What are the differences between groups and teams?

What will be an ideal response?


Groups and teams are different. A group is defined as two or more freely interacting individuals who share norms, share goals, and have a common identity. Groups may be formal, created to do productive work, or informal, created for friendship.

A team is defined as a small group of people with complementary skills who are committed to a common purpose, performance goals, and approach for which they hold themselves mutually accountable. The essence of a team is common commitment. Without it, groups perform as individuals; with it, they become a powerful unit of collective performance.

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The matching rule dictates that both the accrued interest and the amortization of a premium or discount be recorded at the year end

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Costs are directly, not indirectly, associated with cost objects

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What is meant by the term "best practices"? Why does it matter whether a company utilizes best practices in performing the activities comprising its value chain?

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To receive a patent, the invention must be novel, useful, and nonobvious

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