unit 2

Question 1

what are the roles of managers

Answer 1

setting objectives:
- targets to be achieved within given time period
- for individual teams

analysing:
- factors contributing towards the achievement of objectives
- business performance

Question 2

why leaderships is increasingly important in business

Answer 2

changing organisational structures
- flatter + greater delegation
- teamwork + focus on quality assurance
- coaching, support and empowerment

rapid change
- change is becoming a constant feature of business life
- soft skills and leadership and management increasingly important

Question 3

leaders

Answer 3

inspire people
build relationships
take risks
have followers

Question 4

managers

Answer 4

enact the plan
use their authority
manage risks
have subordinates

Question 5

authoritarian leadership

Answer 5

focus of power is on the manager
communication is top down and one way
formal systems of command and control
use of rewards and penalties
very little delegation
McGregor Theory X approach

Question 6

Democratic leadership

Answer 6

focus on power is more with the group as a whole
leaderships functions are shared within a group
employees have greater involvement in decision making
emphasis on delegation and consultation

Question 7

paternalistic leadership

Answer 7

leader decides what is best for the employees
still little delegation

Question 8

laissez faire

Answer 8

hands off
leader has little input into day to day decision making
conscious decision to delegate power

Question 9

theory X mangers

Answer 9

assume average worker is lazy and dislikes work. workers need to be controlled and directed centralised organisation and exercise authority

Question 10

theory Y managers

Answer 10

assume most people enjoy work. workers will take responsibility and organised themsleves

Question 11

4 main styles of leadership

Answer 11

tells
sells
consults
joins

Question 12

whats tells

Answer 12

leader identifies problems, makes decision and announces subordinates

Question 13

whats sells

Answer 13

leader still makes decision, but attempts to overcome resistance through discussion and persuasion

Question 14

consults

Answer 14

leader identifies problem and presents it to the group. listens to advice and suggestions before making a decision

Question 15

joins

Answer 15

leader defines the problem and passes on the solving and decision making to the group (which the manager is part off)

Question 16

whats hunch

Answer 16

very quick

based on intuition, gut feel and experience

but hard to justify for business decisions involving significant

Question 17

whats scientific

Answer 17

based on data and analysis

very time consuming and costly, no guarantee of the right decision

increasingly common and automated, supported by big data and data analytics

Question 18

6 factors of STEPS

Answer 18

set objectives
gather data
analyse data
make decision
implement decision
review decision

Question 19

PESTLE

Answer 19

political
economic
social
technological
legal
environmental

Question 20

whats opportunity cost

Answer 20

the cost of missing out on the next best alternative the benefits that could have been gained by taking a different decision

Question 21

Whats a decision tree

Answer 21

a mathematical model
used to help managers make decisions
uses estimates and probabilities to calculate likely outcomes
helps to decide whether the net gain from a decision is worthwhile.

Question 22

who are stakeholders

Answer 22

anyone with an interest in the actions of a business

Question 23

examples of stakeholders

Answer 23

customers
employees
shareholders
government
community
suppliers
financial institutes

Question 24

how to manage the relationships with different stakeholders

Answer 24

communication
consultation