ACCA Paper F1 Accountant in business

REVISION Part D

Chapter 11

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Leading and managing people

 Responsibility is assigned, assumed or conferred

Once held, Responsibility cannot be divested It can be delegated

Accountability exists with Responsibility.

Accountability is being answerable to how the Responsibility is handled It can be limited

Authority should be delegated. It is the critical component of the triad

Authority is the power or control to act on the Responsibility

 Managing Power
Legitimate power The power a leader has as a result of his or her position of authority. Coercive power The power a leader has to punish or control. Reward power The power to give positive benefits or rewards.

Expert power The influence a leader can exert as a result of his or her expertise, skills, or knowledge. Referent power The power of a leader that arise because of a persons desirable resources or admired personal traits.

Kotter identifies 6 approaches to managing change Education and communication: Leader decides and then explains Participation and involvement: Get the staffs involved (Get the staffs come up with their own ideas) Facilitation and support: Help workers during change Negotiation and agreement: Bargaining to compromise Manipulation and co-optation: covert attempts to sidestep potential resistance

Chapter 12

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Recruitment and selection

Chapter 13

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Diversity and equal opportunities

Chapter 14

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Individuals, groups and teams

Chapter 15

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Motivating individuals and groups

Chapter 16

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Training and development

Chapter 17

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Performance appraisal