managers, leadership and decision making Flashcards
(14 cards)
What is the key difference between management and leadership?
Management focuses on planning, organising, and coordinating, while leadership involves inspiring and motivating others.
Name four leadership styles.
Autocratic, Paternalistic, Democratic, Laissez-faire.
What is the Tannenbaum Schmidt Continuum?
A model showing the range of leadership behaviour from autocratic to democratic, based on the level of authority used by the manager versus the freedom given to the team.
What factors influence leadership styles?
Nature of the task, the team, time constraints, leader’s personality, organisational culture.
How can leadership style impact business effectiveness?
It can affect motivation, productivity, innovation, and staff retention.
What is scientific decision making?
A logical approach based on data analysis and decision trees.
What is intuition-based decision making?
Decisions made using experience, instinct, and gut feeling.
What is a decision tree?
A diagram that shows possible outcomes, probabilities, and expected values of different choices.
What are expected value and net gain in decision trees?
Expected value = probability × outcome; Net gain = expected value − cost.
What influences decision making in business?
Mission, objectives, ethics, competition, external environment, and resource constraints.
Why must stakeholder needs be considered in decision making?
To balance conflicting interests and maintain good relationships.
What is stakeholder mapping?
A tool that categorises stakeholders by their power and interest to prioritise engagement.
What is a common stakeholder conflict?
Shareholders may want higher profits, while employees may want better wages.
How can businesses manage stakeholder relationships?
Through communication and consultation to build trust and reduce resistance.
