What is the difference between management and leadership?
Management : focus on organisation and coordination of task to achieve goals
Leadership : focus on inspiring and motivating people towards a shared vision
What are the 4 leadership styles?
Autocratic, paternalistic, democratic, laissez-faire
What is the Tannenbaum Schmidt continuum?
A diagram outlining the fluid system of leadership based on a range of factors
What does the Autocratic leadership style entail and what are the positive and negative results?
Individual control over decision, minimal input from group members, clear hierarchy, lack of delegation
:) - quick decision making
:( - lower team morale
What does the Paternalistic leadership style entail and what are the positive and negative results?
Parental control, prioritising employees well-being in return for loyalty and obedience, respect and compassion, organisation, decisiveness, empowerment
:) - motivation, communication, employee retention, job satisfaction
:( - low morale, dependence, imbalance, lack of delegation
What does the Democratic leadership style entail and what are the positive and negative results?
Participative, decision-making is shared, all input considered, collaboration, some delegation, creativity, flexibility, transparency
:) - participation, varied views, efficient problem solving, commitment, satisfaction
:( - requires strong communication, reliant on clear roles/expectations, sharing info, relevant skills,
What does the Laissez-faire leadership style entail and what are the positive and negative results?
Hands-off, independent, creativity, self-motivation, high delegation, autonomy, leaders provide training and support, accountability falls on leader
:) - encourages personal growth, innovation, faster decision-making
:( - lack of role clarity, poor involvement in groups, low accountability, passivity
What should scientific decision making include an understanding of?
Risk, rewards, uncertainty, opportunity cost, the use and value of decision trees in making decisions
What are decision trees?
Quantitative methods if tracing outcomes of a decision so the most profitable decision can be made
What can u gain from decision trees?
Research-based estimates and probabilities and the net gain from a decision
What can influence decision making?
Mission, Objectives, Ethics, External environment (competition), Resource constraints
Why do businesses need to consider stakeholders when making decisions?
Stakeholders can have varying amounts of power, interest and expectation
Communal decisions reduce opposition and align with needs to create be cohesive
What do stakeholders want?
Clear benefits, Trust and alignment with their interests, business value, capability, commitment, indemnity
How can stakeholder needs conflict?
Profit vs wages
Production area vs jobs
Profit vs prices
What methods are used to manage relationships with different stakeholders?
Communication
Consultation
Compromising