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Business > schedule C > Flashcards

schedule C Flashcards

1
Q

autocratic leader

A

the leader makes all the decisions and doesn’t consult staff below them in the hierarchy

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2
Q

advantages of autocratic leadership (3 points)

A
  • good for making quick decisions
  • clear direction
  • efficient
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3
Q

disadvantages of autocratic leadership (4 points)

A
  • can demotivate employees as they dont have a voice
  • limited creativity and innovation as idea are coming from one person
  • can lead to high labour turnover
  • organisation may become overly dependant on the leader
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4
Q

democratic leader

A

the leader involves workers in decision making before reaching their final decision

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5
Q

advantages of democratic leadership (4 points)

A
  • increased employee morale
  • enhanced creativity and innovation
  • better problem solving
  • higher flexibility/adaptability
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6
Q

disadvantages of democratic leadership (5 points)

A
  • time consuming
  • potential for conflict
  • lack of direction in crisis
  • not suitable for all situations
  • dependancy on team competence
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7
Q

paternalistic leader

A

leader discusses decisions with the team but will make their own final decision

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8
Q

advantages of paternalistic leadership (5 points)

A
  • high employee well-being
  • high employee motivation
  • quick decision making if needed
  • low labour turnover
  • clear direction
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9
Q

disadvantages of paternalistic leadership (5 points)

A
  • lack of employee autonomy
  • leaders may have resistance to change
  • employees may become over dependant on leader
  • inequality in the business
  • limited feedback as employees may fear repercussions
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10
Q

laissez-faire leader

A

leader allows others to make their own decisions and only occasionally steps in to make decisions

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11
Q

advantages of laissez-faire leadership (5 points)

A
  • high creativity and innovation
  • employee empowerment
  • flexible work environment
  • expertise utilisation
  • adaptability
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12
Q

disadvantages of laissez-faire leadership (4 points)

A
  • lack of direction
  • risk of poor decision making
  • accountability issues
  • risk of chaos
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13
Q

Blake Mouton grid: low concern for production high concern for people

A

country club management

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14
Q

Blake Mouton grid: low concern for production low concern for people

A

impoverished management

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15
Q

Blake Mouton grid: high concern for production low concern for people

A

autority obedience

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16
Q

Blake Mouton grid: high concern for production high concern for people

A

team management

17
Q

Blake Mouton grid: medium concern for production medium concern for people

A

middle of the road management

18
Q

Tannembaum Schmidt continuum: 1

A

manager makes and announces decisions

19
Q

Tannembaum Schmidt continuum: 2

A

manager sells decisions to the employees

20
Q

Tannembaum Schmidt continuum: 3

A

manager presents decision with ideas and invites questions

21
Q

Tannembaum Schmidt continuum: 4

A

manager suggests decision and invites questions

22
Q

Tannembaum Schmidt continuum: 5

A

manager presents situation, gets feedback, then decides

23
Q

Tannembaum Schmidt continuum: 6

A

manager explains parameters and asks team to decide

24
Q

Tannembaum Schmidt continuum: 7

A

manager allows team to develop options and decide based within managers limits.

25
Q

internal factors influencing leadership/management (7 points)

A
  • managers experience
  • personal values
  • type of organisation
  • confidence in subordinates
  • skill and experience of subordinates
  • time and cost pressure
  • nature of the decisions
26
Q

external factors influencing leadership/management (5 points)

A
  • political and legal environment
  • economic environment
  • social environment
  • technological environment
  • level of competition in industry
27
Q

benefits of scientific decision making (2 points)

A
  • data driven = evidence based
  • removes some subjective judgement from decisions
28
Q

drawbacks of scientific decision making (3 points)

A
  • may still rely on assumptions
  • doesn’t guarantee the correct decision
  • may ignore the crucial aspect of business experience
29
Q

benefits of intuition based decision making (4 points)

A
  • speed of decisions
  • allow for more creative ideas
  • good if you are experienced
  • good for situations with limited information/data
30
Q

drawbacks of intuition based decision making (3 points)

A
  • subjective and could potentially be bias
  • risk of error
  • highly dependant on the experience of the decision maker
31
Q

opportunity cost definition

A

when making a choice between two options, the opportunity cost is the option you dont select

32
Q

stakeholders definition

A

groups or individuals who have an interest in a business

33
Q

wants of a shareholder (2 points)

A
  • return on investment & dividend
  • profit
34
Q

wants of a manager/employee (3 points)

A
  • rewards including basic pay and other financial incentives
  • job security
  • promotion opportunities
35
Q

wants of customers (2 points)

A
  • value for money
  • quality product and service
36
Q

stakeholder mapping: low level of interest, high level of power

A

keep satisfied

37
Q

stakeholder mapping: low level of interest, low level of power

A

monitor

38
Q

stakeholder mapping: high level of interest, low level of power

A

keep informed

39
Q

stakeholder mapping: high level of interest, high level of power

A

manage closely

Business (14 decks)

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