leadership, maages and decision making
what is autocratic leadership
when one person has full power in a business
what is a paternalistic leadership
a leader considers their suboordinates part of a large extended family
what is a democratic leadership
letting multiple people participate in the decision making
what is a laissez-faire leadership
a hands off approach where leaders trust suboordinates to make informed decisions
what may a choice of leadership depend on
nature of task, personality of leader
what is a decision tree
a mathematical model that shows logical decisions that a business can chose from
give an advantage of a decision tree
gives each option a financial value, making it easier to compare
give a disadvantage of a decision tree
does not consider qualitative factors
what may decision making depend on
resource constraits, competition
what are the two types of decision making
intuition and scientific
what is an advantage of intuition
allows quick decision making
what is an disadvantage of intuition
subject to bias
what is an advantage of scientific
supported by quantifiable evidence
what is an disadvantage of scientific
may require expensive data collection
when might scientific decision making be used
there is a lack of experience,people need persuading,when companies are risk averse
when might intuitive decision making be used
there is a lack of data,decisions need to be quick,decision makers have a vast experience
what is a supplier
a business that sells goods and services to other businesses
what do the suppliers need
regular and dependant orders with reliable payments.
what is a local community
people and businesses that live or are located in the area of a business
what does a local community need
job opportunities and minimal disruptance
what does the government do
collect tax payments,introduce laws and offer grants
what does the government need
compliance with legislation,payment of taxes
what is a creditor
individuals who have lent money to a business
what do creditors need
repayment with interest on time and to make further loans
what are shareholder or owners
a group of people who have invested money into a company
what do shareholders or owners need
high profits and strong dividends payments
what are managers
staff who are responsible for implementing the decisions made by the owners
what do managers need
a reasonable salary and to be empowered to make decisions
what are employees
the labour force of an organisation that are relied on to make goods and services
what do employees need
job security,good working conditions, high pay and promotional opportunities
what is a customer
people who buy goods or services from a business
what do customers need
high quality and wide choice of products, and god custimers service