2. Management and leadership Flashcards
1
Q
5 main roles of managers
A
set objectives
analyse performance
review performance
make decisions
lead/inspire
2
Q
Tannenbaum and Schmidt
A
tells, sells, consults, joins
manager- subordinate centred leadership
3
Q
2 types of decision making
A
scientific
intuition
4
Q
scientific decision making benefits
A
data=evidence
removes subjective judgement
5
Q
scientific decision making negatives
A
may still rely on assumptions
doesn’t guarantee success
6
Q
opportunity cost
A
cost of missing out on the next best alternative
7
Q
what are decision trees?
A
mathematical model to help managers make decsions
8
Q
expected value
A
result x probability
9
Q
net gain
A
add expected values then minus costs
10
Q
stakeholder
A
vested interest in the business
11
Q
stakeholder mapping axis
A
power and interest
