Professor Binmore has a monopoly in the market for undergraduate game theory textbooks. The time discounted value of Professor Binmore's future earnings is $2000. Professor Ditt is considering writing a book to compete with Professor Binmore's book. With two books amicably splitting the market, the time discounted value of each professor's future earning would be $200. If there is full information (each professor knows the profits of the other), under what conditions would Professor Binmore deter the entry of Professor Ditt into his market?

The four elements to consider when identifying individuals to be part of a project team:

Explanation:

1. Communication is essential because in a project if there is a miscommunication between one person, group, or team and another, that could prove fatal to the goal of the project.

Communication is verbal and non-verbal and (in a project and as with most organizations) must happen across both sides of the spectrum horizontally and vertically.

For example, when expectations are not clarified or there are assumptions about what one person or team said or expects, this could lead to project disruption. When too much is also divulged, a project can go belly-up.

2. Experience and ability are key but they are not enough. Each team member must be confident in what they believe is right. Sometimes, senior members of a team may want a course of action (that is detrimental) to be executed. A junior team member who is not self-assured may think, "it's coming from above, what can one do?" this type of thinking can be very costly.

A self-assured team player would stand for what is right and in the best interest of the team and the project even at the risk of being fired.

3. Organisational Agility

It is impossible to keep a messy itenary and achieve project success.

The ability to know exactly what needs to be done in succession is an invaluable trait of project team members. This prevents waste of time and resources.

4. Emotional Intelligence

Successful team players are also successful leaders. The most cohesive teams are teams that comprise of highly emotionally intelligent people. One of the benefits of emotional intelligence is that it helps the individual to know how to regulate their own behaviors as well as respond to those of others. It is also critical to motivating others to get the job done.

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