Why the Digital Age Demands Decision Makers to be Like Elite Marines and Zen Monks
February 7, 2025
Bankruptcy is one of the natural states which a company may find itself in. Entrepreneurship is primarily about taking risks. When companies take risks, some of them succeed, whereas others fail. Hence failure is a natural part of the business. However, many critics of bankruptcy laws believe that there isn’t a need for an elaborate […]
What is the Wirecard Scandal all about and Why it is a Wakeup Call for Whistleblowers Anyone who has been following financial and business news over the last couple of years would have heard about Wirecard, the embattled German payments firm that had to file for bankruptcy after serious and humungous frauds were uncovered leading […]
How Modern Decision Makers Have to Confront Present Shock and Information Overload We live in times when Information Overload is getting the better of cognitive abilities to absorb and process the needed data and information to make informed decisions. In addition, the Digital Age has also engendered the Present Shock of Virality and Instant Gratification […]
Geopolitics, Economics, and Geoeconomics In the evolving global trading and economic system, firms and corporates are impacted as much by the economic policies of nations as they are by the geopolitical and foreign policies. In other words, any global firm wishing to do business in the international sphere has to be cognizant of both the […]
In the previous article, we have already come across some of the reasons why the government should not encourage funding of stadiums that are to be used by private franchises. We have already seen that the entire mechanism of government funding ends up being a regressive tax on the citizens of a particular city who […]
The key to the success of the High-Performance Teams is determined by the composition of the members of the team. The team members represent diverse functional, cultural and social backgrounds, who collaborate to achieve specific goals under pre-defined deadlines and resource limitations. The team members can be categorised into five types by the variations in the personalities:
Various High-Performance Teams differ from each other in terms of the duration, goals or objectives of coming together and also the very purpose of their existence. Such teams can be mainly grouped into five broad categories:
Self-Managed teams essentially comprise a group of team members who are responsible for almost all the kinds of functional and managerial responsibilities required for delivering specific work outcomes or realisation of the project goals.
The administrative and technical responsibilities are rotated amongst the team members and the team members mainly play the role of the facilitators and carry out the supporting work for example planning, facilitation and scheduling of the workflow.
Self-Managed teams are essentially autonomous in terms of discharging their responsibilities and management of the team members. Such groups are more productive and deliver exceptional outcomes because the team composition comprises of the members who are experts or specialists in their respective fields and can efficiently handle both technical and managerial nature of work.
Parallel teams enjoy limited authority and can only offer recommendations for improvement or creative problem-solving. Examples of this type of groups could be quality circles, quality improvement teams, task forces, etc.
The nature of work of the project teams is not repetitive or redundant. Instead, it involves a significant application of the specialised skills and expertise for fulfilling the project goals. Such units comprise of members having specialised skills and representing diverse disciplines or functional backgrounds.
Depending on the nature of the assigned projects, a project team can take the form of a cross-functional team, matrix team or a contract team.
A cross-functional team comprises a group of team members from various functional departments or different fields of specialisation coming together to take care of a project assignment with pre-defined timelines. The members of the team can be deployed on a full-time or a part-time basis and once the task is accomplished the team is disbanded.
In matrix teams, an individual may report to two bosses at the same time for two different nature of responsibilities associated with the project. While in case of contract teams, a part of the project assignment which is outsourced to the external vendors is supervised by the project manager who ensures that the project objectives are met within the stipulated deadlines and resources.
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