Moreover reliable and detailed matrices, plans and models can be chalked out for sharing and observation. With Microsoft Excel future cash flows can be obtained in present and projected figures can be calculated. Other tools like Aon’s eSolutions can be used to manage project risk management (Schwalbe, 2013).Observation and conversation: Observation and conversation are the best tools to maintain a work-related relationship and gauge the behavior of project team members. It helps to expedite the progress towards fulfilling team objectives and also resolve interpersonal issues.Project Performance Appraisals: The critical nature of the project, quality of performance and organizational policy define the level of project performance appraisals. Project team members are continuously managed, evaluated and supervised by their team leads, seniors, peers and subordinates under 360-degree feedback principles. The key techniques to manage project teams include giving feedback and evaluating project members for their performance, allotting sufficient time to allow team members to resolve interpersonal and project related issues and devising individual training plans.Conflict Management: Conflict management fosters healthy working relationships and greater productivity while deficient resources, scheduling priorities and individual working styles are the main causes of conflicts. It is essential for a project manager to iron out differences of opinion and give way to efficient decision making and creativity. Conflicts need to be catered on a priority basis through direct, collaborative approach. However, in case of disruptive conflicts, a need may arise to employ formal procedures and the use of disciplinary actions.Virtual teams may comprise of such team members who carry out their responsibilities remotely with minimal or no time-spent meeting face to face or who are located miles apart in another country. They interact via electronic communication like e-mail and video conferencing.
BibliographySch13: , (Schwalbe, 2013),
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