Organization Ethics – Meaning and its Importance
An organization is formed when individuals from different backgrounds and varied interests come together on a common platform and work towards predefined goals and objectives. Employees are the assets of an organization and it is essential for them to maintain the decorum and ambience of the workplace. What is Organization Ethics ? The way an […]
Significance and Concept of Budget in Public Administration
The budget in its elementary form had been part of almost all monarchies of the history. There have been written documents regarding the existence of the state treasury, accountants and auditors who were employed by the monarchs to protect the royal treasury. The modern democracies have the legislatures playing an important role in the managing […]
Informal Networks in Organizations and Organizational Effectiveness
Introduction It is said that humans are social beings and hence, have an innate need to communicate, relate, and exchange information with others. We are all aware of how we form networks of familial relatives, peers, friends, and in this age of social media, virtual contacts. Therefore, being social and engaging with others comes naturally […]
Organization Management – Meaning, Need and its Features
A set-up where individuals from diverse backgrounds, different educational qualifications and varied interests come together to work towards a common goal is called an organization. The employees must work in close coordination with each other and try their level best to achieve the organization’s goals. It is essential to manage the employees well for them […]
What is Modified Coinsurance and How it Works
A reinsurance contract is essentially a contract between a ceding insurance company as well as a reinsurance company. Under plain vanilla reinsurance contracts, the premiums, as well as risks, are transferred proportionately from the ceding insurer to the reinsurance company. In some cases, this arrangement is not acceptable to one or both of the parties. […]
Return on Investment is a popular analytical tool which is used to measure the benefits relative to the cost. There is an ongoing debate in the business world on which is better – co-located or virtual teams. Though there is no black and white answer to this question. But the key lies in carefully assessing the business situation and matching the right type of team. Applying ROI to the virtual team context is a challenge because it is not possible to assign monetary values to each of the benefit and cost factors. For the purpose of this discussion we have identified certain relevant costs and benefits factors of virtual teams as well as we have considered backward-looking or retrospective ROI which measures the value of the impact of team’s activities once completed.
Keeping in mind the current hyper-competitive market, it is impractical to solely rely on either co-located or virtual teams for doing the work entirely. On the actual grounds, organizations divide the work wherein some part is done by co-located members and some of it by virtual team members. This helps them to enjoy the easy & faster coordination of co-located teams as well as innovation & best practices learning from virtual members. ROI measurement comes as a handy tool for leaders and managers to take decisions related to alignment of team outputs with strategic intent as well as allocate resources accordingly to reap maximum benefits.
Your email address will not be published. Required fields are marked *
