unit 2

Question 1

what is a manager?

Answer 1

someone responsible for controlling or administering part of a business to meet objectives

Question 2

what are the main roles of managers?

Answer 2

setting objective, analysing performance, leading staff, making decisions

Question 3

what are the 4 functions of management?

Answer 3

planning, organising, directing, controlling

Question 4

what is the difference between a leader and a manager?

Answer 4

leaders inspire and set vision, managers organise and implement processes to meet goals

Question 5

what is leadership style?

Answer 5

the way a leader influences and motivates others to achieve objectives

Question 6

describe an autocratic leadership style

Answer 6

leader makes all decisions, little input from employees

Question 7

describe a democratic leadership style.

Answer 7

leader encourages participation, involves staff indecision making

Question 8

describe a laissez-faire leadership style

Answer 8

leader offers little guidance, employees make most decisions

Question 9

what is paternalistic leadership?

Answer 9

leaders acts in the best interest of employees but still makes final decisions

Question 10

what factors influence leadership style?

Answer 10

nature of task, company culture, skills of the workforce, time pressure

Question 11

what is decision making?

Answer 11

choosing between alternatives options to achieve objectives

Question 12

what is scientific decision making?

Answer 12

using data and logical analysis to make decisions

Question 13

what is intuitive decision making?

Answer 13

making decisions based on instinct and experience rather than data

Question 14

give one advantage of scientific decision making

Answer 14

reduces risk through evidence-based decisions

Question 15

give one disadvantage of intuitive decision making

Answer 15

higher risk due to lack of evidence

Question 16

what is decision tree?

Answer 16

a diagram showing possible choices, outcomes, probabilities, and financial consequences

Question 17

what does a square represent in a decision tree?

Answer 17

a decision point where a choice is made

Question 18

what does a circle represent in a decision tree?

Answer 18

an uncertain outcome (chance event)

Question 19

what is expected value in a decision tree?

Answer 19

the financial value of an outcome x its probability

Question 20

how is net gain calculated in a decision tree?

Answer 20

total expected value – cost of the decision

Question 21

give one limitation of decision trees

Answer 21

relies on accurate data and probabilities, which may be uncertain

Question 22

what are stakeholders?

Answer 22

individuals or group affected by or interested in a business’s actions

Question 23

name 4 internal stakeholders

Answer 23

employees, managers, owners, shareholders

Question 24

name 3 external stakeholders

Answer 24

customers, suppliers, local community

Question 25

what is stakeholder mapping?

Answer 25

a tool to analyse stakeholder interest and power to manage relationships

Question 26

what is the purpose of stakeholder mapping?

Answer 26

to priorities which stakeholders to engage with and how.

Question 27

what are the 4 quadrants of stakeholder mapping?

Answer 27

- high power, high interest: manage closely - high power, low interest: keep satisfied - low power, high interest: keep informed - low power, low interest: monitor

Question 28

give an example of a stakeholder conflict

Answer 28

shareholders want profit, but employees may want higher wages

Question 29

what internal factors influence decision making?

Answer 29

business objectives, resources, leadership style, corporate culture

Question 30

what external factors influence decision making?

Answer 30

economic conditions, competition, market trends, legal environment

Question 31

what is opportunity cost?

Answer 31

the value of the next best alternative foregone when a decision is made.

Question 32

why is opportunity cost important in decision making?

Answer 32

helps evaluate the real cost of choosing one option over another

Question 33

how can leadership impact business success?

Answer 33

influences employee motivation productivity, innovation, and decision quality

Question 34

why might a business use democratic leadership in a creative industry?

Answer 34

it encourages innovation, employee input, and motivation

Question 35

when might autocratic leadership be most appropriate?

Answer 35

in emergencies or where tasks are repetitive and time-sensitive