There are various common research areas that the team identified in their process of conducting their research. The main research area that the group identified is to discuss the link between the bond market and the financial market in the United States of America. They wanted to determine whether there is a close relationship between the bond market and the financial crisis that was witnessed in the US as it had a negative influence in the securities market in both US and the whole world. Moreover, the group also wanted to determine the how the external environment led to the financial crisis in America especially during the 2008 period of financial crisis. Additionally, the group also identified the crisis in the banking sector, the currency banking, and the government debt crisis.
Barriers to communication in the group
Indeed there were various barriers to communications that did the research work to be tough to handle. Effective communication is key in enabling the group to achieve its desired objectives or goals. Firstly, there were medium disturbances and technical problems that influenced the encoding and decoding of information during the research period. The majority of the group members used mobile phones in sending and receiving information. Sometimes, there are phones network coverage problems that resulted in distortion of information. Next, some members sometimes used nonverbal communication styles to communicate. However, the facial expressions and gestures were differently interpreted by various members of the group. Lastly, the culture was also a significant barrier to communication. Globalization has brought together people from different cultural backgrounds that may have different interpretations of certain information. Moreover, different cultures have different methods or styles of communicating (Jain, 1997). For instance, the Spanish are more likely to be formal in writing than in verbal communication.
How to overcome the communication barriers
The group used different strategies of overcoming the barriers of communication. Firstly, the group ensured that they utilized the network service providers who were highly efficient in providing reliable network coverage in the members areas of research to overcome the technical barrier to communication. Secondly, the group leader emphasized on courtesy, tolerance and teamwork in communication during the examination period. Different people have different styles of communication. Therefore, the team members are obliged to exercise patience, courtesy, and teamwork when communicating with the various members of the group. Lastly, it is to understand and acknowledge the presence of diverse cultures in the group. Therefore, the group members effectively communicated while considering the presence of various cultures in the group. Moreover, it was also mandatory not to give much attention to stereotypes as it may make one to develop negative attitudes against a particular group member (In Normore, In Long et al. 2016).
How I contributed to the overall success of the project
Firstly my frequent attendance coupled with collaboration and teamwork to group discussions not to mention my significant contribution in the group was fruitful to the overall project. Moreover, my broad knowledge in the financial management was also a big plus to the group members in their quest for achieving the objective of the project. I also provided, insight into the best research methodologies of collecting data which was used in the generating the projects conclusions.
In Normore, A. H., In Long, L. W., & In Javidi, M. (2016). Handbook of research on effective communication, leadership, and conflict resolution.
Jain, R. K., & Triandis, H. C. (1997). Management of research and development organizations: Managing the unmanageable. New York: J. Wiley.
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