Functions of a Good Product Manager
Astute product management requires the product manager’s involvement at every phase of the product lifecycle. Starting with the initial conceptualization and coordination with the different departments, including liaising with finance, legal and other teams, and finally, driving the product to launch and after sales service by interacting with the sales and marketing functions. To take […]
New Emerging Markets: Mexico, Indonesia, Nigeria and Turkey (MINTs)
Global capital is always on the search of the next profitable opportunity and this is the reason why the BRICs or the grouping of Brazil, Russia, India, and China found favor as emerging markets in the last two decades. As these economies began to sag and saturate, the restless investors began looking for the next […]
Circular References in Financial Modelling
A lot of financial modeling takes place in Microsoft Excel. One of the errors that financial modelers come across during the financial modeling process is called the “Circular Reference” error. This error can affect many values in any model. To an untrained financial modeler, this could be the source of a lot of panic. However, […]
What is Causing the Bitcoin Boom?
It is true that cryptocurrencies have been gaining more acceptances all over the world. As a result, the rise of Bitcoin should have been no surprise had the rise been minimal. However, of late the value of a single Bitcoin has grown several-fold. It is now more valuable than several currencies in the world. The […]
What is Workplace Violence and How to Deal with it
Workplace violence is easily the most misunderstood concept in the contemporary organizational context. This is because the term is misleading and whenever one mentions workplace violence, we conjure images of rioting and destruction as happened recently in the Maruti plant in Manesar, India or the Foxconn facilities in China. However, without discounting these incidents as […]
A major characteristic of effective teams is clear expectations about the roles played by each team member. In such a team, action is taken and clear assignments are made. These roles are duly accepted as well as carried out. Work needs to be distributed fairly among team members, as per each person’s skill and capability.
The leader needs to have the ability to give clear assignments in each work area.
Each team member needs to understand their leader’s expectations regarding required work methods as well as procedures. This is with regards to each job or project.
It is vital to understand the due dates for the completion of projects. Determine when the dates have slipped and which completion dates are final and nonnegotiable. This is because each task is connected to another in a team. A delay in one task anywhere leads to a delay in the complete project. This way no organization will be able to meet its deadlines leading to huge losses for the company.
Each team member’s role is to be clearly understood when they are assigned to a given job or responsibility. This is very important else too much time will be spent due to wrong communications reaching team members.
Understand the leader’s expectations while dealing with all kinds of supplier problems. Similarly the customer complaints or requests also need to be handled by each team member as per the organization’s policies. After all, effective relationships have to be built with other work groups in order to achieve the full potential of the team.
Each person as well as each team will be loaded with a huge amount of work. It is important for each team member to understanding which jobs take priority at that particular moment. Besides, changes in work priorities also take place due to changing circumstances. It is important to be able to clearly differentiate between hot jobs and other jobs.
Understand what the leader expects in the way of desired outcomes. At this point in time, open communication is vital. Understand what it means to do a good job as per the leader’s expectations. Then list down the degree of effort that is expected to be put into a job. At this point in time, it is important to avoid overworking on low-priority jobs, as that will not help in realizing the company’s objectives.
Each team always has limited resources. The aim is to achieve the maximum with the minimum resources. Understand what resources have been allocated to perform a job. These resources may include things such as facilities, support staff, equipment, software, as well as budget. Also understand how much control the team has over resource decisions.
Once the leader is able to clarify each work area, he will be able to smoothen out the way for each of their team members. This way it will be easier for the team to achieve its objectives by making use of allocated time.
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