decision making, leadship and managers
what is a decision tree
a mathematical model that shows the lgocial ideas that a business can decide from
what are 2 advantages of a decision tree
likely costs are taken into account, encourages a logical thinking approach
what are 2 disadvantages of a decision tree
reliant on the quality of the data, data may go out of date quickly
what does decision making depend on
missions and objectives,resource constraints,competition,ethics, the external environment
what is a stake holder
a person who has an interest in the activity or sucess of a business
what is a shareholder/owner
people who have an invested money into a business
what is a manager
a person who is repsonsible fo implementing decisions made by the owners
what do managers need
stable salaries to make informed decisions
what is an employee
the labour force that produces goods and services
what do employees need
job security, and good pay and working conditions
what are customers
people who by goods and services from a business
what do customers need
a wide range of good quality products at a reasonale price
what is a supplier
a business that sells goods and services to other businesses
what is the local community
people or businesses that are located near to a business
what does the local communtiy need
minimal noise and pollution and a range of job opportunities
what does the government do
collect tax payments and offer grants
what does the government need
payment of taxes and people to be comliant with legislation
what are creditors
individuals or entities thay have lent moeny to a business
what do creditors need
to be repaid with interest on time and to make further loas
what are the three Mintzberg management roles
interpersonal,informational,decisional
what are the three segments of intepersonal
liason,leader,figurehead
what are the three segments of informational
disseminator,spokesperson,monitor
what are the four segments of decisional
negotiator,resource allocator,entrepeneur,disurbance handler
what are the three levels of management
junior, middle, senior
what are the four leadership styles
autocractic,democratic,paternalistic,laissez-faire
what is an autocratic leadership
when one person makes the decisions and has very little input from others
what is a paternalistic leadership
treating suboordinates like an extended family
what is a democratic leadership
when many suboordinates will have a say in the decision making process
what is a laissez-faire leadership
a handsoff approach where employers let employees make informed decisions
what is a risk
the possibility of something bad happemning
what is a reward
something that is given in exchange for good work within the business
what is uncertainty
state of being unkown
what is an opportunitycost
the next best alternative forgone