A virtual team is managing a high-priority project to develop a new product within two years. The project is subject to oversight from a senior-level governance board, which requires asynchronous communication with team members located on three continents. To boost team morale and motivation, the project manager proposes implementing a team-based reward and recognition system, which the governance board supports. The goal is to develop a plan for this system, considering factors such as team effectiveness criteria, system structure, administration, and potential issues.