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Business > Unit 2 > Flashcards

Unit 2 Flashcards

1
Q

Define delegation.

A

The allocation of tasks to other employees.

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2
Q

Define abdication.

A

Allocation of tasks.
Responsibility is passed on.

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3
Q

Define consultation.

A

Talking through/discussing matters with employees.

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4
Q

Define morale.

A

Motivation, confidence, work ethic and enthusiasm towards work.

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5
Q

What is the difference between management and leadership.

A

Leaders inspire people, build relationships, take risks and have followers.
Managers enact the plan, use authority so have subordinates and manage risks.

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6
Q

Name 3 characteristics of an Authoritarian manager.

A

Tells employees what to do.
Keeps control.
Doesn’t listen to staff, has own ideas.

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7
Q

What are the disadvantages of having an authoritarian leadership style?

A

Can demotivate employees.
Low employee retention.
Don’t benefit from the talent of the staff.

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8
Q

Describe a democratic leader.

A

Listens to employees and then makes decision after discussion.
Takes views and opinions from subordinates.

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9
Q

What are the advantages of a democratic leadership style.

A

Staff are more motivated and committed.
Better decision making as more ideas are taken on board.

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10
Q

What are the disadvantages of a democratic leadership style?

A

Decisions are made slower.
Conflict may occur.

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11
Q

Describe the paternalistic leadership style.

A

Leader decides what’s best for employees.
Little delegation.
Builds relationships with staff.

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12
Q

What are the advantages of a paternalistic leadership style.

A

High employee retention as opinions feel valued.
Open communication.
High morale.

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13
Q

Name 2 possible disadvantages to a paternalistic leadership style.

A

Power struggle if roles are not well defined.
Can demotivate when issues arise.

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14
Q

Describe the laissez-faire leadership style.

A

Lots of delegation.
Used when staff are very experienced.

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15
Q

What are the advantages of a laissez-faire leader?

A

Utilises employee talent.
Creates respect for manager.
Increase motivation and autonomy.

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16
Q

What are the disadvantages of a laissez-faire leadership style?

A

May lack a sense of direction.
May lack coordination.

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17
Q

Name 5 possible influences on leadership style.

A

Time frame.
Nature of tasks.
Skill level of the employees.
Personality and skill of the leader.
Company structure.

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18
Q

Explain how time frame may influence leadership style.

A

If a quick decision is needed then an autocratic style is best.

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19
Q

How could the nature of a task influence leadership style?

A

Repetitive tasks do not need close supervision.
So tasks can be delegated.

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20
Q

How could the skill level of employees affect leadership style?

A

If employees are highly skilled they will need less close supervision.

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21
Q

Explain how the personality of a leader may influence leadership style.

A

It is difficult to change leadership style.
Naturally autocratic leaders will struggle to delegate tasks and may micromanage.

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22
Q

How could the company structure influence leadership style.

A

A tall structure will have more layers and a more autocratic style.

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23
Q

What is on the left side of the Tannenbaum Schmidt continuum?

A

Boss centred leadership.

24
Q

What is the label on the right side of the Tannenbaum Schmidt continuum?

A

Subordinate centred leadership.

25
Q

Name the 4 main categories of the Tannenbaum Schmidt continuum.

A

Tell, sell, consult, share.

26
Q

Define subordinate.

A

An employee who is lower in the hierarchy.

27
Q

Define opportunity cost.

A

The next best option that the manager gives up.

28
Q

Define risk.

A

The chance that something could go wrong.

29
Q

Define uncertainty.

A

A situation where there is a lack of knowledge and outcomes are unpredictable.

30
Q

Define reward.

A

A beneficial outcome.

31
Q

What is a scientific decision?

A

Gather data and analysing it before making a decision.
Both logical and rational.

32
Q

What is a hunch decision?

A

Relying on instinct as to whether to make a particular decision.
Likely to rely on experience.

33
Q

When is a scientific approach to decision making appropriate?

A

When there is a high degree of risk.
Unfamiliar situation.

34
Q

When is hunch approach to decision making appropriate?

A

When the manager has a lot of experience.
Fears that the data is unreliable or it is inconclusive.
Quick decision needs to be made.

35
Q

What are the limitations of scientific decision making?

A

Expensive and time consuming.
Quantitative data used - difficult to analyse meaning so may be misinterpreted.
Does not include external factors.

36
Q

Name a limitation of hunch decision making.

A

May be bias.

37
Q

Give one example of a hunch decision.

A

Employing people.

38
Q

Give an example of a method of collecting data.

A

Loyalty cards allow businesses to collect data based on possible price changes, products etc.

39
Q

What is the formula for expected value?

A

Expected outcome x probability.

40
Q

What is the formula for net gains?

A

Expected value - initial cost.

41
Q

What factors help to choose a decision?

A

Net gain.
Initial cost.
Risk/probability.

42
Q

What are the advantages of using a decision tree?

A

Provides a visual representation.
Uses quantitative data.
Useful when a lot of data is available.

43
Q

What are the disadvantages of using decision trees?

A

They’re based off of estimated data.
Doesn’t account for external factors/other outcomes.
Time consuming.

44
Q

What are the two variables on a stakeholder map?

A

Level of interest and level of power.

45
Q

What is the name of the low interest, low power section on a stakeholder map?

A

Minimal effort.

46
Q

What are the 4 sections on a stakeholder map?

A

Minimal effort.
Keep informed.
Keep satisfied.
Key players.

47
Q

Define stakeholders.

A

Someone with an interest in the business.

48
Q

Describe partnership.

A

Decisions are made jointly by management team and stakeholders.
Responsibility is shared.
Two way communication.
High power and high interest stakeholders.

49
Q

Describe participation.

A

Stakeholder is part of the relevant team and involved in decision making.
Two way communication for the element in which they have responsibility.

50
Q

Describe consultation as a method of managing relationships with stakeholders.

A

Find out views of stakeholders.
Stakeholders respond to questions.
Limited power to influence decisions.
May be invited to a meeting.

51
Q

What are push communications.

A

One way communications.
E.g. email letter etc.

52
Q

What are pull communications.

A

Business only communicates if they engage and access communication.
E.g. website.

53
Q

Name 5 influences on decision making.

A

Missions and objectives.
Ethics.
Risk involved.
External environment e.g. competition, incomes.
Resource constraints/amount of resources to be invested.

54
Q

Define a programmed decision.

A

Familiar situations with guidelines.

55
Q

Define a non programmed decision.

A

Unfamiliar and often require a unique solution.

56
Q

What is a strategic decision?

A

A long term decision that often involves a large commitment of resources and therefore are handled by senior management.

57
Q

What is a tactical decision?

A

Days to day, short term decisions.
Easy to reverse so can be made by junior management.

Business (19 decks)

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