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business > 3.2 managers, leadership and decision making > Flashcards

3.2 managers, leadership and decision making Flashcards

1
Q

difference between leaders and managers?

A

leaders:
- inspire + influence
- consider long term strategy
- deal with and overcome challenges facing the business

managers:
- organising
- controlling
- planning
- directing

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2
Q

define senior manager

A

set corporate objectives + strategic direction

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3
Q

define middle manager

A
  • accountable to senior management
  • run business functions and departments
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4
Q

define junior manager

A

supervisory role, monitor day to day tasks

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5
Q

define leadership style

A
  • way that the functions of leadership are carried out
  • way that a leader behaves
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6
Q

define authoritarian leadership style

A

information and decision making are kept at the top of an organisation

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7
Q

advantage of authoritarian leadership style?

A

effective when a quick decision needs to be made

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8
Q

disadvantage of authoritarian leadership style?

A

no consideration towards the views of employees = decreases the employees morale

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9
Q

define paternalistic leadership style

A

dominant authority figure who treats employees as though they are members of a large, extended family

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10
Q

advantage of paternalistic leadership style?

A
  • staff remain loyal
  • reduces competitiveness amongst staff
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11
Q

disadvantage of paternalistic leadership style?

A
  • staff become too dependent on employer
  • leaders still make decisions
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12
Q

define democratic leadership style

A

operate through a two-way communication, consultation and delegation

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13
Q

advantage of democratic leadership style?

A

employees often feel valued = increased production and performance levels

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14
Q

disadvantage of democratic leadership style?

A

too many ideas = slower decision making than autocratic

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15
Q

define laissez-faire leadership style?

A

leaders are hands off and allow employees to make their own decisions

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16
Q

advantage of laissez-faire leadership style?

A

employees have freedom and autonomy

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17
Q

disadvantage of laissez-faire leadership style?

A

requires high level of trust

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18
Q

tannenbaum + schmidt continuum represents a range of action related to the…..

A

degree of authority used by the manager + area of freedom available to non-managers

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19
Q

tannenbaum + schmidt:
define 1-tells

A

leader identifies problems, makes decision and announces to subordinates; expects implementation

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20
Q

tannenbaum + schmidt:
define 2 - sells

A

leader still makes decision, but attempts to overcome resistance through discussion + persuasion

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21
Q

tannenbaum + schmidt:
define 3,4+5 - consults

A

leader identifies problem and presents it to the group. Listens to advice and suggestions before making a decision

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22
Q

tannenbaum + schmidt:
define 6+7 joins

A

leader defines the problem and passes on the solving + decision-making to the group (which manger is part of)

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23
Q

what factors affect leadership style?

A
  • managers experience
  • pressure (time, costs)
  • feeling of security
24
Q

what is a decision tree?

A
  • mathematical model used to help managers make decisions
  • uses estimates and probabilities to calculate likely outcomes
25
Q

define probability

A

the chance of an outcome happening

26
Q

define expected value

A

financial value of an outcome calculated by multiplying the estimated financial effect by its probability

27
Q

define NET gain

A
  • value to be gained from taking a decision
  • calculated by adding together the expected value of each outcome and deducting the costs associated with that decision
28
Q

advantages of using decision trees?

A
  • choices set out in logical way
  • likely costs are considered as well as potential benefits
29
Q

disadvantages of using decision trees?

A
  • probabilities are just estimates = always prone to error
  • uses quantitative data only + ignores all qualitative aspects of decisions
30
Q

define making a decision based on a “hunch”

A

based on intuition, gut feel and experience

31
Q

define making a decision based on scientific

A

based on data and analysis

32
Q

advantages of intuition?

A
  • encourages creativity and innovation
  • allows quick decision making
33
Q

disadvantages of intuition?

A
  • high levels of risk as only considers one option
  • subject to bias
34
Q

advantages of scientific?

A
  • support by quantifiable evidence
  • encourages the consideration of more than one possibility
35
Q

disadvantages of scientific?

A
  • may require expensive data collection
  • time consuming
36
Q

define a stakeholder

A

individual or organisation that have an interest in the activities and success of a business

37
Q

state all the external stakeholders

A
  • suppliers
  • local community
  • government
  • creditors
  • customers
38
Q

state all the internal stakeholders

A
  • shareholder
  • owner
  • managers
  • employees
39
Q

stakeholder:
suppliers definition + needs

A

the organisations that provide the raw materials of business needs

regular and dependable orders + reliable payment

40
Q

stakeholder:
local community definition + needs

A

people, organisations + businesses that live/ are located in the area around the business

minimal noise + pollution, job opportunities

41
Q

stakeholder:
government definition + needs

A

they will collect tax payments, introduce laws and offer grants to businesses

payment of taxes and job creation. compliance with legislation

42
Q

stakeholder:
creditors definition + needs

A

individuals or entities that have lent money to a business

to be repaid on time with interest. make further loans

43
Q

stakeholder:
shareholder/owner definition + needs

A

a group of people who have invested money into the company

high profits and strong dividend payments. rising share prices

44
Q

stakeholder:
managers definition + needs

A

staff who are responsible for implementing the decisions made by the owners

reasonable salary and to be empowered to make decisions

45
Q

stakeholder:
employees definition + needs

A

labour force an organisation relies on to produce the goods and services

job security and good working conditions. high pay and promotional opportunities

46
Q

stakeholder:
customers definition + needs

A

people who buy products or services from the business

high quality, wide choice and good customer service

47
Q

advantages + disadvantages of stakeholder mapping ?

A

adv:
- identify stakeholders with the most influence
- avoid conflicts between stakeholders

disadvantage:
- can be subjective
- only analyses the power and interest of stakeholders

48
Q

what are the influences on the relationship with stakeholders?

A
  • media pressure
  • objectives
  • ownership
  • mangement styles
49
Q

managing relationship with:
shareholder/owner

A

paying dividends + hold AGMs

50
Q

managing relationship with:
managers

A

provide training + social events
provide development opportunities

51
Q

managing relationship with:
employees

A

provide training + social events

52
Q

managing relationship with:
customers

A

conduct market research + accurate advertising

53
Q

managing relationship with:
suppliers

A

payment on time + use use stock management software

54
Q

managing relationship with:
local community

A

maintain surroundings + job creation

55
Q

managing relationship with:
government

A

pay correct tax

56
Q

managing relationship with:
creditors

A

maintain payment schedule

business (4 decks)

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