Expected Default Frequency (EDF)
Expected default frequency (EDF) is an important metric to be considered during the mitigation of credit risk. It is commonly used in many formulas used to predict future credit risks and default rates. The term expected default frequency (EDF) actually refers to the KMV model which was developed by credit rating agency Moody’s. The model […]
Managing the Transition from Hierarchical to Network Organizational Structures
Introduction The emergence of the network-based organizational structures and a movement away from the hierarchical structures that were the hallmark of the earlier era presents its own set of challenges to Human Resource Managers (HRM) as well as Executive Leadership and Senior Management. The key aspect of the transition from hierarchy to network and from […]
Tips to Strengthen Bond Among Employees
Employees are the biggest asset of an organization. In today’s scenario of cut throat competition, individuals need to work together as a team and also strive hard to deliver their level best. Negative feelings like jealousy, ego and so on have no place in the professional world. Let us go through some tips to strengthen […]
Why is Market Risk Management Important?
The concept of market risk has always been around ever since financial markets have existed. However, the measurement and management of market risk is fairly new and has come up only in the last three to four decades. The recent past has seen a proliferation of theories and models which have been used to measure […]
Types of Public Relation Tools/Activities
Organizations hire public relations experts to position themselves strongly in the minds of target audiences, investors, stakeholders, employees and all others associated with it. Public relations activities are designed specially to create a strong brand image. Public relations experts should ensure their target audiences agree to what they intend to sell and thus in a […]
Teams are the principal building blocks of the strategy of successful organizations. The focus of your organization may be on service, quality, cost, value, speed, efficiency, performance, or any other similar goals, but teams remain the central methodology of most organizations in the private, non-profit, as well as government sectors.
The fact remains that when a team becomes more aligned, a commonality of direction emerges, and the individual energies harmonize. This way there is a shared vision as well as an understanding of how to complement each others’ efforts.
Once you know the type of team you are in, it will help you choose how to plan your work and what you can expect as outcomes. There are various types of teams. In this article we are going to discuss the five most common ones.
This is a group of people with a traditional boss. The boss also shares some of his/her responsibility as well as authority. How much is being shared by the boss is usually dependent on the issues under consideration. This traditional boss is in charge. Bust still, on certain issues, this person may allow his other team members to take on the leadership role.
This is a group of people who are working for one boss. The team members are very happy and everything seems to be going well. There is team spirit in people. The fact remains that in reality this is not really a team. This is because there is one person who calls all the shots. Besides, there is no sharing of authority or responsibility.
This is a group of people who are managing themselves. There is no single person in this group who has the authority to make any such decisions about the events which will impact the whole group. This is also known as a self-directed work team. This is because each one has the authority as well as responsibility for all the decisions that they need to make.
This refers to a group that comes together for a specific time only. This is because it has to work on a special project or a task. Such a group has traditionally been called a task force or a committee. This may also include quality circles as are used in TQM efforts.
In such a team model, members see one another rarely or even, not at all. These are also known as “cyber” or “virtual” teams. What makes these teams different is that the team has to work together in order to accomplish goals, but they may be meeting only at the beginning of their project. Post that, they may be interacting through e-mail, telephone or through video conferencing only.
It is important to know which kind of model your team fits in. Next step is to analyze why you feel that way. Now understand which is the model your team should follow in order to accomplish the given task. This is very important in order to achieve the organizations’ goals.
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Common Barriers to the Successful Functioning of High-Performing Teams
February 12, 2025
