Management teams are responsible for the total performance of the division they oversee with regards to day-to-day operations, delegation of tasks and the supervision of employees. The authority of these teams are based on the members position on the company's or institution's organizational chart. These management teams are constructed of managers from different divisions (e.g. Vice President of Marketing, Assistant Director of Operations). An example of management teams are executive management teams, which consists of members at the top of the organization's hierarchy, such as chief executive officer, board of directors, board of trustees, etc., who establish the strategic initiatives that a company will undertake over a long term period (~ 3–5 years). Management teams have been effective by using their expertise to aid companies in adjusting to the current landscape of a global economy, which helps them compete with their rivals in their respective markets, produce unique initiatives that sets them apart from their rivals and empower the employees who are responsible for the success of the organization or institution. See also References Group processes Industrial and organizational psychology Organizational behavior Teams