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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reliant on the quality of the data, data may go out of date quickly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

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