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Description
Flashcards by Freya Coombes, updated more than 1 year ago
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Created by Freya Coombes
about 8 years ago
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| Question | Answer |
| Roles of Managers | - Planning - Organizing - Controlling - Directing |
| Planning | - Helps to make decisions - Helps reduce chance of failure - Set objectives and targets - Plans for functional areas within the business - Estimating resources needed |
| Organizing | - Determine internal organisation structures - Establish and maintain employees relationships - Allocate resources. |
| Controlling | - Setting standards using the company objectives - reviewing and reporting on company and employee performance - Comparing objectives to performance to determine necessary action Given through financial reports, employee performance and social performance |
| Directing | - Influences and oversees staff behaviour - Provides resources - Motivation - Communication |
| Mitzberg (FLLMDSEDRN) Interpersonal Management | Figurehead- represent colleagues, inspiration, responsibility, authority Leader- maintains effective working environment, motivates, develops Liaison- communicates internally and externally |
| Mitzberg (FLLMDSEDRN) Informational Management | Monitor- collects info, looks after ream performance and welfare Diseminator- central communications Spokesperson- representative, passes info externally |
| Mitzberg (FLLMDSEDRN) Decisional Management | Entrepreneur- plans and initiates change Disturbance Handler- deals with crisis and dispute Resource allocator- puts resources where they would be most effective Negotiator- internally and externally |
| Autocratic | - Top control - One-way communication (downwards) - Minimal delegation - Close employee supervision |
| Democratic | - Operates on majority vote - Encourages decentralization/ delegation - Employee participation - Employee empowerment |
| Laissez-Faire | - Very few leaders/managers - Self-motivated - Employees agree with objectives |
| Tannenbaum and Schmidt | -Tells- No subordinate involvement, ignorant managers (used when motivation is lacking) - Sells- allowed to ask question (used when motivation is lacking) - Suggests- presents decisions + background info, invites ideas, builds trust - Consults- asks opinions before decisions, motivates - Joins- presents problems + invites suggestions, joint decision, managers make decision, team gets credit - Delegates- presents problems + invites suggestions, workers make decisions, team gets credit - Abdicates- team makes decisions, high skilled team complete work, motivational |
| Blake Mouton Grid | Team- best style, both are equally high Country Club- goes on that if the team is happy they will work hard, production suffers Authority-Compliance- autocratic, strict rules and punishment is the best motivation Impoverished- worst style, can't be blamed if mistakes are made, disorganized Middle of the road- needs not fully met for either, average performance |
| Scientific Decision Making | Strategic decision making taken after analyzing and evaluating relevant evidence. |
| Decision Trees | - Helps decide if the net gain from the decision is worth while - Uses estimates and probabilities to calculate outcomes Square= Decision to make Circles= Uncertain outcomes 1) probability x result (for both) 2) add together 3) minus costs = net gain |
| Advantages Of Decision Trees | - Set out in a logical way - Potential options and choices are considered at a time - Risk can be addressed - Costs are considered as well as benefits - Easy to understand and tangible results |
| Disadvantages Of Decision Trees | - Just estimates, can be wrong - Uses only quantitative data - Can be prone to bias - Doesn't necessarily reduce the amount of risk |
| Define Probability | The chance of the outcome happening |
| Define Expected Value | The financial value of an outcome = Probability x Outcome/Result |
| Define Net Gain | The value to be gained from taking that decision = Expected Value- Cost of Decision |
| Opportunity Cost | Measures the cost of a choice made in terms of the next best alternative foregone or sacrificed. E.g. Work-leisure choices- The opportunity cost of deciding not to work an extra ten hours a week is the lost wages given up. |
| Stakeholder Interests | - Suppliers- can decide to raise order prices which affects profits, long term contracts, see if payment will be prompt, credit terms - Employees- salaries, job security and satisfaction, motivation, could cause strike, turnover - Managers- new policies could change aims and objectives - Customers- value for money, quality, customer service, main stakeholder - Community- petitions against building planning permission and developments |
| Stakeholder Engagement | Involves stakeholders in decisions - Communicate the right message - Consult to optimize the product - Plan - Relationships with stakeholders - Manage risks - Compromise - Responsibility to maintain dialogue with stakeholders |
| Stakeholder Model | Internal Stakeholders- employees, managers, owner External Stakeholder- suppliers, society, government, creditors, shareholders, customers |
| Stakeholder Mapping | A collaborative process of research that draws from multiple perspectives to determine a key list of stakeholders. 1) Identifying- listing relevant groups 2) Analyzing: understanding stakeholder perspectives and interests 3) Mapping- visualizing relationships to objectives and stakeholders 4) Prioritizing- ranking stakeholder relevance and identifying issues |
| PESTLE-C | Political- tax policies, Fiscal policy, trade tariffs Economic- inflation rate, interest rates, foreign exchange rates, economic growth patterns Social- cultural trends, demographics, population analytic Technological- automation, research and development, machines used Legal- see political Environmental- recyclable, sustainable Competitors- prices, product, advertising, actions |
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