2 Flashcards
Autocratic leadership
Imposing decisions on a group with little or no prior discussion and limited individual choice allowed. There is strict control as advocated by Taylor and typically just top-down communication.
blake mouton grid
graphical portrayal of leadership styles through a managerial
matrix. The matrix shows the type of management style in terms of their concern for people and concern for production
Consultation
process in which one person or group discovers the views of another. After asking for their views the original strategy may be amended.
Country club leadership
manager is most concerned about their team members’ needs and feelings assuming that, as long as they are happy and secure, they will work hard. What tends to be the result is a work environment that is very relaxed and fun, but where productivity suffers because there is a lack of direction and control.
Decison trees
diagram showing options available and the probabilities of various possible outcomes resulting from these decisions.
Democratic leadership
allowing group discussion to influence the final decision. Leaders mix informally with the subordinates and are known personally.
Expected value
most likely financial outcome from a specific strategy adjusted to take into account the different probabilities of success and a failure.
Expected value
Impovished leadership
low regard for creating systems that get the job
done, and with little interest in creating a satisfying or motivating team environment
manager’s results are inevitably disorganization, dissatisfaction and disharmony.
Intution
use of a hunch or gut feeling to make decisions.
Laissez faire leadership
leader has minimal input, delegating heavily
leaving staff to make necessary decisions.
leadership
People who others naturally follow through inspiration and trust. Leaders may not necessarily be managers who have people who work for them, but the best managers are also leaders
management
process of controlling people and getting things do via planning, organising controlling and directing.
Manger centerd leadership
end of the Tannenbaum Schmidt continuum in which the manager makes decisions and announces it without consultation.
Middle of road management
Manger tries to balance results and people
Compromise means mediocre performance levels
Net gain
Expected beneift from a course of action after all costs have been paid
Used in decison tree analysis to work out the likely benefit of the action
Opportunity cost
Cost of foregone alternative
Probabilty
chance of something happening as a fraction or percentage.
Produce or perish leadership
Managers who believe that their team’s needs are always secondary to its productivity. This type of manager is autocratic, has strict work rules, policies and procedures, and can view punishment as an effective way of motivating team members. This approach can drive impressive production results at first, but low team morale and motivation will ultimately affect people’s performance, and this type of leader will struggle to retain high performers.
Resource constraints
limitations of quantity or quality of labour, materials, time and information and these limits make decision-making harder.
Risk
possibility of loss on an investment or a return that is less than expected.
SCIENTIFIC DECISION-MAKING
attempt to make logical decision based on data analysis
Stakeholders
individual or group that is affected by any business decision. E.g. customers, workers, shareholders, local residents, creditors.
Stakeholder engagement
Involving anyone who has an interest in the business’ decisions via consultation, negotiation or communication.
Stakeholder power
level of influence that a stakeholder group has e.g. a pension company with a large shareholding can be an influential stakeholder voice.
