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A-level Business > 2 - Managers, leadership and decision making 🥇 > Flashcards

2 - Managers, leadership and decision making 🥇 Flashcards

(60 cards)

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1
Q

Define leadership

A

deciding on a direction for a company in relation to its objectives and inspiring staff to achieve those objectives

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2
Q

Define management

A

getting things done by organising other people to do it

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3
Q

What are the 4 types of leadership?

A

Autocratic, Democratic, Laissez-faire, Paternalistic

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4
Q

What are the pros of autocratic leadership?

A
  • valuable in businesses where decisions must be made quickly
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5
Q

What are the cons of autocratic leadership?

A
  • high dependency on leader
  • can create de-motivation and alienation in staff
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6
Q

What is autocratic leadership?

A

makes decisions without referance to anyone else

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7
Q

What are the pros of democratic leadership?

A
  • motivating
  • staff feel ownership of ideas
  • improves sharing of ideas = innovation
  • consultative
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8
Q

What are the cons of democratic leadership?

A
  • delays decision making
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9
Q

What is democratic leadership?

A

different perspectives and discussions with leaders and staff

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10
Q

What are the pros of laissez-faire leadership?

A
  • useful in creative/innovative businesses
  • motivational as staff have control
  • relies on good teamwork
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11
Q

What are the cons of laissez-faire leadership?

A
  • makes co-ordination and decision making time consuming
  • lacking in direction and goals
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12
Q

What is laissez-faire leadership?

A
  • “let it be” = responsibilties are shared
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13
Q

What are the pros of paternalistic leadership?

A
  • leader = father figure
  • staff recognise manager is trying to support them
  • close supervision but attempts are made to gain respect of staff
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14
Q

What are the cons of paternalistic leadership?

A
  • staff may trust their “father figure” too much so won’t voice queries
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15
Q

What is paternalistic leadership?

A
  • employees are consulted but leader makes all decisions
  • type of authoritarian management but the manager attempts to look after the needs of subordinates
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16
Q

What factors affect leadership styles?

A
  • the task / particular situation
  • company structure
  • time available to complete task
  • group / leader’s personality
  • group size
  • type of labour - skilled / unskilled
  • culture of the organisation
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17
Q

Who is senior management?

A

eg. Board of Directors
- sets corporate objectives
- responsible for shareholders
- led by CEO

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18
Q

Who is middle management?

A
  • accountable to senior
  • run business functions and departments
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19
Q

Who is junior management?

A
  • supervisory role
  • accountable to middle
  • monitor and control day-to-day tasks
  • manage team of staff
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20
Q

What is the Tannenbaum and Schmidt Continuum of Leadership?

A

illustrates a range of potential leadership and management styles

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21
Q

What does the Continuum of Leadership recognise?

A

that a chosen leadership style depends on a variety of factors, including leader’s personality, qualities of staff, situational factors

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22
Q

What is the Blake Mouton Managerial Grid?

A

identifies different leadership styles based on a grid:

y-axis = concern for people
x-axis = concern for completing task

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23
Q

What should all leaders strive for in the Blake Mouton Grid?

A

team management

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24
Q

What are the 5 different managements in the Blake Mouton Grid?

A

Country club / team / impoverished / authority-obedience / middle of the road

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25
Pros and cons of scientific decision making
Pros = supported by quantifiable data / logical Cons = time-consuming / expensive data
26
What are the pros and cons to intuitive decision making?
Pros = allows for quick decision making / encourages innovation and creativity Cons = difficult to justify / reliant on expertise and experience
27
Define opportunity costs
the cost of a decision is measured by the benefits forgone of the next best alternative
28
What are the steps to scientific decision making?
1 . set objectives 2. gather data 3. analyse data 4. make decision 5. implement decision 6. review decision
29
Define a decision tree
maps out the different options available, the possible outcomes and the points where decisions need to be made - calculations can be made from the tree
30
Advantages of decision trees
- set out the problem clearly - encourages logical thought - quantitative approach - take risk into account - useful when similar scenarios have already occurred - tactical decisions
31
Disadvantages of decision trees
- ignore constant changing nature of business - difficult to gather data / probabilities - less useful for new ideas - management bias to influence the estimates of probability and financial returns to manipulate data - doesn't include expertise - ignore qualitative issues
32
Blake Mouton What is country club management?
High concern for people Low concern for task
33
Blake Mouton What is Team Management?
High concern for people High concern for task
34
Blake Mouton What is authority-obedience management?
High concern for task Low concern for people
35
Blake Mouton What is impoverished management?
Low concern for people Low concern for task
36
Blake Mouton What is middle of the road management?
This style is used when the team is left by themselves while you work on higher priorities
37
Tannenbaum Schmidt Continuum What is tells?
Manager makes decision and tells team
38
Tannenbaum Schmidt Continuum What is sells?
Manager makes decisions and sells it to the team
39
Tannenbaum Schmidt Continuum What is suggests?
Manager presents suggestions but invites questions from the team
40
Tannenbaum Schmidt Continuum What is consults?
Manager makes decision, consulting team before making final
41
Tannenbaum Schmidt Continuum What is joins?
Manager presents problem, gets team ideas, then makes decision
42
Tannenbaum Schmidt Continuum What is delegates?
Manager defines limits then asks team for decisions
43
Tannenbaum Schmidt Continuum What is abdicates?
Manager allows full freedom to explore options and make decisions
44
Tannenbaum Schmidt Continuum In what order does leadership styles sit in this?
Autocratic, paternalistic, democratic, laissez-faire
45
Stakeholder Mapping When do you keep stakeholders satisfied?
When they have high power but low interest
46
Stakeholder Mapping When do you manage stakeholders closely?
High level of interest and high level of power
47
Stakeholder Mapping When do you monitor stakeholders?
low power and low level of interest
48
When do you keep stakeholders informed?
Low power but high level of interest
49
List 5 roles of managers
- setting objectives - analysing - leading - making decisions - reviewing
50
What are the 5 main influences on decision making?
- mission - objectives - ethics - external environment (competition/economy) - resource constraints
51
Stakeholders What may shareholders/owner want?
- ROI - success - growth
52
Stakeholders What may managers / employees want?
- rewards & job satisfaction - job security / promotions - good working conditions
53
Stakeholders What may customers want?
- value for money - product quality - customer servhce
54
Stakeholders What may suppliers want?
- continued trade - financial stability
55
Stakeholders What may banks/financial providers want?
- growth in profits - good cash flows
56
Stakeholders What may the govt want?
- payment of taxes - business growth = employment - compliance with legislation
57
Stakeholders What may society want?
- success - compliance with local laws (noise/pollution)
58
Stakeholders - Conflict Who will support and who will oppose the business decision to cut jobs to reduce costs?
Support - shareholders and bank Oppose - employees and local community
59
Stakeholders - Conflict Who will support and who will oppose the business decision to introduce new machinery?
Support - customers and shareholders Oppose - employees (lose their jobs)
60
Stakeholders - Conflict Who will support and who will oppose the business decision to add extra shifts to increase factory capacity?
Support - managers/customers/suppliers Oppose - local community

A-level Business (10 decks)

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