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