The document discusses factors that impact operational management and decision-making by leaders and managers. It analyzes several theories including chaos theory, managing by objectives, Miles and Snow's theory of organizational strategies, and social responsibility. It contrasts the roles of managers versus leaders in operational management. Managers focus on allocating resources, daily operations, and internal health. Leaders emphasize team building, entrepreneurship, vision, and customer-centricity. Contemporary management requires leaders to encourage risk-taking and prepare for challenges.