Unit 2 - Managers, leadership and decision making Flashcards Preview

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Flashcards in Unit 2 - Managers, leadership and decision making Deck (11):
1

Leadership

Includes the functions of ruling, guiding and inspiring other people within an organisation in pursuit of agreed objectives

2

Management

Planning, organising, directing and controlling all or part of a business enterprise

3

Delegation

Passing authority down the organisational hierarchy. This is only genuine if the manager relinquishes some control to the subordinate

4

Empowerment

This provides subordinates with the means to exercise power or control over their working lives

5

Scientific decision making

Based on data and uses a logical, rational approach to make decisions

6

Decision tree

A mathematical model used to help in making the right decision

7

Expected values

The financial outcomes from a specific course of action adjusted to allow for the probability of it occurring

8

Net gains

The expected values of a course of action minus the costs associated with it

9

Stakeholder engagement

A process by which managers involve individuals and groups who may be affected by their decisions in those decisions

10

Pressure groups

Organisations formed by people with a common interest who join together to achieve their goals by putting pressure on the businesses

11

Social responsibility

A term describing the duties a business had towards stakeholder groups