Premium Essay

Team Concept

In: Business and Management

Submitted By
Words 1233
Pages 5
With the large number of firms and industries in the market and an investor’s ongoing desire to make knowledgeable and informed decisions, the necessity to ensure financial statements are easily conversed is imperative. To achieve maximum decision usefulness of financial statement information, corporations should follow a standardized reporting system that allows for comparability, reduces information asymmetry between themselves and their investors and follows a rule-based methodology. The information presented on the financial statements is only useful if it can enable investors to make more informed investment decisions. Fischer (1989) states that comparability is a fundamental characteristic of financial reporting and “without comparability financial reporting lacks usefulness in decision making” (page 9). In addition, Fischer (1989) also points out that to achieve comparability of financial reporting, accounting choice should be concentrated on one specific method or at most, a few limited methods (page 9). Beke (2010) argues that without standardized reporting, cross-border comparability would decrease which may result in distorting cross-border portfolio and direct investment (page 1). Beke (2010) is in favour of the financial reporting standardization as empirical research evidence shows that uniform standards “will increase market liquidity, decrease transaction costs for investors, lower cost of capital, and facilitate international capital formation and flow” (page 5). Beke (2010) states that the greater comparability in financial results, the more analysts would follow trends, which will most likely lead to new data and findings (page 5). This may result in the investor’s ability to better update and revise their prior probabilities; therefore, there would be a decrease in abnormal return on average since more analysts are doing the analysis on the...

Similar Documents

Free Essay

Team Concepts

...Work Team Concepts A previous experience in my work life illustrates the concept of group communication. According to Rue and Byars (2004), keeping members of a group informed helps create the feeling that the group is needed and a part of the organization (p.138, para. 2). The company I work for recently has undergone 60 layoffs throughout the corporation. The management team did not inform us on whether or not our department would be part of these layoffs. This caused a scare to the employees and the feeling that their jobs are no longer secure. Several of the employees were working poorly with production due to added stress of the job. Our department did not lose any employees but did lose many hours because they have closed the cafeteria down on the weekends. The full-time employees that worked in the café were given hours in the kitchen, therefore reducing the per-diam worker’s hours. As a team, we developed new job descriptions for the production jobs in the kitchen. We were able to keep all our full-time and part-time workers as well as create hours for the per-diam workers. The management team allowed us to use our team concept and group communication skills to adjusting the job descriptions. We have been working with the new job functions for several weeks now and the morality of the group is back up to the group norm. A group norm according to Rue and Byars (2004) is a group that adapts to regulations and regularized group members’ behaviors (p. 140, para. 2).......

Words: 284 - Pages: 2

Free Essay

Team Assignment Concept

...Team Assignment Concept Group 4 November 12, 2011 Members: Sharon Conner, Timothy Glaze, Bac Legaffney, Kristi Rosiak Concept: New Home Starter Kit Top Line Details: Buying a home is an exciting time for any new or experienced homebuyer in the market. So much of the work goes into actually buying a home- from searching to find the perfect house, putting in offer, closing costs, a date to move in etc. that a lot of the thought as to what is going to be needed once a person is actually in their home is often times forgotten. Currently, within the market there is no offering to first time homebuyers to help better prepare them for moving into their home on some of the things that come up unforeseen. Everything from a loose screw to air filters that might be dirty are things that will be discovered at some point but the homebuyers might not have the necessary tools to help perfect the home right then and there. We would be looking to market a “new home” kit that real estate agents can either sell or give as a “thank you” for your purchase to their clients. Some of the things the kit would include are: • The gift box would be in the shape of a house • A small toolbox of the necessities like a wrench, pliers, screw drivers, screws, picture mounting hooks, wires, batteries, drywall repair kit, flash light, emergency candles • A home maintenance guide for quick tips on how to winterize the house, when to change the filter, clean out the dryer lint,......

Words: 330 - Pages: 2

Premium Essay

Bringing the Team Concept Into Compensation-or Not

...Bringing the Team Concept into Compensation-or Not One of the first things Sandy Caldwell wanted to do in his new position at Hathaway Manufacturing was improve productivity through teamwork at every level of the firm. As the new human resource manager for the suburban plant, Sandy set out to change the culture to accommodate the team based approach he had become so enthusiastic about in his most recent position. Sandy started by installing the concept of team management at the highest level, to oversee the operations of the entire plant. The new management team consisted of manufacturing, distribution, planning, technical and human resource executives. Together they developed a new vision for the 500-employee facility, which they expressed in the simple phrase “Excellent Together.” They drafted a new mission statement for the firm that focused on becoming customer driven and team based, and that called upon employees to raise their level of commitment and begin acting as “owners” of the firm. The next step was to convey the team message to employees throughout the company. The communication process went surprisingly well, and Sandy was happy to see his idea of a “workforce of owners” begin to take shape. Teams trained together, developed production plans together, and embraced the technique of 360-degree feedback, in which an employee’s performance evaluation is obtained from supervisors, subordinates, peers and internal or external customers. Performance and......

Words: 1407 - Pages: 6

Premium Essay

Using the Theories and Concepts Covered in the Unit, Critically Evaluate You Experience of Working as a Team Member and Your Experience of Leadership

...Many projects in a workplace may be too large for one individual to handle, or complete to a high standard against the time frame targeted. Organisations employ teams into their structure to distribute tasks to all members to ensure achievable workload. Teams are a group of people with a variety of skills who all work together to serve a focused purpose but need varied inputs to achieve overall tasks. Further defined, “a team is a small number of people with complementary skills who are committed to a common purpose, performance goals and approach for which they are mutually accountable” (SMITH,J. 1993. Teams and leadership (8th November 2011). An organization benefits from this array of minds, skills, views, tactical approaches and problem solving from a team oppose to one individual carrying out the task. A team helps productivity of the tasks completion and improves time taken to complete task aims because individuals have manageable workload. A team caries out tasks that contribute to the organisation overall purpose and aims, therefor leadership is needed to be implemented in order for the teams direction and output to be accurate towards the organisation, of standard and completed in time frame needed. “ Leadership is the art to influencing and directing people in such a way that will win their obedience, confidence, respect and loyal cooperation in achieving common objectives” JOHNSON, M. 2003 Business Dictionary (8th November 2011). Leadership is carried out by a......

Words: 2563 - Pages: 11

Premium Essay

Saxonville Sausage

...the qualitative research output and brand positioning strategies that the Project Score team has worked on and developed. Based on further research and analysis, we strongly recommend that Saxonville launch its Italian sausage product under the new name “Italy’s Best by Saxonville”. We also recommend positioning the brand using the “Family Connection” concept. Assessment of Research Methodology Project Score team has done very well in understanding the target consumer behavior, values, and unmet needs using the four-step research methodology. Step one of the process was a round of qualitative research consisting of preparing and conducting pilot group sessions. The groups consisted of 25-50 year old housewives or heads-of-households, identified as the target consumer using Attitude and Usage (A&U) data, and helped gain the insights, behaviors and needs of this demographic. Step two of the process was a sequential round of consumer sessions where researchers used the knowledge from step one to develop themes for strategic positioning. This phase allowed researchers to get the rational and emotional benefits that the Italian-sausage-consumers are looking for: making a quick and wholesome meal that the family could enjoy together, despite their hectic schedules. By analyzing the themes of Family Connection, Clever Cooking, Confidence, Appreciation, Quick and Easy, and Tradition, the team was in a better position to decide where their company had the best opportunity to......

Words: 782 - Pages: 4

Premium Essay

Guidelines Mba 610 Team Paper

...Guidelines MBA 610 Team Paper The goal of this project is to better understand your team’s functioning by applying concepts you read about in the textbook and that we discussed in class to analyze your team. You will write one team paper per team using the following exercises and readings done in class: * Everest Simulation * Coursepak Reading: How To Play to Your Strengths * Chapter 7 Team Dynamics; * Chap. 8 Communicating in Teams and Organizations In addition, and when applicable and useful to you, use some key concepts from other chapters such as Motivation (Chap.5 ), Perception(Chap. 3 ), Leadership (Chap.11 ), Conflict Management (Chap.10 ) to help explain your team’s functioning and development. When using concepts from the textbook, exercises or coursepak to explain your team’s functioning and development, explain not only which concept you find useful, but also explain why—what did it help you better understand and learn about teams and organizations? Give examples. For example, in some teams, communication breaks down and can cause misunderstandings and hard feelings, as well as conflict. Explain the specific example of what happened in your team, explain the concept from the textbook that helps explain how communication broke down and its impact on individuals and the team, and what you learned as a result of using the course concepts to analyze your team functioning. What could your team do differently next time as a result of what you......

Words: 344 - Pages: 2

Free Essay

Critical Thinking Redefined

...look at the definition of conceptualizing, as defined by the Collins English Dictionary “to form (a concept or concepts) out of observations, experience, data, etc.”(Collins, 2015) To me this is saying that based on our life experiences, outside information, or simple observations in a given situation, we begin to form concepts or ideas. Secondly, we will look at how Random House Kernerman Webster’s College Dictionary defines analyzing “to separate (a material or abstract entity) into constituent parts or elements; determine the elements or essential features” (K Dictionaries, 2014). When you think about this definition, it is easy to say that we use this aspect of critical thinking probably far more than we do any other aspect. Next we will look at how they also define synthesizing “to form (a material or abstract entity) by combining parts or elements (opposed to analyze)” (K Dictionaries, 2014). This is self-explanatory as being the opposite of how we analyze, in that it combines elements vs. separating them. Therefore, after having researched the definition of critical thinking, including the three aspects previously discussed, here is what I believe it means to me. Critical thinking is the process of looking at a problem or situation from different angles or perspective to arrive at a solution or conclusion. This is probably a somewhat simplistic way to define a concept that is...

Words: 647 - Pages: 3

Premium Essay

Postitive Coaching

...useful concepts that I went through two highlighters while reading this book. I can honestly say that I have about a fourth of the book highlighted. There are so many ideas that got me thinking about how I can apply them to my coaching life I don’t know were to begin. I am currently coaching my son’s seven and eight year old coach-pitch baseball team and many of the things Mr. Thompson writes about fit well into this level of coaching. One thing that was new to me was the idea of going and watching a team a little older than your group practice or play a game. I think this is a wonderful idea and something I will pursue next year when the timing is better. Since I was not able to accomplish that this year with this group I instead did the next best thing. I had a couple of players from an older team come to practice and teach my young players a few things, sort of a mini-clinic within practice. This seemed to really work well and the young players really listened and focused on what they were learning. They could really relate to one another and I think the older players really enjoyed teaching the younger kids. This type of activity made them all feel important and as though they were apart of something special. Another new concept that I applied to this group was competition as a way to inject some fun at practice. I really liked the idea of using a mini-team scrimmage as a way to have fun and work on things at the same time. I have twelve players on the team......

Words: 1162 - Pages: 5

Premium Essay

Good to Great

...support the conclusions. It is a challenge for CEOs, entrepreneurs and leaders to show evidence of the discipline required to shift their companies from Good to Great. Jim Collins and his research team of 20 compared and contrasted how many companies made the leap to greatness and how other companies didn’t. Based on bundles of evidence and a large quantity of data, he and his team uncovered how the good to great companies like Abbott, Circuit City, Fannie Mae, Gillette, Kimberly-Clark, Kroger, Nucor, Philip Morris, Pitney Bowes, Walgreens, and Wells Fargo maintained great results and accomplished enduring greatness, evolving into companies that were undeniably “Built to Last”. It’s strange that the research performed showed an opposition of what we had always thought, “People are our most important asset”. Instead the researched showed that the right people are the better people, in other words “First get the right people on the bus and the wrong people off the bus” and then later decide on when and where to drive the bus. Collins plans out three stages, each with two key concepts. These six concepts are the heart of Good to Great and he dedicates a chapter to explaining each of them: Level 5 Leadership, First Who Then What, Confront the Brutal Facts, The Hedgehog Concept, A Culture of Discipline and Technology Accelerators. “Level 5 leadership” is what separates good companies from great companies. This style of leadership forms the top level of a 5-level......

Words: 948 - Pages: 4

Premium Essay

Executive Summary

...EXECUTIVE SUMMARY A few concepts that I chose from chapter 10 to focus on are executive succession: insiders versus outsiders, problems in retrenchment, managing diverse cultures following an acquisition, and total quality management (TQM). Strategy implementation is an important step that requires staffing and directing and puts strategy into action. According to McCarthy 'strategy implementation may be said to consist of securing resources, organizing these resources, and directing the use of these resources within and outside the organization.' The concept executive succession, is an integral part to a company. Whether to hire an outside or inside manager is better for replacement within a company depends on the circumstances of the company. If a company is doing well, then hiring someone from the inside would improve performance. If a company is on thin ice, hiring an outsider can save the company. Studies have shown that hiring someone from the inside results in better performance than hiring someone from the outside. I've learned that steps for top-management succession is exceptionally critical to a company and can stabilize its performance from sinking below average. A great CEO needs the experience, skills and expertise. Before my research and analysis, I believed that right CEO is one who's been working for the company for long time because of the amount of knowledge captivated during his/her years. However, that's not always the right choice because of......

Words: 2654 - Pages: 11

Premium Essay

Paper Review of "Architectural Innovation: the Reconfiguration of Existing Product Technologies and the Failure of Established Firms"

...innovation can have competitive consequences of a radical one. The key concept is the distinction between component knowledge and architectural knowledge. The paper argues that firms concentrate on refining components within a stable architecture established by a dominant design, and consequently, their “information-processing capabilities” are shaped by the existing architecture. While building upon component knowledge, their architectural knowledge is outmoded and made obsolete by architectural innovations. Their resulting inability to identify or understand new interactions between components has serious competitive consequences. The conceptual framework of the paper is clear and straightforward. The main argument is advanced in a logical manner, and supporting premises (such as the way organizations manage knowledge) are supported by prior literature. Within the boundaries of the paper’s assumptions, the argument is persuasive. Furthermore, the application to the photolithographic alignment (PA) equipment industry justifies the model. The trends in the industry suggest the conceptual framework is largely accurate. Nonetheless, the assumptions made limit the usefulness of the concept. Firstly, the analysis of firms’ information-processing is restricted to communication channels, information filtering and problem-solving strategies, ignoring other institutions, such as “cross-functional” product development teams, that organizations may have. Given that these may have......

Words: 493 - Pages: 2

Free Essay

Pef Form

...I probably have not had the opportunity to experiences first-hand. In a relatively short period of time, I will have the chance to appreciate and analyse the problems faced by many different companies and to under stand how managers tried to deal with employees and customers based on group mate discussion on previous case before. In addition, the theory and concept what I learned from various subjects help reveal what is going on in the companies studied and allow me to evaluate the solution that specific companies adopted to deal with the problems. Consequently, when I analyse the case, I will be like a detective who, with a set a conceptual tools, probe what happened and what or who was responsible and then the evidence that provides the solution. It gives me opportunity to participate in class and to gain experience in presenting my idea to others based on the discussion with group mate. This mode of discussion is an example of the dialectical approach to decision making. This is how decision making are made in the actual business world. Furthermore, I also learn about the group process involved in working as a team. When people work in groups, it is often difficult to schedule time and allocate responsibility for the case analysis. There are always group members who shirk their responsibilities and group members who are so sure of their own...

Words: 709 - Pages: 3

Free Essay

Technology Ventures - from Idea to Execution

...Technology Ventures – from idea to execution November 2014 Assignment 1 Due Date: December 18th 2014 Students should team up in groups of 3 or 4; each group shall select one of the portfolio startups of thetime – a technology incubator. (www.thetime.co.il). - Although you are teamed in groups this first assignment is individual, each student should submit his/her own report (Your next assignments will be team assignments). - Preferred Language: English Submission Format: • Word File, File name format: _ 11 or 12 point font, 1.5 line space, not longer than 15 pages. • Submit digitally via Moodle. Assignment Description Part I Create a report which reviews the business of the selected startup and the context in which it operates. This report should be based on available public information. The report should include at least the following elements: • • • The Business Concept Summary The Competitive Landscape & Context A Description of the company and its Business Model, utilizing the 9 building blocks discussed in class. • SWOT style analysis . The Business Concept Summary should be concise, not longer than one page, may be shorter. Make sure it covers a synopsis of the company’s business. Summary should cover the following elements (as applicable to your company): Market / Problem / Need, Customer, Solution / Product, Uniqueness / Value, Revenue source / How the company expects to make money. In the Competition and Landscape section, make sure......

Words: 425 - Pages: 2

Premium Essay

Leadership

... Strengths Most of my strengths come from my service in the Marines. Furthermore, the concepts that were taught in classes were not just for study, but practical applications of those concepts in real world scenarios. These concepts were most important and driven to the extreme when I joined the Teams (Force Reconnaissance); so, as a result, my primary influence for being an effective leader was in Force Recon. The first strength that was assessed was my decisiveness in making quick and correct decisions in a crisis situation. Decisiveness, from the military definition, reflects a range of possible outcomes. From Exacerbated to Resolution; this is not to be confused with Achievement. In Achievement, the basic concept considers the performance on how someone would execute a strategy; basically, how someone performs in combat. These same characteristics found in decisiveness, can be transferred to business as well. This is one reason for my success in my current business. The second trait I possess is being an excellent communicator whether it is in the military or business. Communication is very important to me and my business; without it, none of the projects would ever be completed. The theory to effective communication is feedback; did my employees understand what I was trying to convey? Did my Marines here the orders and understand what needs to be done? This basic concept is vital to...

Words: 888 - Pages: 4

Free Essay

Book Report Good to Great: Why Some Companies Make the Leap… and Others Don’t (Jim Collins, 1996)

...Book Report Good to Great: Why Some Companies Make the Leap… and Others Don’t (Jim Collins, 1996) In his book “Good to Great” Jim Collins asked the question, "Can a good company become a great company and if so, how?" Collins and a devoted team of 22 researchers embarked to discover what transforms good companies into truly great companies. To begin the research for the Good-to-Great study, they searched for companies that: performed at or below the general stock market for at least fifteen years; then at a transition point began to pull away from the competition, and sustained returns of at least 3 times the general market for the next fifteen years. They started with a list of 1,435 companies that appeared on the Fortune 500 list from 1965 to 1995 and ended up with only 11 that made the cut. These eleven companies produced, on average, a return of 6.9 times the general stock market during the 15 years following the transition points. Collins chose a 15-year span to avoid "one-hit wonders" and lucky breaks. The companies that were selected were Abbott Laboratories, Circuit City, Federal Home Loan Mortgage, Gillette, Kimberly-Clark, Kroger, Nucor, Philip Morris, Pitney Bowes, Walgreens, and Wells Fargo. In the book, Collins highlights some important factors which are the result of the research. Although there are several factors involved for taking a company from good to great', what these great companies turned out to have in common was a particular kind of......

Words: 1777 - Pages: 8