2 managers, leadership and decision making

Question 1

managers vs leader

Answer 1

Manager: set objectives and guide the team on how to achieve the objectives
Leaders: motivate and inspire the team

Question 2

autocratic

Answer 2

Leader that makes decision without consultation(e.g.army)

Question 3

democratic

Answer 3

consults the team and but makes final decisions

Question 4

paternalistic

Answer 4

parent like

Question 5

laissez faire

Answer 5

allows the team to make decisions

Question 6

Blake Mouton’s grid

Answer 6

-concern for people
-concern for task

Impoverished management
Country club management
Produce or perish management
Middle of the road management
Team management

Question 7

Tannenbaum Schmidt

Answer 7

-tell
-sell
-consult
-join

Question 8

DECISION TREE

Answer 8

-Square: decision node (decision to be made)
-Circle: chance node (uncertain outcomes)
-result at the end of the edge
-Text above line; decimals below line, not percentages
-alawys one no out come option
-Financial outcome at the end of line

Calculate:
expected value(probablity x result)
AND
net gain (total expected value - cost)

Question 9

risk

Answer 9

measurable, possible

Question 10

uncertainties

Answer 10

not measurable; not possible as it is too unpredictable

Question 11

opportunity cost

Answer 11

the cost of one decision for the next best alternative decision

Question 12

scientific vs intuitive decision making

Answer 12

scientific: quantifiable and logical
intuitive: quick decision, encourages innovation and creativity

Question 13

quantitative vs qualitative

Answer 13

Quantitative: numerical
Qualitative: non-numerical, feelings

Question 14

stakeholder

Answer 14

Anyone that had an interest in the business (can be individuals or organisations)

Question 15

stakeholder mapping

Answer 15

-level of interest
-level of power