Business chapter 2 -Managers,leadership and decison making 0.0 / 5 ? BusinessManagers,leadership and decison makingA2/A-levelAQA Created by: lgjonesCreated 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 1 of 22 What are programmed decisions? They are familiar and routine decisions e.g reordering components 2 of 22 What are non-programmed decisions? They are less structured and require unique solutions e.g a major investment 3 of 22 Define risk Risk is the chance of incurring misfortune or loss. Risk is normally measurable 4 of 22 Define uncertainty Uncertainty is a situation in which there is a lack of knowlede and events,outcomes or consequences are unpredictable 5 of 22 Define opportunity cost Opportunity cost is the next best alternative foregone 6 of 22 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. 7 of 22 what is one disavantage of scientific decision making? Data can be expensive especially for a small business and also unreliable 8 of 22 What is a decision tree? It is a mathematical model which can be used by managers to make the right decision 9 of 22 What are net gains? They are the expected values of a course of action minus the costs associated with it 10 of 22 What are the three main influences in decision making? Missions and objectives , ethics and the risk involved 11 of 22 What are stakeholders? Groups or individuals who have an interest in a business 12 of 22 What are primary stakeholder? These are affected by a particular business activity. An example of primary stakeholders are employees 13 of 22 What are secondary stakeholders? These do not have a direct relationship with a business. An example of a secondary stakeholder is the local community 14 of 22 What are the functions of management? Planning,organising,directing and contolling 15 of 22 What are the three roles in Mintzberg's interpersonal management? Figurehead,leader and liaison 16 of 22 What are the three roles in Mintzberg's informational managent? Monitor,disseminator and spokesperson 17 of 22 What are the four roles in Mintzberg's decisional management? Entrepreneur,disturbance handler,resource allocator and negotiator 18 of 22 What does the Blake Mouton model show? It examines management styles in terms of their concern for production and their concern for people 19 of 22 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. 20 of 22 What is a decomcratic leader? Democratic leadership entails operating a business according to decisions agreed by the majority. 21 of 22 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 22 of 22
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