From INSEAD Knowledge
During his time working at Vivendi Universal, Fabrice Cavarretta, a Ph.D. candidate in organizational behavior at INSEAD, says "intuitively it felt that the company would either do extremely well or very badly. But it was not clear whether anyone could have predicted which way it would go. I became fascinated by Vivendi's top management 쪽티비 스포츠토토's composition, which was so homogeneous one could feel the situation (would) turn out excessively well, or be a complete fiasco -- one extreme or the other."
Drawing on this and other experiences, Cavarretta developed his research on the performance of 쪽티비 스포츠토토s within companies. However, as he explains "the traditional route of studying 쪽티비 스포츠토토s' performance has been to see how it can be improved with the burning question, 'do diverse 쪽티비 스포츠토토s improve or reduce performance?' The findings from research related to that traditional question have been ambiguous. Some research shows that diversity can improve output because it brings different skills to the table. On the other hand, diversity could reduce performance if 쪽티비 스포츠토토 members don't get along. So when measuring the results on average, these two effects combine into a flat and unclear outcome."
Cavarretta says he takes a different approach. "My angle is to make a statement about the range of 쪽티비 스포츠토토 -- that diversity in fact influences that range between the highest and lowest outcomes. Conventional thinking explored whether diversity moves that range up or down: I'm trying to figure out whether diversity grows or reduces the breadth of that range." In practical terms, this matters because the range determines exceptional outcomes -- both low and high -- which often matter more than average outcomes.
Cavarretta cites the example of firms searching to make an exceptional public offering, such as Google, a context where exceptional 쪽티비 스포츠토토 is the ultimate goal. Alternatively, from a governance perspective where one is trying to avoid corporate fiascoes, such as in the case of Enroll, exceptionally low outcomes matter the most. In both instances, average outcomes do not matter much and predicting the range of outcomes may be more suitable.
Cavarretta has three key predictions. Highly diverse 쪽티비 스포츠토토s will be particularly risky, because of what he calls a "social" hazard. "If the 쪽티비 스포츠토토 members don't get along, they will clash, which will lead to low performance," Cavarretta says. "However, if they do all get along, this can lead to outstanding performance."
Highly homogeneous 쪽티비 스포츠토토s are also risky since they face another hazard -- this time, "informational." Their performance can be extremely high if they carry out a task in their competence set, where their cohesion will serve them well. Unfortunately, when such 쪽티비 스포츠토토s confront changing or complex conditions, they then dramatically lack the proper information, and perform outstandingly bad."
These two ideal cases, highly homogenous and highly diverse 쪽티비 스포츠토토s, are both risky in their own sense, and can be contrasted with mildly diverse 쪽티비 스포츠토토s. Those are not going to be exceptionally good in terms of their cohesion, nor the information available to them. Mildly diverse 쪽티비 스포츠토토s are therefore low risk, rarely outperforming but also avoiding fiascoes.
This linkage between 쪽티비 스포츠토토 composition and extreme performance is of importance for businesses, in particular industries such as aviation where reliability is a key concern and where extremely high or low performance is not acceptable, as this could result in an accident. In airlines, "your prime concern is whether you will hit rock bottom! There's a saying in the aviation business that 'there are no good pilots, only old pilots.' Because that context is driven by risk reduction, it's essential to find the balance in the composition of the 쪽티비 스포츠토토 that will minimize risk, which should be a mild level of diversity."
The second example he cites is when it's important for 쪽티비 스포츠토토s to reach an extremely positive outcome. "Venture capitalist companies invest in many firms, and in a portfolio of 10 firms, three die quickly, and two to three are likely to deliver an exceptional exit such as an IPO. In the VC world, the firms in the middle that are only doing average -- even if doing a bit better than others -- are called 'zombies,' reflecting the fact that slight improvements above average are not interesting, compared to the possibility to make it big." In that context, knowing that 쪽티비 스포츠토토 composition could influence the range of outcomes is important.
Cavarretta's research may explain why an unusual 쪽티비 스포츠토토 composition -- for instance very homogeneous or extremely diverse -- occurs more in nascent firms, because such a 쪽티비 스포츠토토 may be more likely to deliver the exceptional performance often sought in entrepreneurial situations.
To support this research, Cavarretta studied the academic performances of 200 MBA student 쪽티비 스포츠토토s. By observing trainee future executives, Cavarretta says his field work supports his predictions that the 쪽티비 스포츠토토's composition influences the range of performance by regulating the two hazards of organizational life: whether 쪽티비 스포츠토토 members get along (social hazard); and whether they have the right information (informational hazard).
His prediction, he says, shows "there is no 'one size fits all' 쪽티비 스포츠토토 composition -- this depends on the context. When risk is to be avoided, mild diversity is the least problematic and helps to keep outcomes under control. In situations where risk is rewarded, both very homogenous or very diverse 쪽티비 스포츠토토s have a greater chance of achieving exceptional outcomes."
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