Editing Team management (section)

===Econ 101===
In the “econ 101” method of team management, the team leader makes the baseline assumption that all team members are motivated by reward in the form of money, and that the best way to manage the team is to provide financial rewards for performance and issue punishments for failure. This method of team management uses material gains in the place of intrinsic motivation to drive team members. This is similar to [[Frederick Winslow Taylor|Frederick Taylor's]] theory of [[Scientific Management|scientific management]] which claims the main form of motivation for employees is money.<ref>Riley, J. 2012. Motivation Theory - Taylor.[Online]. [Accessed 15 October 2014]. Available from:http://www.tutor2u.net/business/people/motivation_theory_taylor.asp</ref><ref>Hoang, P. 2011. International Baccalaureate Business and Management. Edition 2.IBID Press.</ref> The main drawback of this method is that it does not take into account other forms of motivation besides money such as [[Motivation#Types of motivation|personal satisfaction]] and ambition. Moreover, using reward and punishment as a method of team management can cause demotivation as everyone is motivated by different factors and there is no one way to satisfy all team members; the negative effect is further compounded by punishment leading to demoralisation and loss of confidence.<ref name="Three Management Methods"/>