Unit 2

Question 1

What are the 5 key tasks of managers?

Answer 1

Set objectives, organise, motivate, measure performance, develop people

Question 2

What are the 3 levels of management?

Answer 2

Senior, Middle, Junior

Question 3

What are the 7 levels of the Tannebaum and Schmidt Continuum?

Answer 3

Tells, Sells, Suggests, Consults, Joins, Delegates, Abdicates

Question 4

What 3 things does scientific decision making involve?

Answer 4

Data, modelling scenarios, forecasting

Question 5

What is opportunity cost?

Answer 5

The cost of missing out on the next best alternative

Question 6

What is the role of decision trees?

Answer 6

Estimate likely outcomes and assess the net gain

Question 7

What is the formula for ‘expected value’?

Answer 7

Outcome x Probability

Question 8

What is the formula for ‘total expected value’?

Answer 8

Outcome 1 + Outcome 2

Question 9

What is the formula for ‘net gain’?

Answer 9

Total expected value - Cost

Question 10

What is a stakeholder?

Answer 10

Anyone who holds an interest in a business’ operations