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business > topic 2- managers, leadership, decesion making > Flashcards

topic 2- managers, leadership, decesion making Flashcards

1
Q

what is a managers job ?

A

to set objectives and decide how to go about meeting the objectives

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2
Q

what is management ?

A

the process about deciding what resources are necessary for the objectives to be met

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3
Q

what is the 6 roles of the managers ?

A
  • set objectives
  • analysis the business performance
  • leading
    -decision making
  • reviewing
  • appraisal
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4
Q

what do the managers do when setting objectives ?

A
  • they want to make sure they have been achieves
  • decide what resources are necessary to achieve them
  • use for business, teams and individuals
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5
Q

what do managers do when analysing the business performance ?

A
  • use data and figures
  • make sure they continue to work towards meeting the objectives
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6
Q

what do managers do when leading the business ?

A
  • communicate the objectives and direct how to achieve the goals to the subordinates
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7
Q

what do managers do when making decisions ?

A
  • use data analysis and interpretation to make decisions
  • allocate resources
  • day by day running the business
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8
Q

what do managers do when reviewing the business ?

A
  • monitor the performance against the objectives
  • take action where it is necessary
  • see how effective the past decisions where and then make further decisions based on conclusions of the previous decision
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9
Q

what do managers do when using appraisal in the business ?

A
  • develop the subordinates talents
  • outline their strengths and weakness
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10
Q

what is a leader ?

A

people that can inspire and motivate people to meet their objectives

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11
Q

what is leadership ?

A

the ability to influence and direct people in order to meet the goals of the group

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12
Q

what are the 2 theories about leaders ?

A
  • trait
  • behavioural
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13
Q

what is trait theory ?

A

the theory is developed from the concept of an charismatic individual
- the identifiable characterises which set leaders from the ordinary

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14
Q

what is 4 examples of identifiable characteristics of leaders ?

A
  • communication
  • resilience
  • organization
  • determination
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15
Q

why is trait theory on decline ?

A

as successful leaders don’t always have the specific characteristics

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16
Q

what is the behavioural theory ?

A

focus on how an individual leader behaves
- these can be taught

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17
Q

what are the 5 leadership styles ?

A
  • autocratic
  • paternalistic
  • bureaucratic
  • laissez- faire
  • democratic
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18
Q

what is an autocratic leadership style ?

A

managers will make the decision without consulting the workforce
- identifies objectives and say how exactly they should be achieved
- requires supervising

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19
Q

what negative affect does an autocratic leadership style have on the workforce ?

A

it demotes on the intelligence of the workers

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20
Q

when is an autocratic leadership style useful ?

A

when the workforce is unskilled and in major management

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21
Q

what is a democratic leadership style ?

A

they discuss the issues with the workforce and then delegate the responsibility
- consult the team but leaders make the final decision

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22
Q

what does having a democratic leadership style show ?

A
  • they’ve a lot of confidence in the workers so this can increase motivation
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23
Q

what do leaders need if they’re using a democratic leadership style ?

A

good communication

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24
Q

what is the benefit of using a democratic leadership style ?

A

reduces the weight of the decision on the leaders

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25
Q

what is the laissez-faire leadership style ?

A

the leader allows the team to make decisions
- weak form of leadership
- might offer employees coaching and support
- the leaders rarely intervene

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26
Q

what is a benefit to the laissez-faire leadership style ?

A

gives experienced and competent staff freedom to make a decision

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27
Q

when is using a laissez-faire leadership style appropriate ?

A

for small and highly motivated team of qualified and able workers

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28
Q

what is a paternalistic leadership style ?

A

when leaders act in a fatherly way towards the workforce
- they consult and explain the decisions to persuade the decision is in their best interests

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29
Q

what does a paternalistic leadership style make decisions based on ?

A

the needs of the workforce and business

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30
Q

how does a paternalistic leadership style motivate their staff ?

A

by caring for staff

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31
Q

when is a paternalistic leadership style appropriate ?

A

small or family run organisations as more a caring leadership

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32
Q

what is a bureaucratic leadership style ?

A

when the leaders work to the rules and regulations as they’re ‘by the book’ working
- nature of the business is very much ran by rules

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33
Q

what is the Tannenbaum Schmidt continuum for ?

A

puts the different leadership style on a scale through increasing levels pf participation in decision making by the workforce

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34
Q

what are the 4 key types in the Tannenbaum Schmidt continuum ?

A
  • tells
  • sells
  • consults
  • joins
35
Q

what is a tells leadership style ?

A

leaders make the decision themselves with zero involvement of the workforce
- don’t trust the employees
- authoritarian

36
Q

what does a tells leadership style create ?

A

creates a division between the management and workforce

37
Q

what is a sells leadership style ?

A

leaders that makes the decision but tries to present it to the workforce with persuasion
- the workforce can ask questions but don’t influence the decision

38
Q

what does the sells leadership style try and overcome ?

A

resistance from the workforce

39
Q

what is a consults leadership style ?

A

the leader proposes a problem and a tentative decision and then invites the workforce to discuss
- they listen to advice and suggestions before making the final decision
- decision is open to be modified

40
Q

what does a consults leadership style value ?

A

the workforces participation

41
Q

what is a joins leadership style ?

A

the leaders define the problem then they pass it off to the subordinates to solve and make a decision
- but ultimately leader makes the final decision

42
Q

what is a benefit of the joins leadership style ?

A

helps the manger make the decision

43
Q

what is useful when using the joins leadership style ?

A

if the workforce have specific knowledge

44
Q

what is effectiveness ?

A

the ability of a business to achieve its objectives

45
Q

what are the internal factors that influence leadership styles ?

A
  • skills requires
  • expertise/ experience of workforce
  • personal traits of the leader
  • time frame the decision needs to be completed in
46
Q

what are the external factors that influence leadership styles ?

A
  • political
  • economic
  • social
  • technological
  • legislation
  • environmental/ ethical
  • competition
47
Q

what are 2 types of decision making ?

A

-tactical
- strategic

48
Q

what is tactical decision making ?

A

is short term and day to day decisions
- fewer resources used
- easier to reverse
- usually taken by junior managers

49
Q

what is strategic decision making ?

A

long term decisions made for the future
- usually taken my senior managers
- difficult to reverse

50
Q

what are 2 ways to base a decision ?

A
  • scientific
  • intuitive
51
Q

what is a scientific decision ?

A

decision based on data which is quantifiable evidence supported
- you compare the outcomes with the objectives

52
Q

what is 2 strengths to scientific decision making ?

A
  • reduces the risk of making expensive mistakes
  • logical and structured approach which can be adapted if necessary
53
Q

what are 3 weaknesses to scientific decision making ?

A
  • may require expensive data
  • time consuming as collecting and analysing a lot of data
  • cant have the decision on biased data so need to be careful if the data is out of date
54
Q

what is intuitive decision making ?

A

making decisions quickly based on instincts
- encourages innovation and creativity
- some managers have good intuition based on past experiences

55
Q

what are 2 strengths for intuitive decision making ?

A

if right can keep a business ahead of competition
- done quickly and if a new/ unfamiliar situation then there may not be any data for it or helpful

56
Q

what are the 4 weaknesses to intuitive decision making ?

A
  • risks to rely on as people make mistakes
  • can be irrational and not biased on logic
  • difficult to justify
  • reliant on expertise/ experience which managers may not have
57
Q

what are 4 things that are part of decisions ?

A
  • risks
  • uncertainty
  • reward
  • opportunity cost
58
Q

what is a risk ?

A

a chance of incurring mistakes or loss
- it is measurable
eg) investments

59
Q

why do risks influence a business decision they make ?

A
  • all business take risks and some can be high but can give a reward if highly successful
  • business try to reduce them
60
Q

what is an uncertainty ?

A

a situation where there is a lack of knowledge and the events consequences are unpredictable
- it is not measurable
- all decisions at some degree have this
eg) Brexit, war

61
Q

what decisions method can help reduce uncertainty ?

A

scientific decision making

62
Q

what is a reward ?

A

where all managers expect decisions to bring rewards
- can be financial or beneficial rewards

63
Q

what is opportunity cost ?

A

the value of one decision in terms of the next best thing is given up
- time and money spent on 1 thing is likely to mean missing out on something else
- all decisions have this

64
Q

what does opportunity cost place on a decision ?

A

value

65
Q

why do decisions always have opportunity cost ?

A

as business have limited resources so need to determine how to use them

66
Q

what do all decisions carry ?

A

risks and rewards as well as being based on uncertainties

67
Q

what 5 things influence the decisions as whole ?

A
  • mission
  • objectives
  • ethics
  • external environmental
  • resource constraints
68
Q

how does a mission influence decisions ?

A

need to take them into account

69
Q

how does objectives influence decisions ?

A
  • decisions made to aim to achieve these objectives
  • decisions are reviewed against the objectives to measure their success
70
Q

how does ethics influence the decisions made ?

A

all business have different ethics and they need to be included

71
Q

how does external environment influence decisions ?

A

all the outside factors need to be taken in

72
Q

how does resource constraints influence decisions ?

A
  • resource availability is a factor
  • business wont want to advertise a shortage in some of their resources
73
Q

what are 4 examples of resources for a business ?

A
  • money
  • people
  • time
  • raw materials
74
Q

what are decisions trees used for ?

A

to show which course of action is probably the best

75
Q

what do the business know and not know when making a decisions ?

A

they know the cost but can’t know the outcome for certain

76
Q

what is probability ?

A

likelihood of something occurring

77
Q

what is expected value ?

A

probability of outcome occurring multiplied by the pay-off a business can get

78
Q

what is the net gain ?

A

the financial gain after initial costs

79
Q

what is the square on a decision tree ?

A

decisions to be made

80
Q

what is the circle on a decision tree ?

A

alternative outcome

81
Q

what is the decimal on the lines on a decision tree ?

A

probabilities of each outcome occurring

82
Q

what is the values in £ on a decision tree ?

A

pay-off for business if the outcome happens

83
Q

what is 7 advantages for decisions trees ?

A
  • clearly shows options
  • encourages logical thinking
  • allows structure, discussion and comparisons
  • takes risks into account
  • may raise alternative options
  • visual representation
  • use quantitative and objectively data
84
Q

what are 4 disadvantages to decision trees ?

A
  • relies heavily on estimates
  • doesn’t take into account the qualitative factors so no opinions included
  • estimates may be biased so flawed estimation
  • very hard to predict the probabilities accurately

business (10 decks)

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