2.managers Leadership And Decsion Making

Question 1

Leadership

Answer 1

A relationship through which one person influence the other behaviour or actions of other people

Question 2

Traditional view

Answer 2

Command and control ,decision, making

Question 3

Modern view

Answer 3

Inspiring employees, creating a vision, shape, and core, values, and culture, building effective teams

Question 4

Why leadership is increasingly important in business

Answer 4

Changing organisational structures, flatter and greater delegation, teamwork, and focus on quality assurance
Rapid change becoming a constant feature of business life, skills of leadership and management, increasingly important

Question 5

Strategic leaders

Answer 5

People who influence or control the corporate strategy of a business often identified with the strategy and occurs both in small firms and large corporate

Question 6

Leaders

Answer 6

Inspire people build relationships take risks, have followers

Question 7

Managers

Answer 7

And act the plan use authority, man, risks and have subordinates

Question 8

3 traditional levels of management

Answer 8

Senior management, middle management and junior management

Question 9

Authoritarian

Answer 9

Focus of power is with the manager, communication is top down the one way, formal systems of command and control very little delegation and use of rewards and penalties 

Question 10

Paternalistic

Answer 10

Leader decide what is best for employees
Addresses employee needs
Still little delegation
Soft form of authoritarian leadership

Question 11

Democratic

Answer 11

Focus of power is more of the group as a whole
Leadership functions are shared within the group
Employees, have a great involvement in decision-making
Emphasis and delegation and consultation
Trade off between speed of decision-making and better motivation

Question 12

Laissez faire

Answer 12

Leader has little input into day-to-day decision, making
Conscious decision to delegate power
Managers and employees have freedom to do what they think is best
Effective when staff already and willing to take on responsibilities

Question 13

McGregor theory x and y

Answer 13

Theory X managers, average worker is lazy and dislikes work workers need to be controlled and directed centralised organisation
Y most people enjoy work workers will take responsibility and organise themselves

Question 14

Why modern business leadership is moving away from autocratic styles

Answer 14

Changes in society values
Better educate workforce
Focus on need for soft HR skills
Greater workplace legislation

Question 15

Tannenbaum and Schmidt

Answer 15

A continuum of leadership behaviour
Represents the range of action related to the degree of authority, used by the manager and aerial freedom available to non-managers

Question 16

Tannenbaum Schmidt styles

Answer 16

Tell – lead identifies problem, makes decision announces of subordinate
Sells-leader still makes decision by tempted, overcome resistance through discussion
Consult – lead identifies problem and present it to the group. Listen to device and suggestions.
Joins – lead identifies the problem and passes on the solving decision making to the group

Question 17

Factors affecting leadership style

Answer 17

Personal value systems
Manager experiences
Confidence in subordinates
Feelings in security
Nature of the best problems
Type of organisation

Question 18

Net gain

Answer 18

Valley to be gained from taking a decision calculate by adding together the expected value of each outcome and deductive cost such with the decision 

Question 19

Advantages of using decision trees

Answer 19

Choice and set out in a logical way
Potential options and choices are considered at the same time
Likely costs are considered as well as potential benefits
Easy to understand and tangible results

Question 20

Disadvantages of using decisions trees

Answer 20

Probabilities are just estimates
Uses quantitive data only ignores qualitative
Assignment of probabilities, and expected values, prone to bias
Doesn’t reduce the amount of risk

Question 21

Hunch

Answer 21

Based on intuition, got feeling an experience, and it’s quick, but hard to justify for business decisions involving significant risk

Question 22

Scientific decision

Answer 22

Based on data and analysis, downside is time-consuming, costly, no guarantee of a right decision
Increasingly common and automated supported by big data and data analytics

Question 23

Key influences on business decisions

Answer 23

Business, objectives and budget
Organisational structure
Attitude to risk
Availability and reliability of data
External environment

Question 24

Opportunity cost

Answer 24

The cost of missing out on the next best alternative the benefits that could have been gained by taking a different decision