Critical Success Factors for Virtual Teams
February 12, 2025
Download PPT for Complete Course on Maslow Need Hierarchy Model Total Slides: 49 Human behavior is goal-directed. Motivation cause goal-directed behaviour. It is through motivation that needs can be handled and tackled purposely. This can be understood by understanding the hierarchy of needs by manager. The needs of individual serves as a driving force in […]
Managers in contemporary organizations are confronted with uncertainty and ambiguity in their everyday lives. Not only do they have to contend with rapidly changing trends and fluid situations, the data they get from the ground or from market research becomes redundant with no time. This has given rise to confusion and chaos in the way […]
Communication is a process beginning with a sender who encodes the message and passes it through some channel to the receiver who decodes the message. Communication is fruitful if and only if the messages sent by the sender is interpreted with same meaning by the receiver. If any kind of disturbance blocks any step of […]
The reinsurance industry has several complicated terminologies which are routinely used. This is because there are several concepts in the reinsurance industry that are different from the general insurance industry. The concept of fronting is one such concept. Fronting can be confusing to a layperson. This is because it is a complex arrangement. However, it […]
In the previous articles, we discussed how decision making in these times is fraught with risk, uncertainty, and ambiguity. In this article, we examine a key dilemma facing managers in these times when economic conditions are gloomy. For starters, managers face the unenviable task of returning high profits in a time of inflationary pressures. This […]
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.
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