(Unit 2) Managers, Leadership And Decision-Making Flashcards
(30 cards)
What do managers do?
- set objectives
- analyse
- lead
- make decisions
- review
What does SWOT stand for?
Strengths, Weaknesses, Opportunities, Threats
What does PESTLE stand for?
Political, Economical, Social, Technological, Legal, Environmental
What should data be…?
Reliable (is the source trustworthy?).
Timely (is it up to date?).
Quantity (is there too much filtering needed?).
Validity (is it relevant?).
What are the internal reasons for reviewing a decision?
- Corporate culture unready for change
- insufficient employee skills
- lack of financial controls
- insufficient funds for decision to be implemented
What are the external reasons for reviewing a decision?
- political changes
- changes to legislation
- changes to environmental and social attitudes
- changes in the economy and technology advancements
What are the 4 styles of leadership management?
Authoritarian, Laissez-faire, Democratic, Paternalistic
What is the authoritarian leadership style?
- close control
- direct supervision
- one-way communication
- top-down communication
What is the Laissez-faire leadership style?
- power completely given to subordinates
- hands-off approach
- policy of leaving things to take their own course
- freedom to make decisions
What is Democratic leadership style?
- decision making is shared
- involves workers in decisions
- ensure people contribute to discussion
- regularly delegate decision-making power to junior staff
What is the Paternalistic leadership style?
- family type dynamic
- less boundaries
- interested in the security and social needs for staff
- consultation with staff
What is the Tannenbeum Schmidt continuum?
A continuum that helps to show the range of management styles, identifies who has the most input in decision-making, managers or staff.
What is the positives and negatives of managers telling the employees what to do (left of the continuum)?
Positives, clarity to employees needs to be right.
Negatives, demotivated employees.
What is the positives and negatives of managers sharing with the employees (right of continuum)?
Positives, more motivational.
Negatives, things can go wrong (inexperienced).
What influences your management styles?
- the company structure
- the situation
- the group size
- the time limits (deadlines)
- personalities/ skills of employees
What is a strategy?
The setting of the overall plan:
- long term
- involves a lot of resources
- difficult to reverse
- taken by senior managers and leaders
What is a tactical plan?
Day-to-Day Decisions:
- short term
- fewer resources involved
- easier to reverse
- taken by middle and junior management
What are the steps involved in scientific decision making?
1) Set objectives (SMART)
2) Gather data
3) Analysis
4) Select a plan
5) Implement plans
What are the benefits of using a scientific approach?
- clear direction
- decisions based on logical and rational thinking
- flexible, at any stage the PESTLE may change
What are the value of decision trees?
- makes managers think about different options and their possible consequences
- they force managers to quantify the impact of each decision
What are stakeholders?
They are people who hold an interest in the business (externally + internally). They hold varying amounts of power that influence decisions on a business.
Why is it important to know who your stakeholders are?
It allows you to identify their needs and wants and deliver with them as much accuracy, as possible.
What is an example of a common interest between stakeholders?
The employees,local government, managers; want the business to grow economically and achieve financial success.
What are the axis on the graph, stakeholder mapping?
(X) High/Low Power + (Y) High/Low Interest
