Business chapter 2 -Managers,leadership and decison making

  • Created by: lgjones
  • Created on: 08-10-17 13:55
what is the decision making process?
setting objectives,Gatheringand interpreting information,selecting the chosen option,implementing the decision,reviewing
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What are programmed decisions?
They are familiar and routine decisions e.g reordering components
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What are non-programmed decisions?
They are less structured and require unique solutions e.g a major investment
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Define risk
Risk is the chance of incurring misfortune or loss. Risk is normally measurable
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Define uncertainty
Uncertainty is a situation in which there is a lack of knowlede and events,outcomes or consequences are unpredictable
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Define opportunity cost
Opportunity cost is the next best alternative foregone
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What is one advantage of scientific decision making?
It is very logical and based on data so therefore you are shown how the decison will affect the business.
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what is one disavantage of scientific decision making?
Data can be expensive especially for a small business and also unreliable
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What is a decision tree?
It is a mathematical model which can be used by managers to make the right decision
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What are net gains?
They are the expected values of a course of action minus the costs associated with it
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What are the three main influences in decision making?
Missions and objectives , ethics and the risk involved
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What are stakeholders?
Groups or individuals who have an interest in a business
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What are primary stakeholder?
These are affected by a particular business activity. An example of primary stakeholders are employees
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What are secondary stakeholders?
These do not have a direct relationship with a business. An example of a secondary stakeholder is the local community
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What are the functions of management?
Planning,organising,directing and contolling
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What are the three roles in Mintzberg's interpersonal management?
Figurehead,leader and liaison
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What are the three roles in Mintzberg's informational managent?
Monitor,disseminator and spokesperson
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What are the four roles in Mintzberg's decisional management?
Entrepreneur,disturbance handler,resource allocator and negotiator
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What does the Blake Mouton model show?
It examines management styles in terms of their concern for production and their concern for people
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What is an autocratic leader?
It is a leadership style that assumes that information and decision making are best kept at the top of the business.
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What is a decomcratic leader?
Democratic leadership entails operating a business according to decisions agreed by the majority.
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What is a laissez faire leader?
This is when employees are more empowered to take the majority of decisions with little reference to the leader
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Card 2

Front

What are programmed decisions?

Back

They are familiar and routine decisions e.g reordering components

Card 3

Front

What are non-programmed decisions?

Back

Preview of the front of card 3

Card 4

Front

Define risk

Back

Preview of the front of card 4

Card 5

Front

Define uncertainty

Back

Preview of the front of card 5
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