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Write 400–600 words that respond to the following questions with your thoughts, ideas, and comments. This will be the foundation for future discussions by your classmates. Be substantive and clear, and use examples to reinforce your ideas.In preparation for the team-based simulation, the groups have been formed, and this discussion takes place within the group room. Introductions and discussions should accomplish the following tasks, with the final team contract being posted in the group Discussion Board:Task 1 (50 points)Name the team.Determine the corporate roles (e.g., CEO, marketing, finance).Complete the team charter. Click here for the template.Set the expectations for the team members.Task 2 (20 points)Each team will make business decisions and enter information as dictated by the simulation directions. The teams will review and discuss the results of business performance in the group Discussion Board at the completion of the two simulation rounds (GloBus scored rounds 6 and 7).At the completion of the two simulation rounds, each student must complete the peer evaluation using the team contract as a guide and then submit it. This is a private submission. Click here for the peer evaluation form.