Models help us describe and summarize relationships between variables. Understanding how process variables relate to each other helps businesses predict and improve performance. For example, a marketing manager might be interested in modeling the relationship between advertisement expenditures and sales revenues.
Consider the dataset below and respond to the questions that follow:
Advertisement ($’000) Sales ($’000)
• Construct a scatter plot with this data.
• Do you observe a relationship between both variables?
• Use Excel to fit a linear regression line to the data. What is the fitted regression model? (Hint: You can follow the steps outlined on page 497 of the textbook.)
• What is the slope? What does the slope tell us?Is the slope significant?
• What is the intercept? Is it meaningful?
• What is the value of the regression coefficient,r? What is the value of the coefficient of determination, r^2? What does r^2 tell us?
• Use the model to predict sales and the business spends $950,000 in advertisement. Does the model underestimate or overestimates ales?
In this essay I will discuss the connections between leadership, motivation and teamwork theories, how they connect to practice in organisations and their limitations, offering solutions where impracticalities arise. The essay aims to draw conclusions on the suitability of Fiedler’s Contingency Theory of Leadership, Tuckman’s Model of Group Development, Belbin’s Team Theory, and Herzberg’s Two Factor Theory in practice, and how complexities like power and influence shape how they can be applied to best suit the situation a leader faces. Leadership Contingency based theories of leadership suggest that there is no correct or best way to lead a group, or organisation, due to the significant number of constraints on a situation (Flinsch-Rodriguez, 2019). Fiedler, in his Contingency Theory of Leadership (Fiedler, 1967), suggests that the effectiveness of a group is dependent on the leadership styles of the leader and their favourability to the situation. Much of the theory is established around the least preferred co-worker scale (LPC). The LPC aims to quantify a potential leaders approach to a task on a scale of relationship motivated to task motivated, where the leader fits on the scale allows their most favourable situation to be deduced, and thus allows the identification of suitable leaders for tasks. The favourableness of the situation depends on three characteristics: leader-member relations, the support and trust the leader as from the group; task structure, the clarity of the task to the leader; and positional power, the authority the leader has to assess a groups performance and give rewards and punishments (Fiedler, 1967). If the leaders approach matches what is required from the situation then success is predicted for the group. Fiedler’s contingency model offers a very austere categorisation of leadership, clearly defining which situations will and will not result in success for a potential leader. At the senior management level of a hierarchal structure within an organisation the theory can be applied freely, firstly due to the ease at which persons can be replaced if their LPC score does not match that required of the situation (Pettinger, 2007). Secondly, and most importantly, is to ensure that the senior management are best equipped to lead the organisation successfully. However, further down the hierarchy Fielder’s contingency theory begins to hold much less relevance, it becomes impractical from a organisational perspective due to the number of people at this level of leadership. The logistics of matching the leader with their least preferred co-worker is impossible to consistently achieve, so a more continuum based approach is required. Figure 1: Chelladurai’s Multi-Dimensional Model of Leadership (Miller and Cronin, 2012)>GET ANSWER