As 3.2 Managers, Leadership And Decision Making

Front 1

What is a manager?

Back 1

The person in a business who sets the objectives, and organises the resources and employees

Front 2

What is a leader?

Back 2

The person who motivates and inspires people to do things

Front 3

What do managers do?

Back 3

- set objectives

- analyse and interpret data

- review effectiveness of decisions

-appraise employees strengths and weaknesses, and develop their talents

Front 4

The difference between managers and leaders?

Back 4

Managers organise the employees and resources. The leaders motivate and inspire employees to get things done

Front 5

What are the different management and leadership styles?

Back 5

-authoritarian

- paternalistic

-democratic

-laissez-faire

Front 6

What is the autocratic management style?

Back 6

Leaders/manager makes all the decisions on their own. They identify what the business needs to achieve and how its going to be achieved.

Front 7

Advantages and disadvantages of autocratic management style

Back 7

-good during a crisis

-demotivates workers

-requires lots of supervision

Front 8

what is the paternalistic management style?

Back 8

A soft form of autocratic management. The leader/manager will consult workers before making decisions, and explains the decision to them. This will persuade employees that the decision being made is in their best interest.

Front 9

advantage and disadvantage of paternalistic management style?

Back 9

-motivates staff as they feel involved.

-decisions are well considered

-leaders/managers gain respect

Front 10

what is the democratic style of management?

Back 10

The leader/manager encourages the workforce to participate in decision making.

The leader/manager will discuss the issues with the worker. They will also delegate responsibility and listen to the advice from workers.

Front 11

advantage and disadvantages of the democratic management style?

Back 11

- employees feel valued as the leaders/managers have confidence in them?

- requires constant communication

-can be motivational

-takes the weight of decision making off the leader.

-better quality decisions

Front 12

What is laissez-faire management style?

Back 12

Leaders offer employees coaching and support, but don't interfere with the running of the business.

Front 13

Advantage and disadvantages of laissez-faire management style?

Back 13

-motivates able bodied employees

- only effective in small businesses

- staff get to show capabilities

Front 14

what are the Internal influences on management and leadership styles?

Back 14

1, Urgency of the tasks

2, The level of skill staff have

Front 15

External influences on management and leadership styles?

Back 15

1, Recession

2, growth in economy

3, Increased competition

Front 16

what is the Tannenbaum Schmidt continuum

Back 16

A scale which orders management/leadership styles by the amount participation the work force have in decision making.

Front 17

What are the seven key types of management on the Tannenbaum Schmidt continuum

Back 17

1, tell 2, sells

3, suggest 4, consult

5, Joins 6, Delegates

7, abdicates

Front 18

What is the Blake Mouton Grid

Back 18

A grid which assesses managers based on how much they care about their employees and how much they care about production.

Front 19

what are the 5 styles on the Blake Mouton Grid?

Back 19

1, improverished style

2, produce or perish

3, country club style

4, Middle of the road

5, Team style

Front 20

What is scientific decision making?

Back 20

scientific decisions are ones based on evidence . The outcomes of the decision is then compared to the initial objectives.

Front 21

The decision making cycle?

Back 21

1, Set objectives

2, collect data

3, analyse data

4, make decisions

5, implement decisions

6, review decisions

Front 22

advantage of scientific decision making?

Back 22

-Reduced risk of making mistakes

-Adaptable as the decision is structured and logical

Front 23

Disadvantage of scientific decision making?

Back 23

-Can be expensive

-Time consuming

-less creative

Front 24

What is intuitive decision making?

Back 24

Intuitive decisions are made based on a hunch or gut instinct.

Front 25

Advantages of intuitive decision making?

Back 25

- experienced managers can sense the right decision based on past decisions

- Can be made quickly

Front 26

Disadvantage of intuitive decision making?

Back 26

-risky, not based on evidence

Front 27

Things managers consider when making decisions?

Back 27

1, risks

2, rewards

3, uncertainty

4, mission

5, objectives

6, ethics

7, external environment

8, resource constraints

Front 28

What is opportunity cost?

Back 28

Opportunity costs is the benefit that is given up in order to do something else.

- the cost of the choice which is made

Front 29

What are decision trees

Back 29

Decision trees are the probability of the possible outcomes of a decision.

Front 30

What is expected value?

Back 30

Expected value of an outcome is the probability of the outcome occurring , multiplied by the pay-off the business can expect to get.

Front 31

Advantages of decision trees

Back 31

- provides supporting evidence for a decision

- provide a visual representation of the potential outcomes of a decision

-allows the business to compare options quantitatively and objectively

- useful in familiar situations where the business has enough experience to make accurate estimates of probabilities and benefits

Front 32

Disadvantage of decision trees

Back 32

- quantitative and therefore does not consider qualitative factors such as employees opinions

- hard to predict accurately

-wider range of potential outcomes than suggested on the decision tree.

- only allows success or failure not short term or long term success.

Front 33

What is a stakeholder?

Back 33

A stakeholder is someone who has an interest in the success or failure of a business.

Front 34

Who are the internal stakeholders?

Back 34

- The owner. They decide what happens to a business and if the business is a success they make a profit. In a limited company shareholders are the owners

-Employees. They are interested in job security, and promotion prospects. Also have an interest in good working conditions and good pay. Managers have extra concerns, if the business does badly they receive some of the responsibility.

Front 35

Who are the external stakeholders?

Back 35

-Customers. They want high quality products and low prices

- Suppliers. They want a fair price and to be paid on time.

-Local community. They want local employment, sponsorships

- Government. Want tax from successful business

- creditors(banks). Want loans paid back on time.