Unit 2 - Managers, leadership and decision making

Question 1

Leadership

Answer 1

Includes the functions of ruling, guiding and inspiring other people within an organisation in pursuit of agreed objectives

Question 2

Management

Answer 2

Planning, organising, directing and controlling all or part of a business enterprise

Question 3

Delegation

Answer 3

Passing authority down the organisational hierarchy. This is only genuine if the manager relinquishes some control to the subordinate

Question 4

Empowerment

Answer 4

This provides subordinates with the means to exercise power or control over their working lives

Question 5

Scientific decision making

Answer 5

Based on data and uses a logical, rational approach to make decisions

Question 6

Decision tree

Answer 6

A mathematical model used to help in making the right decision

Question 7

Expected values

Answer 7

The financial outcomes from a specific course of action adjusted to allow for the probability of it occurring

Question 8

Net gains

Answer 8

The expected values of a course of action minus the costs associated with it

Question 9

Stakeholder engagement

Answer 9

A process by which managers involve individuals and groups who may be affected by their decisions in those decisions

Question 10

Pressure groups

Answer 10

Organisations formed by people with a common interest who join together to achieve their goals by putting pressure on the businesses

Question 11

Social responsibility

Answer 11

A term describing the duties a business had towards stakeholder groups