Sample Assignment on Management

Running head: MANAGEMENT
Management
Name of the Student:
Name of the University:
Author Note:

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Executive Summary:
The report gives an overview of management in the context of DEF, a financial advisory
firm. The firm recently has planned for an expansion for providing innovative service to
its clients. The report provides an deeper insight into the planning, organization, leading
and controlling of the firm with a virtual team structure. There are also principle
recommendations provided on the virtual team structure and design, leadership style
and reward, recognition and motivation. Planning refers to one of the important
techniques related to time and project management. Organizing on the hand refers to
the balancing of the task effectively and efficiently. Lack of organization in business
system causes the tasks in piling up, loss of paperwork and information. Leading refers
to the accomplishment of the employees through communication, inspiration, motivation
and encouragement towards higher productivity level. Controlling however helps in
directing and measuring actual performance against planned organizational goals.

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Table of Contents
1. Introduction:...................................................................................................................3
2. Planning.........................................................................................................................3
2.1 Financial Planning Advice Division Goals................................................................3
2.2 Environmental Scan.................................................................................................5
2.3 Operations and Team Management........................................................................6
3. Organizing.....................................................................................................................8
3.1 Recommendations of Virtual Team Structure/ Design:............................................8
4. Leadership.....................................................................................................................9
4.1 Recommendation of Leadership Style.....................................................................9
4.2 Recommendation for Reward, Recognition and Motivation...................................10
4.3 Communication.....................................................................................................11
5. Controlling....................................................................................................................13
Conclusion:......................................................................................................................14
References:......................................................................................................................15

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1. Introduction:
The report aims at focusing on the aspect of management in the context of an
Australian Financial Advisory firm known as DEF. Three financial advisers established
the company in the year 1994. The firm now has close to 300 staffs and offices along
the Australian east coast and a partner firm network throughout the country. The firm
provides specialist advice, financial planning and retirement seminars on
superannuation, retirement, divorce, corporate and aged care. The firm posses the
vision of enriching the client by authorizing them in taking important life decisions
depending on the advice provided by the financial experts of the firm. The report tries to
analyze the firm’s decision for setting up a newer division in the context of planning,
organizing, leading and controlling. The newer division of the firm is focused on
providing innovative service to the clients by offering financial advice over the phone. In
addition, the firm has considered three options for operation of the advice line that
includes virtual team; self managed team based in Australia and global overseas team.
The report tries to provide an insight into the type of the team that would suit DEF.
2. Planning
2.1 Financial Planning Advice Division Goals
Operational
Aspects
Human Resource
Aspects
Financial Aspects
Short Term Goals 1. Focusing on the
most important goal
1. Determining the
employee attitude
1. Dealing with
cash flow shortages

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which includes the
organizational
structure, measures
of quality control,
delivery times,
professional
employee
development
2. Choosing the key
appropriate
performance
indicators (KPI)
3. Undertaking
proper
communication
and skills
2. Implementation of
training programs
3. Strengthening the
quality control
program of the team
2. Determining the
forecast of cash
flow
3. Increasing the
current liabilities for
dealing with
shortages of funding
Long Term Goals 1. Implementation of
a strategic plan
2. Development of
accurate KPI for
guiding the future
work of the team
1. Maintenance of
low cost of the
manpower
2. Undertaking
succession planning
1. Competitive
position of the
company in terms of
the economic, social
and political
environment
2. Adopting
strategies for

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influencing the
position of the
company
2.2 Environmental Scan
Political:
Australia represents a safe destination for the purpose of the investment for the
financial service industry since the country is progressive, open and stable thereby
providing them with certainty and confidence (Kremer and Symmons 2015).
Economic:
The service sector dominates Australia due to the ease of doing business and
hence the financial service industry is no different (Robbins et al. 2013). The lower
unemployment, continued inflation, low public debt, stable and stronger financial
system, constant growth and open market acts as a boost for the financial sector.
Social:
Australia has become a land of diverse people with an increased education level
than before (Williams 2017). Thus, the national culture also acts as an impetus to the
financial service industry.
Technological:
The technological factors that affects the financial service industry includes
activities related to the research and development, incentives related to technology and

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the speed of the technological changes This is because; technology helps in reducing
the cost, improving quality and thereby leads to innovation(Robbins et al. 2013).
Environmental:
The general move towards the protection of environment and adoption of the
environmental friendly products is affecting the financial service sector through the
change of the demand patterns and by creation of newer business opportunities(
Sadgrove 2016)
Legal
The legal system of Australia depends on the fundamental belief in rule of the
law, judicial independence and justice where all people provided equal treatment. This
leads to the creation of a positive work ambience for the financial sector.
2.3 Operations and Team Management
Virtual Team Self Managed
Team
Global Work Team
Benefits 1. Lower Cost
2. Greater Talent
Availability
3. Employee
Retention
4. Increased
Productivity
1. Reduction in cost
due to
accountability
2. Greater focus on
the overall business
outcome
3. Internal resolution
1. Enables capacity
building
2. Allows
participants in
passing and sharing
experience and
knowledge

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of conflicts
4. Availability of
cross skilled
specialist
3. Provides support
for the
environmental
initiatives
4. Brings in an
opportunity of
communicating
outside office
Drawbacks 1. Cost of the
Technology
2. Poor
Management and
leadership
3. Existence of
incompetent team
members
1. Involves more
meetings
2. Longer process
of decision making
3. There is an initial
productivity dip
before the move
towards positive
direction
1. Loss of the
interaction effect
2. Lacks synergy,
collaboration and
efficiency
3. Leads to the
weakening of proper
communication
Based on the comparison, the preferred team option for DEF is the virtual team
since there exist a sense of trust due to the adoption of open culture, meaningful
communication and positivity in the attitude of working (Majchrzak et al. 2014).
Strategies of Building Effectiveness and Cohesion of the Virtual Team

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The effectiveness and cohesion of the virtual team is achieved through (Daspit et
al. 2013):
1. Clearly defining the responsibilities and roles
2. Setting specific goals for the team
3. Putting forward creative ways for the team in knowing each other
4. Commitment of an effective communication charter
Strategies for Management of Communication of the Virtual Team
The strategies of communication management of virtual teams include (Binder
2016):
1. By building trust amongst the team members and allowing the trust for growing
with clear expectation
2. Through scheduling the communication on a regular basis
3. Adoption of the communication means that saves time
4. By establishing the rules of responsiveness
3. Organizing
3.1 Recommendations of Virtual Team Structure/ Design:
Specialization:
Virtual team represents group of people who work on interdependent and
geographically distributed tasks while conducting the core work through electronic

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medium(Germain and McGuire 2014). Thus, hiring a specialist will lead to virtual
certainty, as generalist might have to struggle on the things that need a different
thinking mode.
Centralization:
As virtual teams are gradually becoming a rule for the organization, they can
make decisions through computer-mediated communication (CMC) process (Carley and
Prietula 2014)
Formalization:
There should be preparation of visuals and agenda for conduction of a virtual
meeting and a plan for interactivity and building time for relationships (Diamantini,
Potena and Stort 2013). There should be identification of the team roles and
development of the ground rules that includes respect, transparency, trust,
confidentiality and candor. The etiquette of being present at on call is considered good
practice.
Structure:
The new division would be organic. This is because an organic is a very flexible
structure that can adapt well to the changes.
Hierarchy of Managers/ Supervisors:
Managers or supervisors play a vital role within a virtual team by maintaining
team togetherness but also by keeping members motivated (Hoch and Kozlowski 2014).
Therefore, the managers of the virtual teams effectively manage expectations by clearly
defining requirements to the team members.

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4. Leadership
4.1 Recommendation of Leadership Style
The recommended best leadership style suited for a virtual team is
transformational leadership. This because of the following reasons:
1. Here the leaders listens to the needs of the team members, share the risks
with the team members and consistently conducts actions with underlying principles,
values and ethics.
2. These leaders help in stimulating and motivating a great team spirit
3. These leaders also helps stimulates the members to be creative and
innovative
4. Helps in individual development of the team members
4.2 Recommendation for Reward, Recognition and Motivation
Strategies for Reward and Recognition for Virtual Team
The strategies include:
1. Providing opportunities to the employees: This helps the employees in earning
opportunities for the expanded training and responsibilities
2. Magnifying the Process of Recognition: This is done by publicizing the
accomplishment of the employee across the multiple forums through team meetings,
dashboards and newsletters of the company.

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3. Offering Financial Incentives: This type of recognition and reward motivates
the employees in putting their best efforts.
4. Facilitation of Peer-to-Peer Recognition: This is undertaken by engaging the
millennial and the newer generation of the flexible workers.
5. Embracing Gratification: This helps in generating a friendly competition
through rewards for reaching the higher performance standards
Strategies for Motivation for the Virtual Team
The strategies of motivation of the virtual team supported by the motivation
theories include:
1. Maslow’s Hierarchy of Needs: The theory represents description of needs that
helps in motivating the human behavior (Lester 2013). According to the theory, there
are five types of basic human needs related to psychological, safety, esteem, social and
the self-actualization.
2. Mc Clelland Need for Achievement, Affiliation and Power: This represents a
motivational model explaining the how needs for power, achievement and affiliation
influences the actions of the people from the managerial context (Heckhausen 2013).
3. Hertzberg Two-Factor Theory: This theory puts forward that there exists
certain factors in the workplace that leads to the job satisfaction along with the
existence of separate set of the factors that causes job dissatisfaction(Ek and Mukuru
2013).

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4.3 Communication
Importance of Communication and Interpersonal Skills
Organizations rely on communication that is defined as exchange of the
messages, ideas or information via the speech, writing or signal. Absence of
communication stops the functionality of the organization (Koprowska 2014).
Interpersonal skills on the other hand refer to the ability of the employee in getting along
with the others while getting the job done.
Recommendation of Processes for Consultation and Negotiation with
Management and Team Members
The processes for consultation and negotiation with management and team
member include:
1. Promotion of a nuanced understanding of other side
2. Identification of unique expertise and knowledge
3. Through welcoming of Disagreement
Recommendation Processes for Handling Conflict and Dispute Resolution
The process of handling conflict and dispute resolution includes:
1. Process of Negotiation: Refers to the back and forth communication between
parties for resolving conflict.
2. Process of Mediation: This method enables both the parties in reaching
mutually accepted norms.

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3. Process of Arbitration: In this process, an impartial person provides decision in
disputed matters.
4. Process of Litigation: The process involves courts and justice system in
resolution of the legal queries
5. Controlling
Importance of the Control Function
Controlling refers to management function that possesses great importance and
value in business organization for ensuring that the actual state of affairs of the
business is in terms of what’s expected (Robbins et al. 2013).
Control and Measure of Team Members in Virtual Team
These include:
1. Developing and using a plan for communications management and team along
with operating agreements.
2. Slowing down before speeding up which helps in understanding all the
cultures and environments that a person is working in
3. Selection of the appropriate technologies for the team interactions
4. Creation of virtual presence and personality through the exploration of the
strengths, weaknesses and the natural tendencies

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5. By being a great host which enables creation of places where the team can
meet for unplanned interactions.
6. Running team meetings which are effective through use of the techniques for
management of meetings and creation and forced engagement of frequent interactions
Conclusion:
The report thus provides an insight into the planning, organization, leading and
controlling of the expanded business of DEF with a virtual team structure. The report
also put forward an analysis on why the virtual team is more effective for the company.

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References:
Binder, J., 2016. Global project management: communication, collaboration and
management across borders. Routledge.
Carley, K.M. and Prietula, M.J., 2014. The" virtual design team": Simulating how
organization structure and information processing tools affect team performance.
In Computational organization theory (pp. 19-36). Psychology Press.
Daspit, J., Justice Tillman, C., Boyd, N.G. and Mckee, V., 2013. Cross-functional team
effectiveness: An examination of internal team environment, shared leadership, and
cohesion influences. Team Performance Management: An International
Journal, 19(1/2), pp.34-56.
Diamantini, C., Potena, D. and Storti, E., 2013, June. A logic-based formalization of
KPIs for virtual enterprises. In International Conference on Advanced Information
Systems Engineering (pp. 274-285). Springer, Berlin, Heidelberg.
EK, K. and Mukuru, E., 2013. Effect of motivation on employee performance in public
middle level Technical Training Institutions in Kenya. International Journal of Advances
in Management and Economics, 2(4), pp.73-82.
Germain, M.L. and McGuire, D., 2014. The role of swift trust in virtual teams and
implications for human resource development. Advances in Developing Human
Resources, 16(3), pp.356-370.

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Heckhausen, H., 2013. The anatomy of achievement motivation (Vol. 1). Academic
press.
Hoch, J.E. and Kozlowski, S.W., 2014. Leading virtual teams: Hierarchical leadership,
structural supports, and shared team leadership. Journal of applied psychology, 99(3),
p.390.
Koprowska, J., 2014. Communication and interpersonal skills in social work. Learning
Matters.
Kremer, P.D. and Symmons, M.A., 2015. Mass timber construction as an alternative to
concrete and steel in the Australia building industry: a PESTEL evaluation of the
potential. International Wood Products Journal, 6(3), pp.138-147.
Lester, D., 2013. Measuring Maslow's hierarchy of needs. Psychological
Reports, 113(1), pp.15-17.
Majchrzak, A., Rice, R., King, N., Malhotra, A. and Ba, S., 2014. Computer-mediated
inter-organizational knowledge-sharing: Insights from a virtual team innovating using a
collaborative tool.
Robbins, S., De Cenzo, D., Coulter, M. and Woods, M., 2013. Management: the
essentials. Pearson Higher Education AU.
Sadgrove, K., 2016. The complete guide to business risk management. Routledge.
Williams, D., 2017. Marketing Plan for Australian Catholic University (ACU) 2018.
Improvement of ACU’s branding and enrollment.