100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Previously searched by you
Previously searched by you
logo
2- Management & Decision Making - Content Poster CA$13.35   Add to cart
Quickly navigate to
Preview
  2.  
  3. AQA
  4.  
  5. Business Subjects
  6.  
  7. 2- Management & Decision Making

Other

2- Management & Decision Making - Content Poster
 6 views  0 purchase
  • Course
  • 2- Management & Decision Making
  • Institution
  • AQA
  • Book
  • New A-Level Biology

Includes a PDF Download of a mindmap style poster in which colours and imagery are used to summarise the chapter including the most important details from the revision guide

Preview 1 out of 1  pages

Document information

  • June 17, 2023
  • 1
  • 2022/2023
  • Other
  • Unknown

Subjects

  • business
  • aqa
  • business studies
  • sixth form
  • a level
  • mindmap
  • poster
  • management
  • leadership
  • summary
  • management amp decision making

Connected book

book image

Book Title:

Author(s):

  • Edition:
  • ISBN:
  • Edition:

More summaries for

  • 14 - Strategy Poster - Business Studies AQA A Level
  • 9 - Analysing the External Environment Flashcards - Business Studies AQA A Level
  • 9 - Analysing the External Environment Mindmap - Business Studies AQA A Level
All for this textbook (19)

Written for

  • A/AS Level
  • AQA
  • Business Subjects
  • 2- Management & Decision Making
All documents for this subject (2)

Seller

avatar-seller
ceryscollins

Content preview

STAKEHOLDER MAPPING & RELA
Helps identify how much power or interes
Divided into quadrants that determine how
communication they need
Relationships with stakeholders must be
ADVANTAGES OF DECISION TREES DISADVANTAGES OF DECISION TREES don’t loose them and their support
Specific stats of pay-off Based on quantitative so doesn’t account Do this by consulting major stakeholders
Good to have a visual representation for qualitative data e.g. opinions Communication
Compare options quantitatively Hard to predict accurately, data may be
Useful in familiar situation flawed
FACTORS TO CONSIDER WHEN DECISION MAKING Reality has a wider range of outcomes
STAKEHOLDER OBJECTIV
mission - the business' main purpose Can be conflicting
objectives - medium to long-term targets that help Keep a balance to keep everyon
Opportunity Cost achieve mission
Benefit given up to do something Balance between short term pro
ethics - moral and social values of the firm responsibility
else external environment - competition, trends, seasonal
Money or time spent on one thing Interests can overlap, if not nee
demand, economy
can make you miss out on others resource constraints - availability of things like people.
Puts value on business decisions money, time and raw materials
Is the value of the next best EXTERNAL STAKEHOLDE
alternative that was given up Customers - high quality products a
Intuitive Approach Suppliers - fair pay on time
Based on hunches and gut instinct Local community - employment and
DECISION TREES Government - taxes
Managers can have good intuition based on past When making decisions, the costs are known but the
INFLUENCE ON DECISIONS: experience that may be better than competitors Creditors - want to be paid back on
RISK outcomes aren’t
Can make quicker decisions Make outcome predictions based on previous experiences
REWARD If the issues are new there is no helpful data
UNCERTAINTY Probability expressed as a decimal, have to add up to 1 INTERNAL STAKEHOLDE
Can be risky and irrational EV = probability of outcome x pay off Owners - most important, make pro
EV of a course of action = add EVs of different outcomes together Employees - interested in job securi
Net gain = EV - Initial costs promotions, wage, working condition
Scientific Approach more concerns
Making decisions based on data can reduce
expensive mistakes
Logical, structured and can be adapted
Can be costly and time consuming to collect and DECISION MAKING
analyse data
Can be less creative and human

2- Managem
Ensure data is reliable and up to date - if not it
could be bias Assess leadership based on
how much they care about BLAKE MOUTON GRID

Decision Ma
employees and how much
they care about production

Impoverished Style
low concern for people
low concern for production
poor management
low levels of motivation
failing quality & productivity
TANNENBAUM & SCHMIDT CONTINUUM FA
Produce or Perish
authoritarian - focus on work and
strict rules
may neglect the worker's needs places managers on a scale ranging from
low level of motivation autocratic to laissez-faire through increasing
high levels of abscence levels of participation in decision making by the
workforce

Country Club Style
over-concern with worker TELLS
welfare autocratic
happy but not productive 0 involvement of workforce
doesn't motivate to increase they are not trusted
output can divide the leaders and workforce

Middle of the Road SELLS
Average concern for needs manager makes decision but presents it to the
Average concern for production workforce as having a sound rationale
mediocre results workforce allowed to ask questions but do
not influence the decision being made

Team Style

SUGGESTS

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller ceryscollins. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for CA$13.35. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

64438 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
CA$13.35
  • (0)
  Add to cart