theories

• What does the Tannenbaum-Schmidt Continuum illustrate?

  Range of management styles from autocratic to democratic
• What is the focus of the Tannenbaum-Schmidt Continuum?

  Balance between manager control and employee freedom
• What does the 'Tell' style in the Tannenbaum-Schmidt Continuum involve?

  Manager makes decisions alone and instructs employees
• What does the 'Sell' style in the Tannenbaum-Schmidt Continuum entail?

  Manager explains decisions to gain acceptance
• What is the 'Consult' style in the Tannenbaum-Schmidt Continuum?

  Manager seeks feedback before making final decisions
• What does the 'Join' style in the Tannenbaum-Schmidt Continuum allow?

  Team members make decisions collectively with the manager
• In what scenario is the autocratic style most appropriate?

  In emergencies requiring quick decisions
• When is the democratic style typically applied?

  When employee input is essential for strategy
• What is a consultative style used for?

  When a manager values input but makes the final decision
• What is an advantage of flexible leadership styles?

  Managers can adjust based on situation and needs
• How does employee engagement benefit from involving them in decision-making?

  It can lead to increased motivation and satisfaction
• What is a disadvantage of involving employees in decision-making?

  It may slow down the decision-making process
• What confusion might arise from switching leadership styles?

  Employees may be unclear about expectations
• Why might not all situations suit a democratic approach?

  Urgent scenarios may require quick decisions
• What does Scientific Decision Making refer to?

  A structured, data-driven approach to decisions
• What is the first step in Scientific Decision Making?

  Collecting quantitative data
• How does Scientific Decision Making minimize risks?

  By using objective methods for informed decisions
• What is involved in data collection?

  Gathering reliable information from various sources
• What is the purpose of data analysis in Scientific Decision Making?

  To identify trends and insights from data
• What happens after decisions are made in Scientific Decision Making?

  Outcomes are monitored and assessed
• How might a company use market research in Scientific Decision Making?

  To determine the best pricing strategy
• How does a retailer use forecasting in Scientific Decision Making?

  To predict demand and optimize inventory
• What is a business's approach to investment decisions in Scientific Decision Making?

  Using financial analysis to evaluate investments
• What is a key advantage of data-driven decisions?

  They are more objective and less biased
• How does Scientific Decision Making improve accuracy?

  By basing decisions on actual data
• What is a disadvantage of data collection in Scientific Decision Making?

  It can be time-consuming and resource-intensive
• What is a potential issue with data quality in Scientific Decision Making?

  Inaccurate data can lead to flawed decisions
• What do Decision Trees represent?

  Potential outcomes of different decision options
• How do Decision Trees help businesses?

  By visualizing choices, risks, and rewards
• What are nodes in a Decision Tree?

  Points where decisions are made or outcomes determined
• What do branches in a Decision Tree represent?

  Options or possible outcomes connecting nodes
• What are probabilities in a Decision Tree?

  Likelihood of an outcome occurring expressed as a percentage
• What are payoffs in a Decision Tree?

  Financial or other benefits resulting from an outcome
• What is Expected Value (EV) in Decision Trees?

  Average outcome of each decision based on probabilities
• How is Expected Value (EV) calculated?

  EV = Probability of Outcome × Payoff
• What is the EV for Option A with a 60% chance of earning £10,000?

  £4,000
• What is the EV for Option B with a 50% chance of earning £15,000?

  £9,000
• Which option would be chosen based on EV calculations?

  Option B with £9,000
• How might a company use a decision tree for investment decisions?

  To evaluate potential outcomes of new products
• How do businesses use decision trees in project management?

  To decide whether to continue based on outcomes