Managers, Leadership and decision making Flashcards

1
Q

leadership

A

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

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2
Q

management

A

getting things done by planning, organising and coordinating people and resources

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3
Q

scientific decision making

A

a logical and research based approach to decision making

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4
Q

intuition

A

the ability to understand something without the need for conscious reasoning; similar to ‘hunch’; a gut feeling based on personal views

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5
Q

opportunity costs

A

the ‘real-cost’ of taking a particular course of action. the costs in terms of next best alternative foregone

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6
Q

decision trees

A

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

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7
Q

expected value

A

the monetary value of an outcome of a decision

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8
Q

net gain

A

the value to be gained from making a particular decision or selecting a particular option

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9
Q

ethics

A

the set of moral values held by an individual or group or organisation

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10
Q

stakeholder

A

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

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11
Q

pressure groups

A

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

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12
Q

externalities

A

costs and benefits that occur as a result of a firm’s activities, but which are not recorded in its accounts.

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