Team work slide

Project Management , Major : Finance and Banking , Year IV , Semester I

Western University សាកលវិ�ទ្យា�ល�យ វេវិវេ�� ន

Project Management

Topic : Team Work Lecturer : Ly Piseth

Group Members 1. Lon Mao 2. Khann Punlork 5. Meng Chunny 3. Prak Sothea 6. Chum

Sreydoung 4. Lon Samnang 7. Keo Sreymom

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Contents

1) Introduction of Team Work……………………………………………………………………... 12) Definition of Team Work………………………………………………………….…………….. 13) Benefits of successful teams…………………………………………………………………… 14) Selecting team members………………………………………………………………………….25) Potential drawbacks of teamwork……………………………………………………………… 26) Potential drawbacks of teamwork………………………………………………………………..27) Team Work Processing ………………………………………………………………………… 3 7.1) Transition procession (Between Periods of Action)…………………………………….. 3 7.2) Team Work processing Active……………………………………………………………. 3 7.3) Interpersonal Process (Present in both action period and Transition Period)……... 3 8) Intelligent nature of Leader………………………………….………………………………… 49) Advantages and disadvantages of teamwork………………….…………………………... 4 9.1) Advantage of Team Work……..………………………..…………………………. 5 9.2) Disadvantage of Team W.……………………………….………………………... 5 10) Team Work the Five Stages of Project Team work Development……..……………….5 10.1) Stage 1: Forming ………………………………………………………..………………6 10.2) Stage 2: Storming……………………………………………………….………………6 10.3) Stage 3: Norming……………………………………………………….……………….7 10.4) Stage 4: Performing…………………………………………………………………….8 10.5) Stage 5: Adjourning………………………………………………………………….. 9 11) Is the Team Effective or Not?...................................................................................9 12) Team Work in Project Management …………………………………………………….10 13) Likely the project is to end successfully………………………………………….……..10 14) Recommendation …………………………………………………………………………… 11


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1) General Provision of Team Work

Typically in Company or other establishment team work is set up by a Principle or department in company purpose of:

1) Manage in functional 2) Make effective in functional task 3) Easy to top manager for report and control. 4) One person is represent as know “ Team Leader” 5) Team Leader is responsible for team work operational.

Example: Sale team leader, credit team leader, Marketing team leader…..


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2) Team Work Definition

Team work: is those behaviors that facilitate effective team member interaction with team that team working is group of two or more individuals who perform some work related task to achieved goal that set up.

3) Effective teamwork results from a team whose membership, size and resources match the task good leadership and attention to team-building commitment by team members to understand and identify with

one another's goals the development of team goals a shared vision A sense of common ownership of the task at hand and joint

responsibility for its achievement co-ordinated effort and planned sharing of tasks evenly across

the teamProject Management , Major : Finance and Banking , Year IV , Semester I

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Improvements in participants' confidence, attitudes, motivation and personal satisfaction

greater clarity in expressing ideas through group discussion

better understanding by individuals of the nature of their contribution and of the needs of other team members

more efficient use of resources especially time

greater optimism by focusing on positive outcomes and putting less weight on problems

a wider range of ideas rather than individuals working in isolation

more effective responses to changes – improved trust and communication help a team to adapt to new circumstances.

4) Benefits of successful teams


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5) Selecting team members

Team members of high ability contribute most to a team when other members are also of high ability. However, in forming and managing a team, it is important to consider not only individuals' technical skills, knowledge and experience but also their ability to co-ordinate actions and their interpersonal qualities.

In selecting potential members, team members will be selected who are able to:commit to a shared goallisten and respond to others in an objective and productive waytake on different roles in the group in order to accomplish shared endsbe open and honest with their ideas, concerns and valuesavoid carrying hidden agendas into team meetings.


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6) Potential drawbacks of teamwork

Potential drawbacks of teamwork:

can occur when a team is

lulled into a false sense of satisfaction

loses its critical edge


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7) Teamwork processes

Researchers have identified 10 teamwork processes that fall into three categories.

7.1 Transition procession (Between Periods of Action) •Mission Analysis: Mission analysis based on period of time. •Goal Specification: set up a clear goal what to do, expenditure analysis avoided canceled object and create a new goal.•Strategy Formulary: prepared strategy how to effective on goal.


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7) Teamwork processes(Con’t)

7.2) Action processes (when the team attempts to accomplish its goals and objectives)

• Monitoring Process toward goal: good management for strategy’s operation that forward to achieved objective and avoided fail objective.

• System Monitoring: manage on network, database for use and other information technology.

• Team Monitoring and Back up behavior: manage on team, team member, and discipline to be good characteristics and positive work.

• Coordination: facilitating when team work have problem or team member has conflict.


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7.3) Interpersonal Process( Present in both action period and Transition Period)

• Conflict Management: Manage all conflicts and settle it. Because of when the project process we always appeared the conflict with.

• Motivation and confidence building: Make motivation and confidence to team member and whole team.

• Affect Management: team leader must be know many effective

Strategy to manage team, its requite team leader know much functional and skills.


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7.3) Interpersonal Process( Present in both action period and Transition Period) (Con’t)

Anymore good team work, team leader have criteria below: 1)Trust2)Respect to each other3)Fair 4)Favor5)Understand the problem


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intelligent of Team Leader

• Issue make team leader stone • Time make team leader skillful• Situation make team leader understand solution • Decision make team leader knowledgeable • Opinion make team leader strong knowledge • Development make team leader strong quantity


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9.19) Advantages and disadvantages of

teamwork

9.1) Advantages: Teamwork can lead to better decisions, products, or services. The quality of teamwork may be measured by analyzing the following six components of collaboration among team members:1.communication,2.coordination, 3.balance of member contributions, 4.mutual support,5.effort 6.cohesion. In one study, teamwork quality as measured in this manner correlated with team performance in the areas of effectiveness (Ex: producing high quality work) and efficiency (Ex: meeting schedules and budgets).


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- disadvantage: Teamwork may have an "unintended effect of fermenting hostility toward the managerial goal of making the teams fully self-managing. In one case study of a clothing manufacturer, a switch from production line work (with bonuses given for individual performance) to teamwork (in which an individual's earnings depended on team performance) caused workers to resent having to monitor each other.

9.2) Disadvantage


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Every team goes through the five stages of team development. First, some background on team development. The first four stages of team growth were first developed by Bruce Wayne Tuchman and published in 1965. the stages are below:1)Stage 1: Forming2)Stage 2: Storming3)Stage 3: Norming4)Stage 4: Performing5)Stage 5: Adjourning

10) The Five Stages of Project Team work Development


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10.1 Stage 1: Forming

The “forming” stage takes place when the team first meets each other. In the first meeting, team member are: •Introduced to each other•They share information about their backgrounds•interests •experience and form first impressions of each other•They learn about project and working on•discuss the project’s objectives •start to think about what role they will play on the project team


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10.2) Stage 2: Storming

As the team begins to work together, they move into the “storming” stage. In the this stage team member are:

• Team members compete with each other for status• They are acceptance of their ideas• They have different opinions on what should be done and how it

should be done which causes conflict within the team.• They learn how to solve problems together• The team leader needs to be adept at facilitating the team

through this stage ensuring the team members learn to listen to each other and respect their differences and ideas.


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10.3) Stage 3: Norming

When the team moves into the “norming” stage, They will are: Beginning to work more effectively as a team. They are no longer focused on their individual goals They respect each other’s opinions and value their

differences. They begin to see the value in those differences on

the team. The team has agreed on their team rules for working

together, how they will share information and resolve team conflict, and what tools and processes they will use to get the job done.



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10.3) Stage 3: Norming (con’t)

The team members begin to trust each other and actively seek each other out for assistance and input

They are now helping each other to work toward a common goal

In this stage, the team leader may not be as involved in decision making and problem solving since the team members are working better together and can take on more responsibility in these areas.


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10.4) Stage 4: Performing

In the “performing” stage, teams are functioning at a very high level.

And they are: • The focus is on reaching the goal as a group.• The team members have gotten to know each other• Trust each other and rely on each other.• The team is highly motivated to get the job done• They can make decisions and problem solve quickly and effectively.• The team members work effectively as a group and do not need the

oversight that is required at the other stages.• The team leader will continue to monitor the progress of the team

and celebrate milestone achievements with the team to continue to build team camaraderie.


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10.5) Stage 5: Adjourning

• In the “adjourning” stage the project is coming to an end and the team members are moving off into different directions.

• This stage looks at the team from the perspective of the well-being of the team rather than from the perspective of managing a team through the original four stages of team growth.

• The team leader should ensure that there is time for the team to celebrate the success of the project and capture best practices for future use

• This also provides the team the opportunity to say good-bye to each other and wish each other luck as they pursue their next endeavor.


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11) Is the Team Effective or Not?

There are various indicators of whether a team is working effectively together as a group. The characteristics of effective, successful teams include:

Clear communication among all members Regular brainstorming session with all members participating Consensus among team members Problem solving done by the group Commitment to the project and the other team members Regular team meetings are effective and inclusive


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12) Team Work in Project Management

Project management is the discipline of planning, organizing, securing, managing, leading, and controlling resources to achieve specific goals. A project is a temporary endeavor with a defined beginning and end (usually time constrained, and often constrained by funding or deliverables), undertaken to meet unique goals and objectives, typically to bring about beneficial change or added value.


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12.1) What Is Effective Teamwork with a Project Manager?

There are Three Phases for effective teamwork with a project Manager:

1. Members

According to Constructing Excellence, successful teamwork depends on who the players are. Since team members work closely together, their personalities must be compatible so that team conflicts do not arise. Project managers must select members for their team based on a variety of components, such as talent, skill, expertise and their ability to communicate and get along with others.


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12.1) What Is Effective Teamwork with a Project Manager? (con’t)


2. Communication

Project managers have more effective teamwork on their projects when good communication skills are employed. Effective communication allows team members to understand their roles in a project, as well as what is expected of them from the project manager and their teammates.


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12.1) What Is Effective Teamwork with a Project Manager? (con’t)


3. Goals

Setting team goals helps everyone in the group work together to achieve a common objective. Without goals, project managers do not set a target for team members to work toward, other than just getting a job done. Goal-setting binds teams together and keeps them focused on the end result.


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12) likely the project is to end successfully.

Lack of communication among team members. No clear roles and responsibilities for team members. Team members “throw work over the wall” to other team members,

with lack of concern for timelines or work quality. Team members work alone, rarely sharing information and offering

assistance. Team members blame others for what goes wrong, no one accepts

responsibility. Team members do not support others on the team. Team members are frequently absent thereby causing slippage in

the timeline and additional work for their team members. Example of a Team Moving Through the Five Stages Background and Team Members


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14) Recommendation

Team Working Is really made effective result in goal; because of they can discussion with difference opinion of team member how to achieve of team’s goal. As team working has successful goal. However we always appeared the conflict in team. So, requite team leader has many skill and flexible to solve all the conflict in team.

It is important to remember that every team regardless of what the team is working on will follow these stages of team development. It is the job of the team leader to help see the team through these stages to bring them to the point where they are working as effectively as possible toward a common goal.


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Thank you for your paid attention


2-30© 2011 Pearson Prentice Hall. All rights reserved.

Distribution Methods (cont.)

Best Efforts Issue is not underwritten i.e. no money is paid

upfront for the stocks ==> No risk for the Investment banks

Investment bank attempts to sell the issue for a commission.

Privileged Subscription Investment banker helps market the new issue to

a select group of investors. Usually targeted to current stockholders,

employees, or customers.



Dutch Auction Investors place bids indicating how many shares

they are willing to buy and at what price. The price the stock is then sold for becomes the lowest price at which the issuing company can sell all the available shares.

See Figure 2-2


Figure 2-2



Direct Sale Issuing firm sells the securities directly to the

investing public.

No investment banker is involved.


3. Private Debt Placements

Private placements of debt refers to raising money directly from prominent investors such as life insurance companies, pension funds. It can be accomplished with or without the assistance of investment bankers.


3. Private Debt Placements

Advantages Faster to raise money Reduces flotation costs Offers financing flexibility

Disadvantages Interest costs are higher than public issues Restrictive covenants Possible future SEC registration


Floatation Cost

Floatation cost refers to transaction cost incurred when a firm raises funds by issuing securities:

Underwriter’s spread(Difference between gross and net proceeds)

Issuing costs(printing and engraving of security certificates, legal fees, accounting fees, trustee fees, other miscellaneous expenses)


Sarbanes-Oxley Act (SOX)

In response to corporate scandals, Congress passed this Act in 2002.

This Act holds senior corporate advisors (such as accountants, lawyers, board of directors, officers) responsible for any instance of misconduct.

The Act attempts to protect the interest of investors by improving transparency and accuracy of corporate disclosures.

SOX has been criticized for imposing additional compliance costs on the firms. Some firms have responded by delisting from major exchanges or choosing to list on foreign exchanges.


4. Rates of Return in the Financial Markets

Rates of return over long periods See Figure 2-3 Higher returns are associated with higher risk

(principle 3). Figure also shows that investors demand compensation for inflation and other elements of risk (such as default).


Some terms

Opportunity Cost — Rate of return on next best investment alternative to the investor

Standard Deviation — Dispersion or variability around the mean rate of return in the financial markets

Real Return — Return earned above the rate of inflation

Maturity Premium — Additional return required by investors in long-term securities to compensate for greater risk of price fluctuations on those securities caused by interest rate changes

Liquidity Premium — Additional return required by investors in securities that cannot be quickly converted into cash at a reasonably predictable price.


Figure 2-3


Interest rate levels

Interest rate levels and inflation are displayed in Table 2-2 and Figure 2-4. We observe:

A direct relationship between inflation and interest rates.

The returns are affected by the degree of inflation, default premium, maturity premium and liquidity premium.


Figure 2-4


5. Interest Rate Determinants

Nominal interest rate = Real risk free rate + Inflation risk premium + Default Risk premium + Maturity Premium + Liquidity Premium

Thus the nominal rate or quoted rate for securities is driven by all of the above risk premium factors. Such knowledge is critical when companies set an interest rate for their issues.

Review the example in text.


Real and Nominal Rates

Nominal interest rate = real rate of interest + inflation risk premium

The real rate of interest includes default risk, maturity risk and liquidity premiums.

Review example in text.


Term Structure of Interest Rates or Yield to Maturity

The graph shows the relationship between a debt security’s rate of return and the length of time until the debt matures, where the risk of default is held constant.

The graph could be upward sloping (indicating longer term securities command higher returns), flat (equal returns for long and short-term securities) or inverted (longer term securities command lower returns compared to short-term securities).

The graph changes over time. Upward sloping curve is most commonly observed.

Figure 2-5


Figure 2-5


Figure 2-6


Figure 2-7


Theories to explain the shape

of the Term Structure:

Unbiased Expectations Theory

Liquidity Preference Theory

Market Segmentation Theory


The Unbiased Expectations Theory

Term Structure is determined by an Investor’s expectations about future interest rates.


The Liquidity Preference Theory

Investors require maturity premiums to compensate them for risks of uncertain future interest rates.


The Market Segmentation Theory

Legal restrictions and personal preferences limit choices for investors to certain ranges of maturities.


6. Finance and the Multinational firm

Well developed financial markets contribute to the overall growth of an economy.

US has well developed financial market that allows for efficient transfer of capital from “savers” to “users” leading to timely financing of investments.

Multinational firms with excess cash will prefer to invest in countries that have well developed financial market and stable political environment.

Developing countries, with less developed financial markets, attract less investment from multinational firms, which contributes to their slower pace of development.


Table 2-2


Table 2-2 (cont.)


Key Terms

Capital markets Direct sale Dutch auction Floatation costs IPO Investment banker Liquidity preference

theory Market segmentation

theory

Money market Nominal rate of interest Opportunity cost of funds Organized security

exchanges Over-the-counter markets Primary market Private placement Privileged subscription Public Offering

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