Managers, Leadership and decision making Flashcards
leadership
deciding on the direction of the business or department or functional area, setting objectives that reflect this, and inspiring and motivatating staff to achieve these objectives
management
getting things done by planning, organising and coordinating people and resources
scientific decision making
a logical and research based approach to decision making
intuition
the ability to understand something without the need for conscious reasoning; similar to ‘hunch’; a gut feeling based on personal views
opportunity costs
the ‘real-cost’ of taking a particular course of action. the costs in terms of next best alternative foregone
decision trees
a tree-like model of the various options available in a decision, including the probability of different outcomes and their estimated financial costs and returns
expected value
the monetary value of an outcome of a decision
net gain
the value to be gained from making a particular decision or selecting a particular option
ethics
the set of moral values held by an individual or group or organisation
stakeholder
an individual or group or other institution with a direct interest in the activities and performance of an organisation or in a project to be undertaken
pressure groups
organisations formed by people with a common interest or shared goal, who join together to further their interest or achieve their goals by putting pressure on the general public
externalities
costs and benefits that occur as a result of a firm’s activities, but which are not recorded in its accounts.