3.2 - Management And Decision Making. Flashcards

1
Q

Managers roles?

A

Set obj, analyse and interpret data, make decisions, review there decisions effectiveness, appraise employees strengths and weaknesses, lead their staff.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Authotarian style.

A

Leader makes decisions on their own.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Paternalistic style

A

Leader consults workers before making decisions, then explains them to persuade them the decisions in their interest.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

Democratic style.

A

Leader encourages workforce to participate in dm. Leaders discuss issues with workers, delegate responsibility and listen to advice.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Laissez faire

A

Leaders offer support, rarely interfere with the running of the business. Hands off.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Tannenbaum and Schmidt Continuum- authority by manager/team participation.

A

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Blake Mouton Grid (Concern for ppl/ concern for production)

A

Country club, Impoverished, Produce or perish, Team leader and middle of road

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Scientific decision making

A

Based on data, and outcomes are compared to initial obj.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Intuitive decision making

A

Making decisions based on a hunch or gut instinct.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Risks

A

All business have to take some form of risk.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

Reward

A

Financial eg higher sales or non financial ie high productivity

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

Uncertainty

A

No one knows what the outcome of a decision will be.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

Opportunity cost

A

Benefit that’s given up in order to do something else. The cost of the choice that’s made.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

Scientific dm (six step)

A

1 set objectives 2 collect data 3 analyse data 4 make decision 5 implement decision 6 review decision

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

Decision trees

A

get practice exam q’s

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

Shareholders want?

A

High dividends and a high share price

17
Q

Employees want?

A

Job security, promotion prospects, decent wage, safe working conditions.

18
Q

Managers want?

A

Credit for decisions, job security and decent wage

19
Q

Customers want?

A

High quality products at low prices

20
Q

Suppliers want?

A

Paid a fair price, be paid on time.

21
Q

Community want?

A

Local employment, sponsors local activities but will not want pollution, noise or cut jobs.

22
Q

Stakeholder map (power/interest)

A

Monitor, keep informed, manage closely, keep satisfied.