printed Handbook titled “Employees’ Guide to Personal Policies and Procedures” which covers in details the terms of employment, allowances and benefits, and is in possession of every employees of the Company. ‘The PARCO Way’ is a document of unique forthrightness, which outlines the principles of equity, fairness and integrity that the Company abides by. The fact that such a self-commitment was publicly made and documented by the Company speaks of its sincerity of purpose and confidence in its ability to live up to them. By doing so the company made itself vulnerable to be challenged for a perceived deviation by anyone of its employee. The fact that such eventuality never arose is not only a testament to its honesty of purpose and the credibility that it commands amongst its employees. It also amounts to setting example of fulfilling its commitment. The documents also points out at a high standards of result-orientated performance and the hard driving teamwork that it expects from its employees to fulfill their part of the deal. Looking at their achievements over the years, one can vouch that they did not disappoint either. (Please see the reproduction of the ‘Foreword’ and ‘The PARCO Way’ in the following pages.)

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MANAGEMENT FUNCTION | 66 Feedback and interpersonal communication Feedback is the destination’s reaction to the message. Feedback can be used to ensure that the communication was successful. It can be verbal or nonverbal. PARCO takes regular feedback from its employees. And it not only takes negative feedbacks but also encourages the employees to give possible feedbacks too.

MANAGEMENT FUNCTION | 67 LEADERSHIP Management is what its leaders are. The personality of a successful leader is intricately intertwined with the way he employs his policies and principles in his work. If you separate the two with great care, you might think you had discovered the ingredients of his formula of success. To your great surprise you may find them not much different from what is offered by the standard texts on the subject of management. What really makes them work is how they are dispensed by the leader and absorbed by the organization, which amounts to the mystique of leadership that is unique to each individual in his own right. In the good traditions of eastern culture, it is considered to be a virtue to be humble and shun personal glorification, and people of substance practice it. On the other hand, those in deficit of the same qualities, have the propensity to scoff even at the rightful claim of distinction when they come across one. The result is that there appears to be no available material on the personal profiles of the highachievers in Pakistan, unlike the developed countries that have record breaking sales on the life stories and management style of famous business leaders. Leader vs. manager Leaders usually focus on behavioral issues on the other hand managing is more broader scope and focuses on behavioral as well as non behavioral approach. Parco has leaders who help the company meet customer needs, increase shareholder value and honour responsibility to the society. The situational approach to leadership style assumes that each instance of leader is different and therefore requires a unique combination of leaders, followers and leadership situation. PARCO believes that leaders are made and not born. The management of PARCO believes that leadership ability cannot be explained by an individual’s traits of characteristics rather it strongly agrees on situational approach to leadership. Employees in PARCO are annually sent on a training program for leadership.

MANAGEMENT FUNCTION | 68 Leadership situations and decisions The degree to which managers allow subordinates freedom and see their input to decision making is what differentiates boss-centered and subordinate-centered leadership. In majority decisions in PARCO the behavior of the management is boss-centered. They believe on autocratic style. But in few decisions they do give the freedom to the employees to give suggestions to deal with the problem.

MANAGEMENT FUNCTION | 69 Leadership Behaviors OSU Studies (Ohio State University) • Structure behavior is any leadership activity that delineates the relationship between the leader andthe leader's followers or establishes well-defined procedures followers should adhere to in performing their jobs. • Consideration behavior is leadership behavior that reflects friendship, mutual trust, respect, and warmth in the relationship between leader and followers. This type of behavior generally aims to develop and maintain a good human relationship between the leader and the followers. The leadership behavior in PARCO is structured as well as consideration behavior. The management portrays the structure between leaders and employees so that if the employees get stuck somewhere, the leader can help him with it. In Consideration behavior, the company respects the views of the employees and encourages them to exchange ideas and suggestions. HIGH CONSIDERATION LOW STRUCTURE HIGH CONSIDERARTION LOW LOW STRUCTURE LOW CONSIDERATION HIGH STRUCTURE HIGH CONSIDERATION HIGH STRUCTURE LOW CONSIDERATION LOW HIGH STRUCTURE

MANAGEMENT FUNCTION | 70 The Michigan Studies The Michigan studies pinpointed two basic types of leader behavior: job-centered behavior and employee-centered behavior. • • Job-centered behavior The job-centered leader is interested in the job the subordinate is doing and in how well the subordinate is performing that job. Employee-centered behavior The employee-centered leader is attentive to the personal needs of subordinates and is interested in building cooperative work teams that are satisfying to subordinates and. advantageous for the organization. PARCO strongly emphasizes on employees centered behavior. They create challenging and rewarding work environment with a proactive management that encourages the employees to work with enthusiasm.

MANAGEMENT FUNCTION | 71 The Hersey-Blanchard Life Cycle Theory of Leadership This theory of leadership is a rationale for linking leadership styles with various situations to ensure effective leadership Maturity The life cycle theory is based on the relationship among follower maturity, leader task behavior and leader relationship behavior. In general terms, according to this theory leadershipstyle should reflect the maturity level of the followers. The Life Cycle Model PARCO applies life cycle theory and increase their employees’ maturity by training them according to their ability. When at first the employee is hired, the manager tells him what to do and how to do, avoiding much relationship behavior at this time. This process is high task and low relationship. As time passes the employees gains some knowledge about his work, the appropriate style to lead him now would be high task and high relationship. The manager can now start to encourage an environment of mutual trust and friendliness. As more time passes, the maturity level of the employee increases and not the appropriate style for leading him would be low task and high relationship. Once the employee reaches the maximum maturity level, the leading style would be low task and low relationship, the employee knows his job well and a good relationship has been established with the manager.

MANAGEMENT FUNCTION | 72 Path Goal Theory of Leadership According to the path–goal theory of leadership, leaders exhibit four primary types of behavior: 1. Directive behavior: Directive behavior is aimed at telling followers what to do and how to do it. 2. Supportive behavior: Supportive behavior is aimed at being friendly with followers and showing interest in them as human beings. Through supportive behavior, the leader demonstrates sensitivity to the personal needs of followers. 3. Participative behavior: Participative behavior i

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