Business

Business

1. Leadership

   • a relationship through which one person influences the behavior or actions of other people
     • authoritarian - workers get told what to do.
       • if the leader makes the right decision its powerful
       • subordinates feel frustrated and demotivated because they cant fulfill higher order needs
     • paternalistic - employees are consulted but decision making remains at the top, happens in family businesses
       • workers feel looked after and motivated
       • may make wrong decisions
     • democratic - listen and consult workforce
       • highly motivational, employees feel valued.
       • some managers are persuasive, not good for quick decisions
     • laissez-faire - let the workforce get on with the job, set a dead line.
       • motivating and encourages new ideas
       • not always clear on what to do, manager may not care or know how to manage

2. Management

   • is the efficiency of climbing the ladder of success

3. Decision Trees

   • mathematical and graphic model to aid managers in making the right decision.
     • it shows the different outcomes and their options, numerical data is then added to make it more useful.
   • expected value - the financial value of an outcome
     • net gain - the value to be gained from taking a decision
   • .only uses estimates, the outcome depends on the accuracy of the estimate, uses no qualitative data, managers can sway decision making.
   • scientific decision making. makes it easier to make decisions. the visual nature also makes it easier. force managers to quantify the impact. logical

4. corporate social responsibility

   • is the commitment by a business