Unit 2
- Created by: Layla.thomas16
- Created on: 05-11-19 18:22
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- Unit 2
- Understanding management, leadership and decision making
- Controlling includes reviewing progress, changes plans if circumstances change, using budget or appraisal to control people/money
- Planning, what they want to do, where is it now, new products, objectives and mission statment
- Organising, what resources are needed, which organisations need money, any requirements
- Coordinating,which department needs resources, ensuring projects run to time scales, ensuring objectives are met
- Managers set objectives, analyse, lead, make decisions and review
- Leaders, look to the future, are willing to break the mould, innovate and have a vision
- Managers, focus on the present, maintain the status quo and are implementers
- Types of leaders
- Authoritarian, close controls, direct supervision
- Laissez-faire, power to make decisions given to subordinates
- Paternalistic, parental figure caring for workforce
- Democratic, sharing decision making through groups
- Bureaucratic,must follow rules and procedures
- Blake mouton grid
- Tannenbaum schmidt continuum
- Understanding management decision making
- Minimising risk and maximising rewards
- Strategic- long term, involve lots of resources, difficult to reverse, taken by senior managers and leaders
- Tactical- short term, few resources, easier to reverse, taken buy middle and junior management
- Scientific decision making
- Benefits=clear direction, based on logic, more people involved, flexible and easier to defend on logic
- Intuition and experience
- Hunches oe gut feeling
- Opportunity cost- cost in terms of the next best alternative forgone
- Decision tree
- Expectedvalue=(p1 x o1)+(p2 x o2)
- Net gain=EV - initial cost
- Benefits, analyse data, easy to visualise and understand, includes other options, quantitive, logical
- Drawbacks, use estimates, accuracy,not qualitative
- Understanding the role and importance of stakholders
- Stakeholder expectations
- Stakeholder mapping
- CSR- more efficient use of resources, positive publicity, incraesedinterest by potential shareholders
- Communication process
- Understanding management, leadership and decision making
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