Topic 2 - Managers, Leadership, Decision Making Flashcards
1
Q
Leaders
A
- inspire people
- build relationships
- take risks
- have followers
2
Q
Managers
A
- enact the plan
- use their authority
- manage risks
- have subordinates
3
Q
Leadership Styles
A
authoritarian
paternalistic
democratic
laissez-faire
4
Q
Authoritarian
A
- focus of power is with the group
- top down communication
- formal systems of command and control
- very little delegation
- McGregor Theory X
5
Q
Paternalistic
A
- leader decides what is best for the employees
- little delegation
- softer form of authoritarian
6
Q
Democratic
A
- focus of power is with the group as a whole
- leader functions are shared
- employees have greater involvement in decisions
- emphasis of delegation
7
Q
Laissez-faire
A
- leader has little input
- delegate power
- employees have freedom to do what they think is best
- McGregor Theory Y
8
Q
McGregor Theory X
A
- average worker is lazy and dislikes work
- workers need to be controlled
9
Q
McGregor Theory Y
A
- most people enjoy work
- workers will take responsibility and organise themselves
10
Q
Tannenbaum and Schmidt
A
- a ‘continuum’ of leadership behaviours
- tells
- sells
- consults
- joins
11
Q
Blake Mouton Managerial Grid
A
- identifies different leadership styles
- country club
- team leader
- impoverished
- produce or perish
- middle of the road
12
Q
Decision Making Types
A
- hunch
- scientific
13
Q
Opportunity Cost
A
the cost of missing out on the next best alternative, the benefits that could’ve been gained by taking a different decision
14
Q
Expected Value
A
the financial value of an outcome calculated by:
estimated financial effect x probability
15
Q
Net Gain
A
the value to be gained from taking a decision
