Unit 2 - Management, Leadership and Decision-making

management

people that are meant to accomplish organizational goals through planning, organizing, leading, and controlling people and other organizational resources

leadership

the ability to motivate individuals and groups to accomplish important goals

autocratic leadership

leadership style that involves making managerial decisions without consulting others

paternalistic leadership

A leadership style where the leader makes decisions but takes into account the welfare of employees

democratic leadership

a leadership style that promotes the active participation of workers in taking decisions

laissez-faire leadership

allows the group to function more or less on its own

Tannenbaum Schmidt Continuum

A model that highlights the range of different management styles that may be adopted ranging from a 'tell' approach to one that involves delegation

stakeholders

the people whose interests are affected by an organization's activities

shareholders

The owners of a company

stakeholder mapping

A systematic way to identify the expectations, needs, importance, and relative power of various stakeholders.

scientific decision making

Based on data and uses logical, rational approach to decision making

intuitive decision making

Making decisions on the basis of experience, feelings, and accumulated judgment.

decision trees

Graph of decisions and their possible consequences, used to create a plan to reach a goal. based on probabilities, estimated payoffs, expected values and net gains

influences on decision-making

Mission.

Objectives.

Ethics (values).

External enviro: market conditions, incomes, competition, interest rates, environment.

Resource constraints: finance, time, people.

risk versus reward

basic decision-making model where business will proceed if rewards outweigh the risks

opportuntiy cost

whatever must be given up to obtain some item

win-win approach

a negotiation where both parties/ stakeholders benefit

win-lose approach

An approach to negotiation that assumes any gain by one party is possible only at the expense of the other party.

business uncertainty

the amount of unknowns in a given situation