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BUSINESS > Managers, Leadership and Decision Making (3.2) > Flashcards

Managers, Leadership and Decision Making (3.2) Flashcards

1
Q

Management :

A

Getting things done by organising other people to do it.

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2
Q

Leadership :

A

Deciding on a direction for a company in relation to it’s objectives.

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3
Q

Autocratic Leadership (3) :

A
  • Hold onto lots of power, make the decisions.
  • Give orders/instructions.
  • Don’t seek others ideas.
    (used more when subordinates are unskilled).
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4
Q

Democratic Leadership (2) :

A
  • Focus of power is more with the group as a whole.
  • Shared ideas (employees have a greater involvement in decision-making).
    (used more with skilled subordinates).
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5
Q

Paternalistic Leadership (3) :

A
  • Treat employees as if they’re all a family.
  • Often results in better employee motivation and lower staff turnover.
  • One compassionate, central figure.
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6
Q

Laissez-faire leadership (4) :

A
  • Means to ‘leave alone’.
  • Leader has little input into day-to-day decision-making.
  • Managers/employees have freedom to do what they think is best.
  • Effective when staff are ready and willing to take on responsibility.
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7
Q

5 Factors affecting Leadership Styles :

A
  • The task.
  • Tradition of organisation-culture.
  • Type of labour force (skilled/un-skilled).
  • Group size.
  • Company strucutre.
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8
Q

Strengths (2) & Weaknesses (1) of DEMOCRATIC :

A

+ Authority delegated to workers which is motivating, useful when decisions need specialist skills.
- Mistakes and errors made if workers are not skilled or experienced enough.

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9
Q

Strengths (2) & Weaknesses (2) of AUTOCRATIC :

A

+ Quick decision making, effective when employing many low skilled workers.
- No two-way communication so can be de-motivating. Can cause tension between managers and workers.

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10
Q

Strengths (2) & Weaknesses (2) of PATERNALISTIC :

A

+ More two-way communication so motivating, workers feel their social needs are being met.
- Slows down decision making, still dictatorial/autocratic style.

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11
Q

Opportunity Cost :

A

The cost of one decision in terms of the next best alternative forgone.

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12
Q

(Decision Making) All decision costs have…

A

An opportunity cost, doesn’t need to be money.

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13
Q

Entrepreneur :

A

An individual who sets up and runs a new business and takes on the risks accossiated with the business.

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14
Q

(Decision Making) Scientific :

A

~ Supported by quantifiable evidence.
~ Encourages logical thought process.
HOWEVER : may require expensive data, time consuming.

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15
Q

(Decision Making) Intuition :

A

~ Allows for quick decision making.
~ Encourages innovation and creativity.
HOWEVER : Difficult to justify, reliant on experience and expertise.

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16
Q

6 Steps involved in Scientific Decision Making :

A

1) Set objectives.
2) Gather data.
3) Analyse data.
4) Make decision.
5) Implement decision.
6) Review decision.

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17
Q

(Case study help) SCORE :

A

S ~ Size & Sector (profit, manufacturer).
C ~ Costs, Customers & Competitive environment.
O ~ Ownership & Objectives. (private, public…).
R ~ Resources (finance, services).
E ~ External Environment (legislation, economy)

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18
Q

Compulsory Purchase allows certain bodies to…

A

Allows certain bodies to buy land or acquire third party rights to it without the consent of the owner.

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19
Q

Tannenbaum Schmidt continuum :

A

A leadership model based on a spectrum between two extremes of a manger centred and subordinate centred approach.
(recognises it’s somewhere along middle).
WAY IN WHICH WE MAKE DECISIONS.

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20
Q

Subordinate :

A

Works for a manager, lower rank/position.

21
Q

(Tannenbuam Schmidt continuum) Number 1 is… Number 7 is…

A

Number 1 : Use of authority by the manager (one person decides). AUTOCRATIC.
Number 7 : Area of freedom for subordinates. (team-based decision).
LAISSEZ-FAIRE.

22
Q

(Tannenbuam Schmidt continuum) 4 leadership style words…

A

TELLS (autocratic).
SELLS (paternalistic).
CONSULTS (democratic).
PARTICIPATED DECISION (laissez-faire).

23
Q

(Approach manager will adopt will vary/depend upon) FORCES IN MANAGER :

A

~ Personality/characteristics.
~ Experience.
~ Attitudes toward/trust in subordinates.

24
Q

(Approach manager will adopt will vary/depend upon) FORCES IN THE SUBORDINATES :

A

~ Personality/characteristics.
~ Experience.
~ Attitude toward/trust in leader.

25
Q

(Approach manager will adopt will vary/depend upon) THE FORCES IN THE SITUATION :

A

~ The nature of the problem/situation.
~ Resource constraints including time.
~ The culture of the organisation.

26
Q

Decision trees help…

A

Businesses in the decision making process.

27
Q

Advantages (5) + Disadvantages of Decision Trees (3) :

A

+ Set out the problem clearly, encourage a logical approach/ Encourage careful consideration of all options/ Encourage quantitive approach, might improve results.
- Ignore the constantly changing nature of the business environment/ Difficult to get accurate + realistic data/ Easy for management bias to influence the estimates of probabilities.

28
Q

(Decision Trees) Predicted Value/Net Expected value :

A

Probability x Outcome
(e.g. 0.3) (e.g. expected £13 mill).
((add both options up to get total)).

29
Q

(Decision Tree) Net Gain :

A

Expected Value - Cost of Decision.
(prev) (e.g. -£7 million).

30
Q

Decision tree layout :

A

Square with branches to circles of different options, do nothing branch too.

31
Q

Stakeholder :

A

Anyone with an interest in the actions of a business.

32
Q

Primary Stakeholders have a…

A

Have a direct relationship with the business.
e.g. an owner or employees.

33
Q

Secondary Stakeholders, although affected by…

A

Although affected by the actions of a business, they are not directly related to the business.
e.g. pressure groups, local councils.

34
Q

Internal Stakeholders :

A

Inside the business.

35
Q

External Stakeholders :

A

Outside the business.

36
Q

(Stakeholders) Managers & Worker interests (4) :

A
  • Want job security.
  • Promotion aspects.
  • Decent wages.
  • Good conditions.
37
Q

(Stakeholders) Owners & Shareholders interests (2) :

A
  • Most important stakeholder.
  • Decides what happens to a business and wants to make profit.
38
Q

(Stakeholders) Suppliers interests (2) :

A
  • Good communication so they can ensure the right product is delivered at the right time.
  • To be paid on time.
39
Q

(Stakeholders) The Local Community interests (2) :

A
  • Good jobs.
  • Improved local facilities but not at the expense of the environment.
40
Q

(Stakeholders) Customers interests (3) :

A
  • High quality products at a low price.
  • Good service.
  • Fast delivery if necessary.
41
Q

(Stakeholders) Government interests (1) :

A
  • Want to receive money from taxes when businesses make a profit.
    e.g. income tax and incorporation tax.
42
Q

Stakeholders needs to be…

A

Considered when making decisions.
- This can help avoid resistance to change.

43
Q

Businesses use…

A

Stakeholder mapping to help inform decision making.

44
Q

Stakeholder Mapping maps the relative power of…

A

Maps the relative power of each stakeholder group against the degree of interest
e.g. Government have high power because of legislation, low interest because it doesn’t hugely influence them (music festival).

45
Q

(Stakeholder Mapping) Keep Satisfied (high power, low interest) e.g….

A

Government.

46
Q

(Stakeholder Mapping) Manage Closely (high power, low interest) e.g….

A

Local Council.

47
Q

(Stakeholder Mapping) Monitor (low power, low interest) e.g….

A

Local Companies.

48
Q

(Stakeholder Mapping) Keep Informed (low power, high interest) e.g….

A

Local Community.

49
Q

Manage the relationship with different Stakeholders…

A

By communicating and consulting.

BUSINESS (9 decks)

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