Summary Unit 6 Principles of Management EXAM STRUCTURE 2023

Tannenbaum Schmidt Continuum - correct answers A spectrum between strict and laissez faire leadership Objectives - correct answers The medium to long term goals established to coordinate the business Hierachy - correct answers Refer to the number of layers of authority within an organisation i.e. how many levels exist between the CEO and the shop floor employee Delegation - correct answers The passing down of authority (but not responsibility) down the organisational structure Stakeholders - correct answers Individuals or groups (such as employees, customers and local residents) who have an interest in the business Leadership - correct answers Includes the functions of ruling, guiding and inspiring other people within an organisation in pursuit of agreed objectives Management - correct answers Planning, organising, directing and controlling all or part of a business enterprise Authority - correct answers The power or ability to carry through an action Transactional leader - correct answers Carrot and the stick approach, motivating through pay to hit targets Transformational leader - correct answers Guiding the hearts and minds of employees to motivate them and improve the future of the company