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Business > Management And Decision Making > Flashcards

Management And Decision Making Flashcards

1
Q

What role does a manager play?

A
  • Sets objectives
  • Sorts what resources and work needs to be done to achieve the objectives
  • Analyse and interpret data
  • Make decisions
  • Review effectiveness of decisions
  • Appraise employees
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2
Q

What is the difference between a manager and a leader?

A

A manager tells people what to do, they organise resources whereas leader motivate and inspire people to achieve goals

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3
Q

What are the different leadership and management styles?

A

Authoritarian
Paternalistic
Democratic
Laisezz- Faire

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4
Q

Describe an authoritarian role?

A

They make decisions on their own
They identify the objectives of the business and plan how to achieve this
Staff require a lot of supervision as this style may demotivate employees

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5
Q

Describe the paternalistic role of management/leadership?

A

They consult employees when making decisions
They are able to persuade employees
They care about staff and get involved
They’re positive motivators

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6
Q

Describe a democratic style?

A

They encourage employees to partake in decision making
They delegate responsibility and listen to advice
They are confident in their ability to communicate with employees

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7
Q

Describe the laissez faire style?

A

This is the weakest form of leadership/management
They rarely offer coaching and support
They rarely get involved with the runnings of the business

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8
Q

When is Laissez-Faire appropriate?

A

A small, highly motivated workforce

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9
Q

What internal factors influence management and leadership styles?

A

Urgent tasks requires an authoritarian style
A large, unskilled workforce
A small, skilled workforce

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10
Q

A large, unskilled workforce requires what type of management/leadership style?

A

Authoritarian style

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11
Q

A small, skilled workforce requires what type of management/leadership style?

A

Democratic style

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12
Q

What external factors affect leadership/management style?

A

Recession
Economic growth
Increased competition

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13
Q

What is the tannenbeum- schmidt continuum?

A

It puts managers on a scale ranging from autocratic management through increasing levels of participation in decision making by the workforce.

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14
Q

How many types of management styles does the Tannenbaum - Schmidt continuum identify?

A

7

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15
Q

What does left 1 state?

A

Manager makes decisions and announces it

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16
Q

What does left 2 identify?

A

Manager sells decision but the workforce does not have any influence

17
Q

What does left 3 state?

A

Managers present ideas and invite questions

18
Q

What does left 4 identify?

A

Manager proposes a problem and discusses it with workforce

19
Q

State what left 5 says?

A

Proposes problem, discusses it, however manager still makes the decision

20
Q

What does left 6 say?

A

They outline the problem, sets constraints and lets workforce deal with it

21
Q

What does left 7 say?

A

The is the ultimate level of freedom, the team define and solve the problem themselves

22
Q

Describe the Blake Mouton Grid?

A

It assesses managers based on how much they care about employees and how much they care about production

23
Q

Explain what impoverished style is?

A

The manager/leader has low concern for people and low concern for production

24
Q

Describe what the produce or perish style is?

A

The manager/leader has a high level of concern for production, they neglect workers

25
Q

What is the country club style?

A

The manager/leader has a high concern for the workforce, but a low concern for the production

26
Q

What is the middle of the road style?

A

The manager/leader has a average concern for both production and workers

27
Q

What is team style?

A

The manager/leader has a high concern for both workers and production

28
Q

Explain what scientific decision making is?

A

Decisions based on data outcomes compared to initial objectives

29
Q

Name the six components of the scientific decision making process?

A 
Set objectives 
Collect data 
Analyse data
Review decision
Implement decision 
Make the decision
30
Q

Describe what intuitive decision making is?

A

Making decision based on a hunch or instinct. Managers with extensive experience are able to make them successfully. These type of decisions can be made quickly, in situations that are new or unfamiliar

31
Q

What influence does risk have on decision making?

A

All businesses need to take risks at some point, however it is important they identify whether it will reap high or low rewards for the level of risk they’re taking

32
Q

How does reward influence decision making?

A

Managers expect rewards from decisions, if they are expecting bigger rewards they’re more likely to be taking more of a risk in terms of their decision

33
Q

How does uncertainty affect decision making?

A

All decisions involve uncertainty, however to ease this, scientific decision making is appropriate. When there is more uncertainty, a manager is likely to make a decision with low risk

34
Q

What is opportunity cost mean?

A

The benefit that’s given up in order to do something else, it’s the cost of the choice that’s made.

35
Q

Give three external factors that could influence a decision?

A

Ethics - moral and social values
Resource constraints - resource availability is also a factor (money, time, people and raw materials)
Objectives - medium to long term targets that help a business achieve its mission
External environment - competition, trends etc
Mission statement

36
Q

What is decision tree analysis?

A

It combines probability and expected pay off to show which course of action is probably the best to take

37
Q

What are the advantages of using decision trees to make decisions?

A

Makes managers work out and think about the probability and the potential pay off of each outcome of their chosen action
They are a visual representation
Allow managers to compare options quantitatively and objectively

38
Q

What are the disadvantages of using decision trees to choose a course of action?

A

They are quantitative - they ignore qualitative data like employee opinions
Probabilities are hard to predict accurately

Business (9 decks)

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