Managers, Leadership and Decision-Making

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  • Unit 2 - Managers, Leadership and decision-making
    • What managers do?
      • Role
        • Setting objectives
        • Analysing
        • Leading
        • Making decisions
        • Reviewing
    • Types of leaders
      • Autocratic
        • Leader makes a decision without consultation
      • Democratic
        • Leader consults his team but makes the final decision
      • Paternalistic
        • Leader acts in a fatherly way towards the workforce - makes decisions based on the needs of the workers
      • Laissezz-Faire
        • Leader allows his team to make decisions
      • Bureaucratic
        • Leaders work to rules and regulations
      • Leadership models
        • The Tannembaum Schmidt
        • The Blake Mounton Grid
          • 1,1 - Impoverished
          • 1,9 - Country Club
          • 5,5 - Middle of the Road
          • 9,9 - Team Management
          • 9,1 - Authority
    • Decisions
      • Tactical
        • Short term
        • Easy to revearse
        • Taken by middle/junior managers
      • Strategic
        • Long term
        • Difficult to revearse
        • Involve lots of resources
        • Taken my senior managers
      • Intuitive (Hunch)
      • Scientific
      • Risks, Uncertainties and Costs
        • Risks
          • It is possible to add a profitability to quantify the degree of risk - it is measurable
        • Uncertainties
          • It is not possible to add a quantifiable probability as the outcome is unknown - it is not measurable
        • Opportunity Cost
          • What a business gives up when making a decision - it is the next best option
    • Decision Trees
      • Advantages
        • Clearly shows options
        • Encourages logical thinking
        • Takes risks into account
        • May raise alternative factors
      • Disadvantages
        • Estimates may be biased
        • Doesn't take qualitative factors into account
        • Relies on estimates

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