Managers, leadership and decision making

Management

The process of coordinating and directing the activities of an organisation to achieve its goals efficiently through planning, organising and controlling resources.

Leadership

The ability to inspire, influence and guide others towards achieving a common goal or vision.

Management

The process of coordinating and directing the activities of an organisation to achieve its goals efficiently through planning, organising and controlling resources.

Leadership

The ability to inspire, influence and guide others towards achieving a common goal or vision.

Autocratic

A leadership style where decisions are made by a single individual with little or no input from subordinates, often characterised by strict control and centralised authority.

Paternalistic

A leadership style where the leader acts as a father figure, making decisions for the benefit of employees while expecting loyalty and obedience in return.

Democratic

A leadership style that encourages participation, collaboration and decision-making by team members, promoting equality and shared responsibility.

Laissez-faire

A leadership style characterised by minimal intervention and a hands-off approach, where individuals or teams are given freedom to make their own decisions and manage their own tasks.

Opportunity cost

The value of the next best alternative that must be forgone when a decision is made to allocate resources to a particular option

Stakeholder

Individuals or groups who have an interest, involvement, or are affected by the activities and outcomes of a business, including employees, customers, shareholders and the community.