Definitions Unit 2

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Leadership
Deciding on the direction for a business/department/functional area, setting objectives to reflect this and motivating the staff to acheive these objectives.
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Management
Getting things done by planning, organising and coordinating people and resources.
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Scientific Decision Making
A logical and research-based approach to decision making.
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Intuition (a type of decision making)
The ability to understand something withou the need for conscious reasoning- similar to a hunch
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Opportunity Cost
The 'real cost' of taking a particular action or the next best alternative foregone, i.e. choosing the next best thing that you couls have chosen but you didnt.
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Decision Tree
A tree-like model of the various options available in a decision, including the probability of different consequences and financial outcomes of each option.
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Expected Value
The monetary value of an outcome of a decision
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Net Gain
The value to be gained from making a particular decision.
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Stakeholder
An individual or group with a direct interest in the activities and performace of an organisation in a project to be undertaken by that orgainisation.
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Pressure Groups
Organisations formed by people with a common interest or shared goal, who join together to further their interests or acheive their goals by putting pressure groups on in the general public, governments or businesses.
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Externalities
Costs and benefits that occur as a result of a firms activities, but which are not recorded in its accounts.
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Other cards in this set

Card 2

Front

Getting things done by planning, organising and coordinating people and resources.

Back

Management

Card 3

Front

A logical and research-based approach to decision making.

Back

Preview of the back of card 3

Card 4

Front

The ability to understand something withou the need for conscious reasoning- similar to a hunch

Back

Preview of the back of card 4

Card 5

Front

The 'real cost' of taking a particular action or the next best alternative foregone, i.e. choosing the next best thing that you couls have chosen but you didnt.

Back

Preview of the back of card 5
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