per 2 Flashcards
(13 cards)
what is the difference between management and leadership
manager - helps organise tasks and resources
leader - inspires and motivates employees to be doing the right thing
what are the 4 leadership styles and where do they fit on the tannenbaum schmidt contiuum
autocratic - tells,sells
paternalistic - suggests,consults
democratic - joins, delegates
laissez-faire - abdicate
what is the difference between scientific and hunch decision making, including some advantages and disadvantages
scientific - a data driven approach to come to a decision
(lower risk, slower, easier to get employees on board as it can be proven)
hunch - making decisions based on experience (quick, cheaper, riskier, could lead to company not liking you)
what are the four quadrants of a stakeholder map
manage closely, keep informed, keep satisfied, monitor
what is the difference between consultation and communication
communication - purpose to inform or update
consultation - involve stakeholder in decision and seek feedback
what’s the difference between cash flow and profit
profit - money earned after subtracting all expenses
cash flow - movement of cash in and out of the business
what are all of the different type of businesses / ownerships
-sole trader
-partnership
-private limited company
-public limited company
-franchise
-non-profit
whats the difference between a private and a public limited company
private - can only sell shares to friends and family and cant be traded on the stock market
public - can sell to public and can have shares being openly traded
what are the formulas for the 3 investment appraisals.
npv - discount rate x money either in or out
ARR - average profit/initial cost x 365
payback - initial cost then in what year you exceed that cost
what are some sources of finance
internal - retained profit,sale of assets
external - overdrafts,trade credit,debt factoring, bank loans, leasing, hire purchase, share capital,venture capital, grants,debentures,mortgages,crowd funding
what are some advantages and disadvantages of CPA
+) helps reduce risk,helps spot necessary activities
-)not always accurate, doesn’t guarantee success, could be too complicated with too many activities
how do you calculate float on a CPA diagram
when there is a difference between EST and LFT, LFT from node after activity - duration - EST from node before activity
whats the formula for retention rate and labour turnover?
retention rate = employees staying a year /total employees start of year
labour turnover = number leaving / number employed
