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business > 2 Managers, Leadership and decision making > Flashcards

2 Managers, Leadership and decision making Flashcards

1
Q

What do managers do (MARLS)?

A

Make decisions
Analyse
Review
Lead
Set objectives

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2
Q

What are the types of managment and leadership styles (BALDP)?

A

Paternalistic
Laissez-faire
Autocratic
Democratic
Bureaucratic

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3
Q

What is Autocratic?

A

Leader makes decisions without consulting others

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4
Q

What is Democratic?

A

Leader makes the final decision but includes others in the process

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5
Q

What is Laissez-faire?

A

Leader allows team members freedom in their work and in meeting deadlines

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6
Q

What is Paternalistic?

A

Leader consults and tries to make decisions in the interest of all

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7
Q

What is Bureaucratic?

A

Leader does everything exactly by the rules

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8
Q

Three points of the Tannenbaum Schmidt continuum?

A

Illustrates the range of leadership styles, from telling to delegating.
Classifies the style according to how much a leader tells or listens to their staff.
Shows that as workers freedom in decision making increases, so the managers authoristy decreases.

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9
Q

What correlation does the Tannenbaum Schmidt continuum have?

A

As democratic leader increases from autocratic leader the use of authority by leader decreases and the ares of freedom for subordinates increases.

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10
Q

What six stages are there in the Tannenbaum Schmidt continuum are there?

A

Tells
Sells
Suggests
Consults
Shares
Delegates

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11
Q

What is tells on the Tannenbaum Schmidt continuum?

A

Manager makes decisions and announces

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12
Q

What is sells on the Tannenbaum Schmidt continuum?

A

Manager “sells” decisions

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13
Q

What is suggests on the Tannenbaum Schmidt continuum?

A

Manager presents ideas and invites suggestions

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14
Q

What is consults on the Tannenbaum Schmidt continuum?

A

Manager presents tentative decision subject to change

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15
Q

What is shares on the Tannenbaum Schmidt continuum?

A

Manager defines limits and asks the group to make a decision

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16
Q

What is delegates on the Tannenbaum Schmidt continuum?

A

Manager permits subordinates to function within the limits defined by superior

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17
Q

What is on each axis of the Blake and Mouton leadership grid?

A

y axis = concern for people
x axis = concern for production

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18
Q

What is country club managment?

A

Thoughtful attention to the needs of people for satisfying relationships leads to a comfortable, friendly organisation atmosphere and work tempo

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19
Q

What is team management?

A

Work accomplishment is from commited people; interdependence theough a “common stake” in organisation purpose leads to relationships of trust and respect

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20
Q

What is middle-of-the-road managment?

A

Adequate organisation performance is possible through balancing the necessity to get out the work with maintaining morale of people at a satisfactory level

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21
Q

What is impoverished managment?

A

Extertion of minimum effort to get required qork done is appropriate to sustain organisation membership

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22
Q

What is authority-compliance managment?

A

Efficiency in operations results from aranging conditions of work in such a way that human elements interfere to a minumum degree

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23
Q

What are the five leadership styles that the Blake and Moutons leadership result in? And what is the short meaning of them?

A

country club = emphasis is on people, with little concern for task
authority-complience = emphasis is on task, with little concern for people
impoverished = little concern for either task or people
middle of the road = focus is on both task and people
team leadership = high focus on both task and people

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24
Q

What five things may effect the effectiveness and influences of the style of leadership?

A

the individual
the nature of the industry
the business culture
circumstances
the economic climate

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25
Q

(Effectiveness of different styles of leadership and management) What is the effectiveness and influences of the style of leaderhsip affected by?

A

The indevidual
The nature of the industry
The business culture
Circumstances
The economic climate

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26
Q

(2.2 management decision making). In order to reduce risk a business may adopt what approach?

A

Scientific decision making

27
Q

(2.2 management decision making). What is scientific decision making based on?

A

The collection of facts
Analysis using analytical tools such as decision trees

28
Q

(2.2 management decision making). What are intuition decisions based on?

A

Made by gut feeling
Not based on evidence or rational processes

29
Q

(2.2 management decision making). What might managers also consider opportunity cost in decison making as?

A

Recources, particularly finance, are limited
They will not be able to undertake everything they would like to
A choice has to be made

30
Q

(2.2 management decision making). What is opportunity cost?

A

The next best alternitive given up when a decision is made.

31
Q

(2.2 management decision making). What is a decision tree?

A

Tree-like diagrams showing various options their probablities and financial outcomes.

32
Q

(2.2 management decision making). What is the use and values of decision trees?

A

Help when decising between different options. They create a visual representation of the various:
risks
rewards
outcomes
Thye help reduce risk and help overcome uncertainty

33
Q

(2.2 management decision making). What are the key features of drawing and evaluating a decision tree?

A

Every decision tree will begin with a square - represents the decision to be made
From the square qill come at least two lines- represents possible outcomes
There will often be a third line - so nothing option

34
Q

(2.2 management decision making). Taking each line in turn it is necessary to decide weather it is a result, is uncertain or weather another decision has to be made. What symbols do you use?

A

Result- nothing
Uncertain- circle
Decision- square

35
Q

(2.2 management decision making). From each circle lines will have to be drawn showing the possible outcomes. In order to evaluate the decision tree all lines needs to be fully lablled. This involves indicating what information on the decision tree?

A

Cost of each option
Potential outcomes
Probabilities

36
Q

(2.2 management decision making). How do you calculate the expected values?

A

For each circle the outcomes are multiplied with the probabilities and added together
The cost of that option is then subtracted
The options can then be compared to see which provides the highest return

37
Q

(2.2 management decision making). Whata re decision tree limitations?

A

Managers may be influenced by their own bias toward a particular option
Probabilities while based in past experience are likely to be just guesstimates

38
Q

(2.2 management decision making). Whata re some influences on decision making?

A

Mission and onjectives
Recource constraints
External environment
Competition
Ethics

39
Q

(2.3 the role and importance of stakeholders) The various stakeholders and their interests are what?

A

Employees- job security, good working conditions, pay
Customers- good customerservice, value for money
Shareholders- capitol growth, dividends
Suppliers- regular orders, on time payment
Local communities- avoidance of pollution and congestion, employment
Government- employment, payment of taxes

40
Q

(2.3 the role and importance of stakeholders). Decisions taken by a business will have impacts on what?

A

Its various stakeholders

41
Q

(2.3 the role and importance of stakeholders). Stakeholder mapping is a technique for determining what?

A

The importance of indevidual stakeholders.

42
Q

(2.3 the role and importance of stakeholders) Who drew up a matrix where stakeholers where categorised?

A

Mendelow

43
Q

(2.3 the role and importance of stakeholders). What did Mendelow categorise the stakeholders into?

A

Level of influence and power
Level of interest

44
Q

(2.3 the role and importance of stakeholders).What are the four sub categories of Mendelows matrix (after level of influence/power and level of interest)?

A

Meets their needs
Key player
least important
Show consideration

45
Q

(2.3 the role and importance of stakeholders). In Mendelow’s matrix what are three points in the subcetegory ‘meets their needs’?

A

Engage and consult on interest area
Try to increase level of interest
Aim to move to right hand box

46
Q

(2.3 the role and importance of stakeholders). In Mendelow’s matrix what are three points in the subcetegory ‘key planner’?

A

Focus efforts on this group
Involve in governance/decision making bodies
Engage and consult regularly

47
Q

(2.3 the role and importance of stakeholders). In Mendelow’s matrix what are two points in the subcetegory ‘least important’?

A

Inform via general communications eg news letters, website, mail shots
Aim to move to right hand box

48
Q

(2.3 the role and importance of stakeholders). In Mendelow’s matrix what are three points in the subcetegory ‘show consideration’?

A

Make use of interest through involvement in low risk areas
Keep informed and consult on interest area
Potential supporter/goodwill ambassador

49
Q

(2.3 the role and importance of stakeholders). What is managment of stakeholders determined through the matrix according to?

A

Weather they are
A key player
Their needs must be met
Concideration needs to be shown
They are of least importance

50
Q

(2.3 the role and importance of stakeholders). Conflicting and overlapping needs: what are the six decisions?

A

Relocate overseas
Introduce new technology
Expand production
Increase price
Cut costs
New marlets/products

51
Q

(2.3 the role and importance of stakeholders). Conflicting and overlapping needs: What is the overlap to relocate overseas?

A

Share holders : potential for lower costs and increased profit
Management: achieve objectives in terms of costs and profit

52
Q

(2.3 the role and importance of stakeholders). Conflicting and overlapping needs: What is the overlap to indroducing new etchnology?

A

Shareholders and management: lower costs and potential profit
Consumer: may result in better quality and reliability

53
Q

(2.3 the role and importance of stakeholders). Conflicting and overlapping needs: What is the overlap to expanding production?

A

Shareholders: higher sales and profit
Employees: job opportunities
Customers: greater availability
Suppliers: more orders
Government: more tax
Community: greater production

54
Q

(2.3 the role and importance of stakeholders). Conflicting and overlapping needs: What is the overlap to increasing price?

A

Shareholders: potential profit increase
Management: improved performance
Government: more tax

55
Q

(2.3 the role and importance of stakeholders). Conflicting and overlapping needs: What is the overlap to cutting costs?

A

Shareholders: potential profit
Managment: achieve objectives

56
Q

(2.3 the role and importance of stakeholders). Conflicting and overlapping needs: What is the overlap to new markets/products?

A

Shareholders: potential profit
Employees: job security
Suppliers: icreased orders
Community: greater employment

57
Q

(2.3 the role and importance of stakeholders). Conflicting and overlapping needs: What is the conflict to relocate overseas?

A

Local community: impact on local economy
Employees: loose jobs
Government: paid less tax

58
Q

(2.3 the role and importance of stakeholders). Conflicting and overlapping needs: What is the conflict to introducing new technology?

A

Employees: may loose jobs
Lower employment: could impact on local community

59
Q

(2.3 the role and importance of stakeholders). Conflicting and overlapping needs: What is the conflict to expand production?

A

Local community: greater congestion and pollution

60
Q

(2.3 the role and importance of stakeholders). Conflicting and overlapping needs: What is the conflict to increase price?

A

Customers: cost more

61
Q

(2.3 the role and importance of stakeholders). Conflicting and overlapping needs: What is the conflict to cut costs?

A

Employees: potential job loss
Customers: quality might be affected
Suppliers: pressure on prices

62
Q

(2.3 the role and importance of stakeholders). Conflicting and overlapping needs: What is the conflict to new market/products?

A

Local community: polution due to increased production

63
Q

(2.3 the role and importance of stakeholders). What are five key features that influence on the relationship with stakeholders?

A

Power and interest
Leadership styles eg autocratic or democratic
Business objectives eg some may be commited to an ethical approach
Government legislation eg employment or environmental laws
State of economy weather the company is blooming or is recession

64
Q

(2.3 the role and importance of stakeholders). What are the four ways of managing relationships with stakeholders?

A

Stakeholder mapping
A culture of good communication
Involvement and participation of stakeholders in decision making
Careful planning

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