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Business > Unit 2 > Flashcards

Unit 2 Flashcards

1
Q

What is the role of managers

A

Setting objectives, analysing data, leading, making decisions and reviewing

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2
Q

What does setting objective entail for managers

A

Setting goals for group of subordinates and deciding what work needs to be done to meet these goals

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3
Q

What does analysing data entail for managers

A

Identify where the org is now, where the org wants to be and how it could get there by using info to make decisions

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4
Q

What does reviewing entail for managers

A

Reviewing decisions and data frequently to ensure the org is on track to meet objectives

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5
Q

Give 3 qualities of leaders

A

-adaptable to situations
-assertive
-decisive
-achievement orientated
-persistent

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6
Q

Name 3 differences between management and leadership

A

Management:
Focus on present
Relatively risk averse
Plan and oversee necessary work
Focus on executing functions
Leadership:
Look to the future
Risk seeking/ comfortable w/ risk
See options others avoid as opportunities
Ability to influence and motivate
Agents of change

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7
Q

What are the four different leadership styles

A

-Authoritarian
-Paternalistic
-Democratic
-laissez-faire

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8
Q

Give 3 advantages of authoritarian leadership

A

-faster decision making
-improves productivity
-reduces employee stress
-improves crisis management

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9
Q

Give 2 disadvantages to authoritarian leadership

A
  • results in micro management
  • creates dependency in skills of leader
  • discourages culture of feedback
  • lack of trust
  • increase in absenteeism
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10
Q

Give 3 advantages to paternalistic leadership

A

-job satisfaction
-effective communication
-employee motivation
-high employee loyalty

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11
Q

Give 2 disadvantages to paternalistic leadership

A

-employee dependence
-lack of delegation
-employee dissatisfaction if bad decisions made by leaders
-low morale

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12
Q

Give 3 advantages of democratic leadership

A

-job satisfaction/ commitment
-greater innovation
-multiple solutions generated
-trust
-less absenteeism

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13
Q

Give 3 disadvantages of democratic leadership

A

-decision making slows down
-employees may feel overwhelmed
-concern as to where power lies

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14
Q

Give 2 advantages to laissez-faire leadership

A

-employees practice leadership and independence
-employees use their expertise
-boosts employee morale

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15
Q

Give 2 disadvantages to laissez-faire leadership

A

-lower role awareness
-employees may need directions
-may not suit all employees/ business
-conflict may increase

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16
Q

Name 2 features of authoritarian leadership

A

-power, control and decision making at top of org
-communication is one way
-rewards for good performance and penalties for bad performance

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17
Q

Give 2 features of paternalistic leadership

A

-employees are consulted and leaders explain the reasons but decisions making remains at the top
-leaders decide what’s best for the employees
-workforce treated as a family

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18
Q

Give 2 features of democratic leadership

A

-two way communication and considerable delegation
-workers fully involved in decision making process
-run on basis of agreement by majority

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19
Q

Give 2 features of laissez-faire leadership

A
  • abdication of responsibility and leaders have minimal input
  • staff able to use their initiative and demonstrate their capabilities
  • effective when employees are highly skilled and experienced
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20
Q

What is the tannenbaum Schmidt continuum

A

Model that helps to show the ratings of management styles and depicts 7 different styles of management differentiated by the degree of control exerted by management

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21
Q

What is McGregor’s ‘Theory X’ and ‘Theory Y’

A

Theory X:
Theory X managers assume their workers are motivated by money, are lazy, need to be supervised and have no wish or ability to help make decisions

Theory Y:
Theory Y managers assume their work sets workers want to contribute their ideas, have different needs, enjoy work and poor performance is due to boring work

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22
Q

Give 4 influences on the choice of leadership style

A

-company structure
-situation
-nature of the task
-company’s culture and traditions
-employees
-group size
-personalities & skills of managers/leaders

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23
Q

What 3 things does the effectiveness of different leadership styles depend on

A

-resources available
-staff recognition or lack of thereof of need for decisions/change
-support from board of directors

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24
Q

What type of things are decisions made on

A

-people
-money
-materials needed
-machinery

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25
Q

What is decision making about

A

Minimising risk but maximising reward

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26
Q

What is scientific decision making

A

A systemic process which eliminates the practice of decisions being made by intuition and removes bias = reduced risk

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27
Q

What is the process of scientific decision making

A
  1. Setting objectives
  2. Gathering data
  3. Analysing data
  4. Selecting a strategy
  5. Implementation
  6. Reviewing
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28
Q

What does setting objectives consist of in terms of scientific decision making

A
  • ensuring objectives are SMART
  • determining what you want to achieve
29
Q

What does gathering data consist of in terms of scientific decision making

A
  • gathering data through primary and secondary research methods
  • having data on costs, demand, location etc
  • break-even analysis; ratio analysis; investment appraisal
30
Q

What does analysing data consist of in terms of scientific decision making

A
  • filtering and analysing the data to aid decision making
  • ensuring the quality of data (reliability and validity is important)
31
Q

What does selecting a strategy consist of in terms of scientific decision making

A

Developing a corporate plan from data analysis

32
Q

What does implementation consist of in terms of scientific decision making

A
  • designating resources and ppl to plan
  • putting the plan into action
33
Q

What does reviewing consist of in terms of scientific decision making

A

Looking at how well the outcome succeeded in achieving initial obj

34
Q

Give 2 benefits of the scientific approach

A
  • clear sense of direction
  • decisions based on logic/rational thinking
  • ensures decision constantly monitored and reviewed so problems can be identified quickly
  • it’s flexible; any stage the decision can be reviewed and altered
  • easier to defend decisions based on logic
35
Q

What are the 3 benefits of decision making based on intuition

A
  • less time consuming than scientific approach
  • less expensive than scientific approach
  • scientific approach is based in past data, decisions may be better if they rely on instinct if manager who can anticipate change in trend
36
Q

Name 3 factors that influence choosing between scientific and intuition approaches

A
  • speed of decision
  • info available
  • size of business
  • predictability of situation
  • character of person/ culture of org
37
Q

What 3 things is decision making based on

A
  • experience
  • data
  • gut feeling
38
Q

What is opportunity cost

A

The real cost of a decision in terms of the next best alternatives. Choosing to pursue one thing inevitably results in forgoing something else.

39
Q

Give a decision tree profile

A
  • a mathematical model
  • estimates and probability
  • provides a pictorial approach
  • helps decide whether net gain from decision is worthwhile
40
Q

What does a square represent in a decision tree

A

Decisions

41
Q

What does a circle represent in a decision tree

A

Uncertain outcomes

42
Q

What is expected value and how is it calculated

A

The monetary value of an outcome of a decision.

probability x result (£)

43
Q

How is total expected value calculated

A

(probability A x Result £) + (probability B x Results £)

44
Q

Give 2 values of decision trees

A
  • it’s part of the decision making process
  • makes it easier to make decisions
  • makes it easier to understand complex info
  • forces the manager to quantify the impact of each decision
45
Q

Give 2 benefits of decision trees

A
  • provides an effective structure
  • helps to form balanced image of risk and reward
  • emphasises that every decision has a range of possible outcomes which leads to more careful considered decisions
  • quantifies risk and reward
46
Q

Name 3 limitations of using decision trees

A
  • only uses estimates
  • doesn’t utilise qualitative data which is very important
  • least useful when decisions don’t involve clear-cut alternatives
  • based on past data which ignores the constant changing nature of business environment
  • figures may be biased/ manipulated to gain particular outcome
47
Q

How do you work out net gain in decision trees

A

Expected value - costs

48
Q

What are strategic decisions

A
  • when there’s concern for the general direction and overall policy of business
  • have significant long-term effects
  • requires detailed consideration
  • can be high risk because outcomes unknown
49
Q

What are tactical decisions

A
  • short to medium term
  • concerned with specific areas/functions of business
  • calculated and outcomes more predictable
  • may be used to implement strategic decisions
50
Q

Give 4 factors that influence decision making

A
  • tactical vs strategic decisions
  • missions
  • objectives
  • ethics
  • external environment
  • resource constraints
  • stakeholders
  • culture of org
51
Q

What are internal stakeholders

A

SH closely connected to the org and likely to have strong influence on how the org is run

52
Q

What are external stakeholders

A

SH with diverse needs and varying levels of influence on org’s ability to meet its objectives

53
Q

Give 2 employees expectations

A
  • Good working conditions
  • Job security
  • Promotional aspects
54
Q

What are shareholders expectations

A

Satisfactory return on investment

55
Q

Give 2 supplier’s expectations

A
  • Prompt payments
  • Regular orders
56
Q

Give 2 local community expectations

A
  • Jobs
  • Consideration e.g. noise
  • Responsible attitude
57
Q

Give 2 customer expectations

A
  • Safe products
  • Good quality
  • Low prices
  • Convenience
58
Q

Give a government expectation

A
  • Taxes
  • Local/regional investment/development
59
Q

What is a win-lose situation

A

If one group of SH gains more and another has gained nothing/less

60
Q

What is the process of communication

A
  1. The sender: initiates the communication
  2. Message: the info
  3. Medium: how the info is passed on
  4. Receiver: target audience
  5. Feedback: was the info received and understood?
61
Q

Give 3 benefits of effective communication

A
  • motivational for employees bc they feel a part of decision making
  • positive comm = improves performance of workforce
  • able to use info to discover customer needs
  • increases awareness of business
  • allows business to anticipate public reaction
  • support from powerful SH could result in more resources
62
Q

Give 3 communication and consultation channels

A
  • website info including regular updates
  • media releases that report on project milestone
  • public forums if project involves local community
  • formal meetings w/ powerful SH
  • formal consultations w/ external & internal SH
63
Q

What were the 4 ways to manager relations with SH as per the Cyert and March book: a behavioural theory of the form

A
  • satisficing: negotiations to arrrive at a an acceptable compromise
  • sequential attention: management focus on SH needs in turn = keeps happy
  • side payments: if SH primary needs and obj can’t be met = compensated in other way
  • exercise of power: a deadlock is resolved by a senior figure, forcing through a decision based on the power they possess
64
Q

What is stakeholder mapping

A

Helps managers classify SH according to their power and interest and make recommendations about how to manage different groups in relation to this

65
Q

What is corporate social responsibility (CSR)

A

a commitment by business to contribute to the community and environment

(Social and environmental)

66
Q

Give one way in which corporate social responsibility can be carried out

A
  • reducing waste pollution
  • contributing to educational and social programs
  • earning adequate returns on employed resources
67
Q

What does corporate social responsibility bring about (name 1 thing)

A
  • more efficient use of resources
  • positive publicity
  • increased interest by potential shareholders
68
Q

What is social auditing

A

CSR reporting
The process by which a business attempts to assess the impact of the entire range of its activities on SH and society in general

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