Definition: represent a mutual understanding of the problems, needs, and requirements between clients and suppliers, or among different levels of management and employees. Having shared expectations is essential in setting up a solid foundation for building a rewarding and profitable relationship between the two parties in the future. To aid in establishing such an understanding, the two sides usually need to have a facilitated dialogue where both explain what they want and expect from each other during the entire course of their partnership.
In a Sentence:
The manager admitted that his branch owned the bulk of its success to the fact that they were able to establish shared expectations with their biggest clients from the get-go.
Recently I’ve been very unsatisfied with my Internet provider’s services, as it seems we don’t have shared expectations about what a proper Internet connection is.
Having shared expectations with our business partners allowed us to close the deal by the end of the month and advance to the manufacturing process.
Synonyms and related words: shared values, expectations hypothesis, rational expectations hypothesis, reasonable expectations doctrine