Write a 500-750-word reflection on your team project that addresses the followin

Question

Write a 500-750-word reflection on your team project that addresses the following:

Assess the overall effectiveness of your team. How did the team’s dynamics contribute to both the success and the challenges of creating an implementation plan for your innovation?

Assess the overall effectiveness of the model your team selected to both choose and implement your innovation. What were its strengths and weaknesses?

What would you have done differently if you were working on the project independently? What other potential strategies might be more effective for bringing this particular innovation to fruition in your opinion?

Overall, do you think teams contribute to or hinder innovative thinking and processes? Why?

Explanation / Answer

Assess the overall effectiveness of your team. How did the team’s dynamics contribute to both the success and the challenges of creating an implementation plan for your innovation?

Our approach was to use operational innovation to resolve the issue of high compliance errors. Operational innovation can be used to make radical improvements rather than mere incremental changes through operational improvements and efficiencies.

Here's how he team’s dynamics contribute to both the success and the challenges of creating an implementation plan for my innovation

Success : We had a diverse group of individuals in out team from different lines of business, this helped us solve operational problems by pooling in expertise from different areas. Our team was more of a work group. Work groups are generally brought together for the purpose of a project that needs to be completed for the organisation and each of the group members tend to be from different departments. Organisations bring work groups together to solve relatively large organisational problems.

Challenges : My team witnessed a lot of intragroup conflict when responsibilities were allocated. This involves conflict within a group or a team of individuals. When an individual or a group of individuals feel that their position or importance in a group is under threatened by another individual or a group or an external element. The underlying causes of the conflict stem from that fact that these individuals or group of individuals value their position on their group and their tenure. They view contribution of other members as perceived threats that are attempting to displace their position or tenure. The best way to deal with such situations, people or group of people is to give them a certain permissible degree of freedom to operate tasks. The authority in such a situation would find it far more productive by being a facilitator rather than a micro manager or a task master.

Assess the overall effectiveness of the model your team selected to both choose and implement your innovation. What were its strengths and weaknesses?

We used a SMART methodology to reduce compliance errors. This was an innovative approach to reduce compliance errors while processing credit card applications and approvals.

SMART = Specific , Measurable, Attainable, Relevant, Time Bound

Using SMART methods for evaluation in operations or project management

Using the SMART method to evaluate Compliance Standards

The basis for selecting the methodology for analysis,

The reason for selecting the SMART method to evaluate the Reduction of Compliance errors in the credit card approval

process was that its a method thats both qualitative and quantitative. It covers both tangible metrics as well intangible factors that go into the decision making that goes into a credit card approval process.

The result of the decision analysis exercise.

A 100 % compliance score is generally non possible, inspite of heavy audits, automation and strict adherence to regulations, there are always errors. However the bank was able to push their back end teams to achieve a compliance score of 98 % .Thats 3 % more than the minimum 95 % internal compliance scores.

The SMART approach's problem was that it wasn't able to drive up the net promoters score and hence impacted customer satisfaction levels due to high rate of credit card application rejections.

Net Promoters Score : This score measures the possibility of an existing customer recommending our business or our firm to another customer when asked. This allows us to measure the quality and the satisfaction hat a customer derives from our business.

What would you have done differently if you were working on the project independently? What other potential strategies might be more effective for bringing this particular innovation to fruition in your opinion?

The only thing that i would have done differently would have been the approach, I would have started of by testing the project with a smaller sample size before having a blanket approach to the credit card application process. Other potential strategies that would be more effective would be to use Machine Learning and AI systems to auto screen applications partially and only pass on applications which are not processable to customer service and credit review teams.

Overall, do you think teams contribute to or hinder innovative thinking and processes? Why?

Overall i think the team's contribute to innovation.

Team Decision Making and or / Group Decision Making (they both have the same meaning)

How Group Decision Making Affects Organisations

Group Decision Making is a form of collective decision making where a decisions are made based on the magnitude of democratic support within the group for the decision in question. Any decision that is taken collectively is known as group decision making.

I used to work for Bank and I witnessed the pros and cons of group decision making in areas such as internal and external policy making.

It helps organisations make decisions using a combination of data and democratic opinion

The easiest strategy was the one where these was a clear DDS or a Decision Support System. This is a combination of Data Driven decision making backed by qualitative and quantitative research as well as internal and external options from experts and leaders. However Data Driven Decision making has always proven to be the most effective form of decision making. Group decision making gives way to cognitive biases and often impede good decision making in the long and the short run.

Pros

- It helps prevent cognitive biases while making decisions

- It leverages the aggregate thought process of the team in a democratic manner which creates and environment of inclusiveness within the team

- Its good for feedback loops within the organisation.

For eg in performance appraisals

Due to its nature of generalisation, the possibility of specific Rater Errors and Biases when conducting performance appraisals is extremely high. A new and improved performance appraisal system where organisations could look into finer qualitative metrics are opposed to purely quantitative metrics would help make the system more fair. If employee feedback was crowdsources from his or her peers and horizontal and lateral bosses i.e from multiple seniors in order to get a more fair and unbiased aggregated feedback.

Objective Variable Specific Shorter Verbatums & Scripts Maximum Number of Words Per Script / Verbatum Measurable Auditing Application Processes Minimum number of audits to be Conducted 1/10 (1 out of every 10 applications) Attainable Minimum Compliance Score of 95 % Compliance Score in % Time Bound Daily, Weekly, Monthly, Quarterly & Yerly Audits Averages Complaince Scores of all the Audit should still Score 95 % or above

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