41 terms in 3.2
Autocratic Leadership
Leadership style where leader makes decisions with little/no employee input.
Understanding management, leadership and decision making
Business Ethics
The application of moral principles to business decisions and behaviour, addressing what is right and wrong in commercia...
Understanding management decision making
Corporate Timescale
The time horizon over which a business makes its strategic and financial decisions, ranging from short-term (weeks to mo...
Cost Leadership Strategy
Competing by having lowest production costs, enabling low prices.
Critical Path Analysis (CPA)
A project management technique that identifies the longest sequence of dependent activities (the critical path) in a pro...
decision tree
A quantitative decision-making tool that maps out possible options, their probabilities, and expected outcomes in a tree...
Democratic Leadership
Leadership style seeking employee input in decisions.
Earliest Start Time (EST)
In Critical Path Analysis, the earliest possible time at which an activity can begin, based on when all preceding activi...
Evidence-Based Decision
A decision made by systematically gathering and analysing relevant data and research before choosing a course of action,...
External Stakeholder
An individual or group outside the organisation who has an interest in or is affected by its activities. Includes custom...
Integrity (Leadership)
Quality of being honest, principled, consistent in values and actions.
Internal Stakeholder
An individual or group within the organisation who has a direct interest in its activities and decisions. Includes emplo...
Key Personnel
Employees whose skills, knowledge, relationships, or leadership are so critical to business operations that their depart...
laissez-faire
(Economic - already covered).
Laissez-Faire (Economic Policy)
Minimal government intervention in economy.
Laissez-Faire Leadership
Leadership style giving employees maximum freedom and minimal direction.
Latest Finish Time (LFT)
In Critical Path Analysis, the latest time at which an activity can be completed without delaying the overall project co...
leadership
Directing and inspiring people toward goals.
Leadership Style
Approach to directing and influencing people.
Line of Best Fit
A straight line drawn on a scatter graph that best represents the trend of the data, minimising the overall distance bet...
Long-Termism
A focus on sustainable long-term business outcomes over short-term financial metrics, prioritising investment in people,...
management
Running/controlling business operations achieving objectives.
Management Style
Approach to directing employees.
Management vs Leadership
Management refers to the process of planning, organising, and controlling resources to achieve objectives. Leadership re...
Moving Average
A smoothing technique used in time-series analysis that calculates the average of a set number of consecutive data point...
Network Diagram
A diagram used in Critical Path Analysis that maps all activities in a project showing their sequence and dependencies, ...
opportunity cost
Benefit foregone by choosing one option over another.
Organisational Change
Any significant alteration to the structure, culture, processes, systems, or strategy of an organisation.
Paternalistic Leadership
Leadership style combining authority with caring/benevolence toward employees.
risk
Probability of negative outcome with quantifiable consequences.
Scatter Graph
A type of graph that plots two variables against each other to identify whether a correlation (relationship) exists betw...
Short-Termism
A focus on immediate or near-term results at the expense of long-term sustainability and investment, often driven by pre...
stakeholder
Individual/group affected by or affecting business.
Understanding the role and importance of stakeholders
Stakeholder Approach
A management philosophy that argues businesses should be run for the benefit of all stakeholders — employees, customers,...
Stakeholder Conflict
Disagreement between stakeholders with different interests.
Stakeholder Mapping (Power-Interest Matrix)
A framework plotting stakeholders by power and interest to determine the best management approach for each group.
Subjective Decision
A decision based on personal judgement, intuition, experience, or values rather than objective data or systematic analys...
Succession Planning
The process of identifying and developing internal employees to fill key leadership or specialist positions in the futur...
Tannenbaum-Schmidt Continuum
A model showing leadership styles on a spectrum from fully autocratic to fully democratic.
Transformational Leadership
A leadership style in which leaders inspire and motivate followers to achieve extraordinary outcomes by articulating a c...
uncertainty
Business conditions where outcomes unpredictable; probabilities unknown.