Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

Business Unit 2 > Management, Leadership and Decision Making > Flashcards

Management, Leadership and Decision Making Flashcards

1
Q

What is the Blake Mouton Managerial Grid?

A

The Blake Mouton grid examines management styles in terms of their concern for production and their concern for people.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

What is country club leadership on the Blake Mouton grid?

A

High concern for people, very low concern for production.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

What is perish or produce leadership on the Blake Mouton grid?

A

Very high concern for production, and very low concern for people. Very authoritarian.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

What is an impoverished leadership on the Blake Mouton grid?

A

Very low concern for task and people, ineffective leadership.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

What is a middle-of-the-road leadership on the Blake Mouton grid?

A

moderate focus on production and people, average performance.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

What is team leadership style on the Blake Mouton grid?

A

high focus on the task and people.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

What does the Tannenbaum and Schmidt continuum show?

A

Degree of authority a manager places on subordinates.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

What is autocratic leadership?

A
  • One-way communication (downward)
  • Minimal delegation or decentralisation
  • Close supervision of employees
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

What is democratic leadership?

A
  • Leader delegates a great deal and encourages decentralisation
  • Leader and subordinates discuss issues and employee participation is actively encouraged
  • Leader acts upon advice, explains reasons for decisions
  • Subordinates are empowered and have greater control over their working lives
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

What is laissez-faire leadership?

A
  • The manager or leader is one among a number of equals in terms of experience and qualifications
  • Workforce is self-motivated and understands the role of managers
  • The workforce understands and agrees with the organisation’s objectives
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

What are the influences on the styles of management and leadership?

A
  • The tradition and history of the business
  • The type of labour force
  • The nature of the task and the timescale
  • The personality of the manager or leader
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

What is effective management or leadership?

A

Management or leadership that allows an organisation to meet its objectives within the agreed timescale.

May also result in the workforce performing more efficiently than those of similar competitors .

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

What is the decision making process?

A
  • Set objectives
  • Gather and interpret information
  • Select the chosen option
  • Implement the decision
  • Review
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

What types of decisions are there?

A
  • Programmed and non-programmed
  • Tactical and strategic decisions
    tactical (short term), strategic (long term)
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

What is a programmed decision?

A

Programmed decisions are familiar and routine decisions

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

What is a non-programmed decision?

A

Non-programmed decisions are less structured and require unique solutions.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

What is risk when decision making?

A

Risk is the chance of incurring misfortune or loss

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

What is uncertainty when decision making?

A

Uncertainty is a situation in which there is a lack of knowledge and events, outcomes or consequences are unpredictable.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

What is opportunity cost?

A

Opportunity cost is the next best alternative foregone

20
Q

What two things can decision making be based on?

A
  • Decision making based on data (scientific)
  • Decision making based on intuition (hunch)
21
Q

What is scientific decision making?

A

Scientific decision making is based on data and uses a logical, rational approach to decision making.

22
Q

Decision tree definition?

A

A decision tree is a model that represents the likely outcomes for a business of a number of courses of action on a diagram showing the financial consequences of each.

23
Q

What is probability?

A

Probability is the chance of a particular event occurring

24
Q

What are expected values in decision making?

A

Expected values are the financial outcomes from a specific course of action adjusted to allow for the probability of it occurring.

25
Q

What are net gains in decision making?

A

Net gains are the expected values of a course of action minus the costs associated with it.

26
Q

What are the pros and cons of decision trees?

A

Pros:
- Makes managers think about different options they have and possible consequences

  • More logical, less rushed process based on evidence

Cons:
- Only include financial and quantifiable data

  • Estimations
27
Q

What are the influences on decision making?

A
  • Business’s mission and objectives
    e.g. buy competitor if want to be dominant
  • Ethics
  • The risk involved
  • The external environment
  • Resource constraints
28
Q

What are objectives?

A

Objectives are quantifiable and time-related targets

e.g. improve customer service

Should be SMART

29
Q

5 business objectives?

A
  • profit and profit maximisation
  • growth
  • survival
  • cash flow
  • social and ethical objectives
  • diversification
30
Q

What is a primary stakeholder?

A

Individuals or groups that are affected by a particular business activity, such as a decision to increase production.

Customers, employees, anyone with a functional or financial interest in the business

31
Q

What is a secondary stakeholder?

A

These groups or individuals do not have direct functional or financial relationships with the business although they are affected by, or can influence, its actions

general public, local communities, media, activist groups.

32
Q

What is social responsibility?

A

Social responsibility is a term describing the duties a business has towards stakeholder groups such as employees, customers and the government

33
Q

What 6 stakeholder groups are there?

A
  • Shareholders
  • Employees
  • Customers
  • Suppliers
  • Creditors
  • The local community
34
Q

Possible shareholder needs?

A
  • Steady ROI in form of dividends
  • Investment that doesn’t depreciate
  • Preferential treatment as customers
35
Q

Possible employee needs?

A
  • Steady regular income
  • Safe working conditions
  • Job security
36
Q

Possible customer needs?

A
  • Reliable supply of goods
  • Clear pricing policies
  • Safe products
  • After-sales service and technical support
37
Q

Possible supplier needs?

A
  • Frequent and regular orders
  • A sole-supplier agreement
  • Fair prices
38
Q

Possible creditor needs?

A
  • Repayment of money owed at agreed date
  • Profitable returns on investments
  • Minimal risk of failure to repay money owed
39
Q

Possible local community needs?

A
  • Steady employment
  • Avoidance of pollution and noise
  • Provision of facilities for local community
40
Q

What are the four quadrants of stakeholder mapping?

A

Quadrant A:
- minimal effort
- low power
- low level of interest

Quadrant B:
- keep informed
- low power
- high level of interest

Quadrant C:
- keep satisfied
- high power
- low level of interest

Quadrant D:
- key players
- high power
- high level of interest

41
Q

What is the point in stakeholder mapping?

A

Helps to make decisions on stakeholders based on their power and level of interest.

42
Q

Examples of Quadrant A stakeholders in stakeholder mapping?

A

customers who purchase small and declining amounts of goods

update them using general communication e.g. newsletters or website

43
Q

Examples of Quadrant B stakeholders in stakeholder mapping?

A

group of residents close to a manufacturing business

may consult on specific low-risk matters

44
Q

Examples of Quadrant C stakeholders in stakeholder mapping?

A

investors who are only interested in high financial returns

engage and consult with this group, and possibly aim to increase their level of interest

45
Q

Examples of Quadrant D stakeholders in stakeholder mapping?

A

customers who purchase high proportions of business’s products and only wants to deal with reliable and ethical suppliers

involve in decision making process

46
Q
A

Business Unit 2 (1 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions