3.2 Managers, leadership and decision making Flashcards
What is Management?
The process of coordinating and directing the activities of an organisation to achieve its goals
efficiently through planning, organising and controlling resources.
What is Leadership?
The ability to inspire, influence and guide others towards achieving a common goal or vision.
What is meant by Autocratic?
A leadership style where decisions are made by a single individual with little or no input from subordinates, often characterised by strict control and centralised authority
What is meant by Democratic?
A leadership style that encourages participation, collaboration and decision-making by team members, promoting equality and shared responsibility.
What is meant by Paternalistic?
A leadership style where the leader acts as a father figure, making decisions for the benefit of employees while expecting loyalty and obedience in return.
What is meant by Laissez-faire?
A leadership style characterised by minimal intervention and a hands-off approach, where individuals or teams are given freedom to make their own decisions and manage their own
tasks.
What is the Opportunity Cost?
The value of the next best alternative that must be forgone when a decision is made to
allocate resources to a particular option.
Who are Stakeholders?
Individuals or groups who have an interest, involvement, or are affected by the activities and outcomes of a business, including employees, customers, shareholders and the community.
