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Business AQA > Managers , Leadership and decision making > Flashcards

Managers , Leadership and decision making Flashcards

1
Q

What do Managers do

A

Set objectives - sets goals for a group and decide what work needs to be done
Organise
Motivate and communicate - create a team of people who work together
Analyse targets and measure performance
Develop people and review

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2
Q

Logic chain : how managers make decision

A

Set objectives - analyse situation - assess resources available - make a clear decision - review

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3
Q

Autocratic leaders

A

Make decision without consulting others. use one way top down communication and give orders

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4
Q

Democratic leaders

A

Make final decision but delegates and consult with others listening to feedback

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5
Q

Laissez faire

A

Allow team members freedom if they do their work and meet deadlines

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6
Q

Paternalistic leaders

A

Think of the security and best for staff . believes that employees need direction and acts like a father

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7
Q

5 leadership Styles on Blake Mouton grid

A

9,9 - Team management
9,1 - Authority
5,5 - Middle of the road
1,9 - country club
1,1 - Impoverished management

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8
Q

Team management

A

Focuses on both task and people . most effective with an emphasis on empowerment, trust, team work.

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9
Q

Authority

A

leadership is autocratic , clear emphasis on task and not people . may increase production and effective in short term but in long term , good employees will likely to leave

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10
Q

Middle of the road

A

Compromise here , with some focus on people and some on task , likely to lead to average performance

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11
Q

Country club

A

emphasis is on people with little concern for task . lack of urgency with poor productivity . Hamper production as it relies on workers being motivated

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12
Q

Impoverished management

A

no concern for people or task therefore no interest in the business altogether

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13
Q

what does the Tannabeum Schmidt continuum show

A

relationship between level of freedom in decision making that a manager gives to a team of workers and authority retained by manager . As workers freedom increases , managers authority decreases

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14
Q

4 sections of the continuum

A

Tells , sell , consult and delegate

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15
Q

Tells

A

Manager makes & announces decision

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16
Q

Sell

A

Manager sells decision
Manager presents ideas and invite questions

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17
Q

Consult

A

Manager presents decision subject to change

manager presents problem, gets suggestions and then decides

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18
Q

Delegates

A

Manager defines limits , then ask group for a decision

Manager permits subordinates to decide within defined limits

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19
Q

Strength of Blakes grid

A

the grid measures two factors : concern for people & task but continuum only measures one : leaders use of people
labels used like country club and 9,1 made it easy for managers to visualise the type of person implied by a 9,1 category
Understanding that some leaders are driven solely by results is perhaps why blake is more widely used

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20
Q

Strength of continuum

A

focus on boss use of his people gives an interesting amount of detail between the range of extreme approaches ( autocratic vs democratic)
gave bosses a measure by which they could judge their own approaches , helping them understand that “tell” is an extreme approach

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21
Q

Features, communication, and uses of a democratic leader

A

Encourages participation and delegation

extensive two-way communication from subordinates
Useful when complex decisions are made requiring range of specialist skills

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22
Q

Features, communication, and uses of autocratic leader

A

Sets objectives and allocates task , retain control
one way communication downwards
useful when quick decision are required

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23
Q

Features, communication, and uses of a laissez-faire leader

A

evades duties of management and uncoordinated delegation occurs
horizontal communication
useful as it encourages production of highly creative work by subordinates

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24
Q

Pros and *cons of democratic apporach

A

commitment to business , satisfaction and quality of work improve
*slow decision making

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25
Q

Pros and cons of autocratic

A

Decision and direction of business will be consistent . project image of confident , well managed business
*lack of information so subordinates dependent on leaders

26
Q

Laissez fair pros and *cons

A

bringing the best out of a highly creative group
* not be deliberate but bad management - staff lack of focus and sense of direction

27
Q

What is scientific decision-making

A

decision making that is based on data and uses logical and rational apporach

28
Q

what do weak financial business consider

A

low-risk projects even if the returns are quite low

29
Q

Intuition

A

making decisions based on gut feeling rather than data and rational analysis.

30
Q

pros of scientific decision-making

A

application to logic
likely to reduce risk

31
Q

pros of intuition

A

quick and data may be incorrect

32
Q

Decision trees

A

trees like diagramused to determine the best course of action in situation where alternatives with certain outcomes exist

33
Q

expected value calculations

A

outcomes * probabilities added together

34
Q

net gain

A

Expected value - cost

35
Q

Pros of decision-making

A

Make managers think and quantify decision rather than relying on tuition
demand managers consider all the possible alternative outcomes
allow uncertainty and forces assessment of chances and implications of success and failure

36
Q

Cons on decision making

A

influenced by own bias towards one decision making the returns for their favored approach more attractive and justify decision
difficult to get meaningful data
don’t take into account the variability of business environment

37
Q

Opportunity cost

A

cost of next best alternative foregone eg: investing in a new fleet of vehicles it may miss out on a new computer system- represents an opportunity cost

38
Q

Influences on decision making

A

Mission and Objectives , Ethics , External environment , competition , resource constraints

39
Q

Mission

A

Mission of business is its essential purpose and a business will be guided in its decision making by its mission and objective it sets Eg influenced by pricing policy

40
Q

Ethics

A

Making decision that are morally correct . putting ethics before profit would find little favour

41
Q

External environment

A

Downturn in economy or rise in interest rates could see decision postponed or abandoned . decision making will also be influenced by change in consumer taste or a new fashion trend

42
Q

Competition

A

decision making aimed at first mover advantage and getting ahead of competition whereas other decision making will respond to actions of competitors .

43
Q

Resource constraints

A

physicsally what is capable to do . skill of workforce and financial resources limits what a business can do .

44
Q

Stakeholders

A

groups or organisation who have an interest in business

45
Q

Stakeholders with their interests

A

Employees : Job security ,good working conditions and pay
Customers : good customer service and value for money
Shareholders : capital growth and dividends
Suppliers : regular orders and on time payment
Local communities : avoidance of pollution and congestion , employment
Govt: employment and payment on taxes

46
Q

Stakeholder mapping categorised into

A

amount of power and level of interest

47
Q

High interest , High power

A

key players , management needs to make this group happy , involving them in decision making process

48
Q

Low power , Low interest

A

Require minimal effort from management , keeping them up to date

49
Q

High power , Little interest

A

Consulted and meet their needs, if possible increasing their level of interest to avoid conflicts

50
Q

High interest and little power

A

kept informed and up to date in order to avoid conflicts and enhance reputation of the business by showing them consideration

51
Q

Stakeholder Overlap and conflicts of interest to relocation overseas

A

Overlap - Shareholders: potential for lower costs and increased profit
Managers: staff promotion and achieve objectives in terms of cost
Conflict:
Local community : impact on economy
employees : lost jobs
govt : less tax

52
Q

Stakeholder Overlap and conflicts of interest to expand production

A

Overlap - Shareholders : higher sales and profit
Employees : job opportunities
Customers : greater availability
Suppliers: more orders
Govt : more tax
Community : greater production
Conflict :
Local community : congestion and pollution

53
Q

Stakeholder Overlap and conflicts of interest to introducing new technology

A

Shareholders and management: lower costs and potential for increased profit
Consumer: result in better quality
Conflict :
Employees: lose jobs
Less employment: impact the local community

54
Q

Stakeholder Overlap and conflicts of interest to increase prices

A

Shareholders: potential profit increase.
✚ Management: improved performance.
✚ Government: more tax.
Conflict :
customers : cost more

55
Q

Stakeholder Overlap and conflicts of interest to cut cost

A

Shareholders: potential profit
Management: achieve objectives
Conflict :
Employees: potential job losses
Customers : quality might be affected
Suppliers : pressure on prices

56
Q

Stakeholder Overlap and conflicts of interest to enter new markets

A

Shareholder: potential profit
Employees: job security
Suppliers: increased orders
Community: greater employment
Conflict :
Local community: pollution due to increased production

57
Q

Influences on relationship with stakeholders

A

Leadership style: autocratic leaders may have little concern for individual stakeholder groups and would be likely to consult them.
Financial pressure: if a business is striving for survival then it would focus solely on internal stakeholders: one who can help solve problem
Business objective: some are committed to an ethical approach in their decision-making while others may be less concerned .
state of the economy: when its booming, more likely to improve the working conditions and environment with access to finance

58
Q

Possible approaches to stakeholder management

A

partnership , participation, Consultation, Push communication, pull communication

59
Q

Partnership

A

Involve stakeholder group most closely in the decision. suitable to stakeholders with high power and interest

60
Q

Participation

A

less form of partnership. responsibility for some part of decision. suitable to stakeholders with high power and low interest

61
Q

Consultation

A

finding out the views of relevant stakeholders who may respond to questions. suitable to stakeholders with high interest and low power

61
Q

Push communication and Pull communication

A

Push - one-way communication: low power and low interest
Pull- engage with businesses if they want to

Business AQA (6 decks)

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