Significance of Virtual Time in Managing Organizations - Management Case Study

Running head: MANAGEMENT CASESTUDY
MANAGEMENT CASESTUDY
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1MANAGEMENT CASESTUDY
Executive Summary
The report throws light on the significance of virtual time in managing organization. The given
company DEF is expanding its business to maximize profit. DEF deals in providing financial
advices to its customers. Among self- managed, overseas team and virtual team, the team
structure selected by the company is virtual team structure. The report further elaborates the
organizational structure and design of the virtual team. In addition to this, the planning,
controlling and leadership style for the chosen virtual team structure is also identified.

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Table of Contents
1. Overview......................................................................................................................................3
2. Planning.......................................................................................................................................3
2.1 Financial Planning Advice Division goals............................................................................4
2.2 Environmental scan...............................................................................................................4
2.3 Operations/ team management..............................................................................................6
3. Organizing...................................................................................................................................7
3.1 Virtual team structure............................................................................................................8
4. Leading........................................................................................................................................8
4.1 Leadership style.....................................................................................................................9
4.2 Reward, recognition and motivation....................................................................................10
4.3 Communication....................................................................................................................11
5. Controlling.................................................................................................................................12
6. References..................................................................................................................................13

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1. Overview
DEF is one of the largest specialist organization offering financial advices to the people
in Australia. Three financial advisors established the company in the year 1994. In the recent
times, the company employs more than 300 staffs and has linked with partner firms in all over
the country. The company also practices retirement seminars and financial planning besides
providing specialist advice. The financial advice is facilitated in various fields, which includes
superannuation, retirement, aged care, divorce and corporate activities. The organization focuses
on growth and quality as it has a very strong industrial reputation.
The organization is recently expanding its business and aims to offer innovative services
to its clients. With the help of financial advice phone line, the company plans to operate in
business activities. The advice line team can be a virtual team, an overseas based global team or
an Australian based self- management team. The report will discuss the best chosen option from
the three, which is a virtual team. Therefore, planning, controlling, structure, organizing and
leading of the virtual team will be discussed.
Vision:
Empowering and enriching the life of the clients to make crucial decisions related to
financial advice from their specialist and team of dedicated expert.
2. Planning
Planning is very important in outlining the course of the business beforehand. The
procedure o the business usually begins while reviewing and identifying the needs that are