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Business > Management, Leadership and Decision Making > Flashcards

Management, Leadership and Decision Making Flashcards

1
Q

what are the parts of tannembaum and schmidt’s

A

tells, sells, suggests, consults, joins, delegates, abdicates

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2
Q

describe the three pressures faced by leaders

A

Situational- complexity of problem, importance of decision, time pressure
Leader’s inner pressure- leaders preferences of decision making, leaders confidence in team colleagues, how risky decision if to them personally
Pressures from subordinates- colleagues desire to have a say, groups willingness to take responsibility for the outcomes, groups ability to reach decisions, groups readiness to accept orders

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3
Q

how is tannenbaum and schmidt useful

A

demonstrates seven ways to approach leadership decisions, predicts pressures leaders have to consider before making a decision

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4
Q

autocratic leadership

A

-one-way communication
-minimal delegation
-leader has full power
-close supervision of employees
-no wavering judgement or miscommunication
-faster decisions
-no diverse solutions, doesnt inspire employees

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5
Q

delegation

A

the passing of authority down the organisational structure

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6
Q

democratic leadership

A

-operating a business according to decisions made as a group
-two way communication
-leader acts upon advice
-full employee involvement
-ensures variety of opinion
-allows different perspectives to be seen so broader range of customers served

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7
Q

paternalistic leadership

A

-one dominant leader but allows employee input
-two way communication, more motivating so social needs met
-slow decision making
-power inbalance

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8
Q

laissez-faire leadership

A

-leader had minimal input
-employees given power to make majority of decisions
-employees can grow innovation and creativity
-lots of freedom and independence of employees
-employees may feel lost and unsupported
-lack of direction and no clear vision

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9
Q

what factors can influence the style of management/leadership adopted

A

-tradition and history of business
-type and skill of labour force
-nature of task and time pressure
-personality of leader e.g. leader who is good at communication better with democratic, leader who knows direction better as autocratic

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10
Q

decentralisation

A

passing authority from the top of the business to those working elsewhere in the business

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11
Q

empowerment

A

actions designed to give employees greater control

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12
Q

what part of the tannenbaum and schmidt diagram shows leadership with more authority

A

tells, sells, suggests, consults

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13
Q

what part of the tannenbaum and schmidt diagram shows leadership with less authority

A

joins, delegates, abdicates

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14
Q

tells

A

manager makes decision and announces to the team, useful with lots of new starters, frustrating for those wit high experience

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15
Q

sells

A

manager sells decision to employees but makes overall decision but allows employee input, team feels their needs are considered

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16
Q

suggests

A

manager presents ideas and invites questions, outlines the decision, builds trust with employees

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17
Q

consults

A

proposes decision subject to change after employee input, allows team to influence final outcome, acknowledges that the team has valuable input

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18
Q

joins

A

manager presents problem and gets suggestions to make a decision, team feels valued and trusted

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19
Q

delegates

A

manager defines problem but asks group to make the decision, leader accountable for the outcome

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20
Q

abdicates

A

manager makes team define the problem and decide how to solve it, team makes final decision with their full power

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21
Q

leadership

A

the functions of ruling, guiding and inspiring other people within an organisation in pursuit of agreed objectives

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22
Q

management

A

planning, organizing, directing, and controlling all or part of a business enterprise

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23
Q

what are the four principle functions of management

A

Planning-setting objectives, this allows for manager to plan for the future in an organised manner
Organising-must assemble resources needed to carry out actions set out by planning process
Directing-management able to influence behavior of staff in achieving goals and assisting them in providing necessary resources, leads employees through motivation
Controlling-setting standards using company’s objectives and reviewing performance

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24
Q

Motivation

A

-willingness to achieve a target
-employees who are motivated perform better so helps business achieve objectives
-managers focus on motivating employees and grant them authority so it improves their performance

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25
Q

communication

A

-the exchange of infomation between people
-e.g. praise/ clear guidance
-can help achieve high levels of productivity and encourages employees to solve problems

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26
Q

how do managers report on business’s performance

A

Financial Reports-gives information on sales, revenue and profit, legal requirement in some countries
Employee Performance-can provide info on productivity
Social Performance-how well the business is performing ethically/sustainably

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27
Q

when is autocratic leadership appropriate

A

-when rapid action needed/ in emergency
-when its important that the same message is given to everyone in the organisation/in crisis
-when manager is responsible for large number of new/ unskilled employees

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28
Q

when is autocratic leadership inappropriate

A

-when taking very complex decisions needing diverse knowledge
-when leading skilled group of employees
-when junior managers expected to develop high range of manager skills

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29
Q

how is democratic leadership good

A

-results in satisfied and motivated team
-develops skills of employees
-high levels of motivation means less supervision/ low dependency on leader
-offers different perspectives

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30
Q

when is laissez faire leadership appropriate

A

-when leader wants to bring best out of highly skilled employees
-when workforce is self motivated and understands the role of managers
-when workforce understands organisation’s objectives

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31
Q

programmed decisions

A

familiar and routine decisions

32
Q

non-programmed decisions

A

less structured and require unique solutions

33
Q

risk

A

the chance of incurring misfortune or loss

34
Q

uncertaintys

A

situation where there is lack of knowledge and events, outcomes or consequences are unpredictable

35
Q

opportunity cost

A

the next best alternative foregone

36
Q

scientific decision making

A

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

37
Q

probability

A

the chance of a particular event happening

38
Q

expected values

A

the financial outcomes from a specific course of action adjusted to allow for the probability of it ocurring

39
Q

net gain

A

the expected values minus the cost

40
Q

ethics

A

moral principles which underpins business decisions and actions

41
Q

strategic decisions

A

-longterm
-involves large commitment of resources
-difficult to reverse
-usually taken by senior management

42
Q

tactical decisions

A

-short term
-fewer resources involved
-easier to reverse
-usually taken by junior management

43
Q

what do managers get if they make good decisions

A

bonuses/rewards

44
Q

when is it appropriate to use scientific decision making

A

when theres a high degree of risk that managers are seeking to reduce or if a major decision needs to be taken

45
Q

how may data be collected

A

internet, customer surveys, business records

46
Q

what are limitations of scientific decision making

A

-data might not be accurate or reliable
-difficult to know customer’s views on a new product so old customer surveys unreliable

47
Q

when is it appropriate to use intuition based decision making

A

-when the decision is an assessment of a potential business partner
-assessing whether an advertising campaign for a new product will capture customer attention
-when a quick decision is needed

48
Q

decision tree

A

a model that represents the outcomes for a business and shows the financial consequences of each

49
Q

expected value calculation

A

expected value=(probability 1 x outcome 1) + (probability 2 x outcome 2)

50
Q

how are decision trees useful

A

-makes managers think about different options and consequences of each
-results in more logical process based on evidence rather than a gut feeling
-forces managers to quantify the impact of each decision
-logical comparison of the options available

51
Q

decision tree limitations

A

-only include financial and quantifiable data, no qualitative factors
-depends how accurate probability estimates are, more open to manipulation by managers to achieve desired outcome
-hard to use effectively if the range of possibilities arent clear

52
Q

what is leadership

A

the way in which one person influences the behaviour or actions of other people

53
Q

what is the roles of leaders

A

-inspiring employees
-creating a vision
-shaping the core values and culture of the business
-building effective teams/relationships
-take risks
-set the strategy and objectives
-have followers

54
Q

what is the role of managers

A

-implement the strategy
-coordinate resources
-use their authority to make decisions
-manage risks
-have subordinates

55
Q

why is leadership important in business

A

-increases emphasis on teamwork
-supports and coaches employees

56
Q

what are the types of leadership

A

authoritarian, paternalistic, democratic, laissez-faire

57
Q

when do you not want authoritarian leadership

A

-changes in society’s values
-better educated workforce
-changing workplace organisation
-greater workplace legislation
-pressure for employee involvement

58
Q

why is scientific decision making becoming more popular

A

-more widespread availability of data
-greater knowledge of data analytics and skills

59
Q

what is a stakeholder

A

any individual or organisation who has an interest in a business

60
Q

who are the main stakeholders in a business

A

Internal- managers, employees, shareholders

Connected- customers, suppliers, creditors

External- government, competitors, society

61
Q

what are the main interests of shareholders

A

-return on investment/dividends
-success and growth of a business
-proper running of a business

62
Q

what are the main interests of managers and employees

A

-rewards e.g. basic pay and other financial incentives
-job security and working conditions
-promotion opportunities, job satisfaction and status
-motivation, roles, responsibilities

63
Q

what are the main interests of customers

A

-value for money
-product quality and customer service

64
Q

what are the main interests of suppliers

A

-continued and profitable trade with a business
-financial stability

65
Q

what are the main interests of banks and other finance

A

-can the business pay back loans
-profitability and cash flow
-growth in profits and value of a business

66
Q

what are the main interests of society

A

-success of the business in creating and retaining jobs
-compliance with local laws and regulations

67
Q

what are the main interests of government

A

-the correct collection and payment of taxes
-helping the business grow and create jobs
-compliance with business legislation

68
Q

who is likely to support and oppose the decision to cut jobs and reduce costs

A

support: shareholders, banks
oppose: employees, society

69
Q

who is likely to support and oppose the decision to add extra shifts to increase factory capacity

A

support: management, customers, suppliers
oppose: society

70
Q

who is likely to support and oppose the decision to introduce new machinery to replace manual work

A

support: customers, shareholders
oppose: employees

71
Q

who is likely to support and oppose the decision to increase selling prices significantly to improve profit margins

A

support: shareholders, management
oppose: customers

72
Q

how should the business respond to the stakeholder if theres high interest and high power

A

-take notice of them
-engage directly with them

73
Q

how should the business respond to the stakeholder if theres low interest and high power

A

-keep them satisfied

74
Q

how should the business respond to the stakeholder if theres high interest and low power

A

-communicate regularly with them

75
Q

how should the business respond to the stakeholder if theres low interest and low power

A

-communicate with them only when necessary

76
Q

what are the approaches to stakeholder management

A

Partnership- high power high interest, a lot of two-way communication
Participation- high power low interest, two way communication
Consultation- low power high interest, stakeholders have limited power to influence decisions
Push- low power low interest, one way communication
Pull- little power little interest, communicates with stakeholder groups but only if they choose to engage

Business (4 decks)

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