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TOPIC 2: LEADERSHIP/DECISION MAKING - Coggle Diagram
TOPIC 2: LEADERSHIP/DECISION MAKING
2.1
role of managers: set objectives, organize, motivate/communicate, measure, develop people
leaderships: autocratic, democratic, paternalistic, laissez-faire
T&S: tells, sells, suggests, consults, shares, delegates = relationship between level of freedom & level of authority
why chose a type of leadership? - the individual - nature of industry - business culture
2.2
scientific decision making (Boston matrix, product life cycle, investment appraisal, ratio analysis, decision trees) & intuition(gut feeling):
opportunity cost: next best alternative that'll be missed by making a specific decision
influences on decison making
misson & objectives: essential purpose, guides DM
ethics: morally correct
external enviro: downturn in economy, rise in interest rates
competition: actions of comp.
resource constraints: do what's physically possible to do, limit what a business can do
decision trees
2.3
stakeholders: owners/shareholders, managers/employees, customers, suppliers, government, local community
stakeholder mapping: based on power and interest
high power&interest = manage closely
low power&interest = monitor closely
managers must consider:
How decisions affect different stakeholder groups
Possible conflicts of interest
Prioritising stakeholders strategically