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55 Cards in this Set
- Front
- Back
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What is a manager? |
Someone that sets goals and objective to be met in period of time. |
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What do managers do? |
The manager analyse and interpret data and make decision on what needs to be fixed. |
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Leadership style: What is Autocratic? |
Someone that makes decision on their own and not negotiate with workers. |
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What is Paternalistic? |
Someone who talks to the workers before making a decision and tries to persuade them. |
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What is democratic? |
Leader who get workforce to participate in process of making a decision and discuss issues with the workers. |
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What is Laissez-faire? |
Weak type of leadership where the manager does not show concern to the firm or people and lets them do what they want. |
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Internal factors that affect leadership style are? |
- Urgent task needs autocratic -Dealing with unskilled workers autocratic -Skilled workers would recommend laissez faire |
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External factors that affect leadership style? |
-recession requires a autocratic or paternalistic leader during crisis. -when economy growing mean democratic would be good as good communication skill - Increased competition would require democratic to motivate workers. |
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What is the Tannenbaum Schmidt Continuum? |
A scale that puts leadership in rating of authority by manager to team participation. |
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How does the Tannenbaum Schmidt Continuum look like? |
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What is tell on the Tannenbaum Schmidt Continuum? |
Autocractic leadership style zero involvement of workers in decision making |
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What is Sells on the Tannenbaum Schmidt Continuum? |
Manager make decision but bring the workers to ask question Workers point dont contribute in final decision. |
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What is Suggests on the Tannenbaum Schmidt Continuum? |
Decision is presented to workforce The workforce can ask and discuss Makes the worker feel valued |
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What is Consults on the Tannenbaum Schmidt Continuum? |
Is where manager allows open decision and the workforce do matter in overall decision. |
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What is Joints on the Tannenbaum Schmidt Continuum? |
Manager present a problem and all workers work together to solve it but manager make final decision |
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What is Delegate on the Tannenbaum Schmidt Continuum? |
Where manager gives authority to workforce to make final decision but the manager is still accountable |
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What is Abdicates on the Tannenbaum Schmidt Continuum? |
there is zero involvement from the manager workforce does all the solving and decision making Workforce have a lot of freedom. |
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What is the Blake Mouton Grid? |
The assessment of manager based on how concern they are for the people in comparison to he production. |
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How does a Blake Mouton Grid look like? |
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What is impoverished style in the Blake Mouton Grid? |
Low concern for people Low concern for production |
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Affect of impoverished style on the workforce? |
poor management leads to low level of motivation low level of productivity |
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What is Perish style in the Blake Mouton Grid? |
Autocratic approach as Low concern for people High concern for production |
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Affect of Perish style in the Blake Mouton Grid? |
neglect workers needs lead to demotivation high level of staff turnover and absent |
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What is Country club style in the Blake Mouton Grid? |
High concern for the people in workforce Low concern for production |
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Affect of Country club style in the Blake Mouton Grid? |
Happy but not productive workforce Decrease in efficiency of production Leadership does not motivate workers to increase output. |
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What is Middle of the road style in the Blake Mouton Grid? |
Where there is average concern for workers need and the production? |
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Affect of Middle of the road style in the Blake Mouton Grid? |
higher output than Country club and Improvished style |
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What is Team style in the Blake Mouton Grid? |
High concern for people and the production |
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Affect of Team style in the Blake Mouton Grid? |
Greater number of out motivates workers to be more productive uses non financial method of motivation |
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What is scientific Decision making? |
Decision made base on data that are secondry and primary. |
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Advantage of scientific decision making? |
Reduce risk of expensive mistakes Logical approach so it can be adapted Up to date data analysed |
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Disadvantages of scientific decision making? |
Costly to gather the data Time consuming whilst analysing the data Needs to be reliable and up to date |
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What is Intuitive decision making? |
Making decision based on guts or instinct. |
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Advantages of intuitive decision making? |
decision may be made using past experience if right decision can keep company ahead of its competitors not costly or time consuming |
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Disadvantages of Intuitive decision making? |
Can be really quick and risky No data is used in the decision made Could be first instinct and great chance of failure |
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Factors affect decision making? |
Risk Reward Uncertainty: no one know the actual outcome of a decision but scientific can reduce the risk of failure. |
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What is opportunity cost? |
The cost of losing on the reward of the sub alternative based on the choice you make. |
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What other factor affect manager decision making? |
Mission of the business Objectives of the business Ethic External environment (e.g. trends, economy, competitiveness) Resource constraint: resource available (e.g. money, people or time left) |
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What is a decision tree? |
Is the sue of branching method to illustrate every possible outcome. |
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What is probability in decision tree? |
The likelihood of that even occuring |
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What shape is the decision on a decision tree diagram? |
Square |
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What shape is the number of outcome on a decision tree diagram? |
Circle |
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What are the decimal on a decision tree diagram? |
The probability of the even occurring. |
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What is expected value on a decision tree diagram? |
Expected value (EV) = Probability of outcome x payoff business can expect |
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What is net gain? |
Net gain = EV - initial cost |
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What are the advantages of decision tree? |
- help with the possibility of each decision - good visual representation of each outcome - allow manager to compare quantitatively and objectively than going with blank thought. |
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What are the disadvantages of decision tree? |
- are quantitative so have little meaning - probability of an outcome very hard to predict -there is greater number of outcome than the decision tree shows (e.g. for short term a marketing campaign might want to increase sale than predicted. |
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What is a stake holder? |
Someone who has an interest in a business? |
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Who are internal stakeholders? |
People with in the business E.g. owner, workers |
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Who are external stake holders? |
People outside of the business E.g. suppliers, customers, government, the community ... and creditors are people the business owe money to |
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How profit affect different stakeholders? |
Workers can get paid well Supplier will have a reliable business to supply to Shareholders can expect dividend payments. |
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What is a stake holder mapping? |
Stake holder mapping takes into consideration the power and interest of each stakeholders. Helps business to see how to manage stakeholder in the best way. |
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How does a stake holder map look like? |
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Who needs to managed closely (most effort) in the stake holder mapping? |
High level of power and interest - as their satisfactions is vital to the business as it can bring in customers and affect the performance of the business. |
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Who needs to be monitored (least effort) in the stake holder mapping? |
Stake holder with little power and interest as they don`t play major role for the business their benefit is negligible to the business. |
