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In order to decide on the amount of preparation and work to go into a meeting, we need to first decide on the kind of meeting and its intended output. In some cases, a brief daily stand-up will be the best choice. While in longer meetings an agenda with inputs of participants is advisable. 

The perceived sense of non-productivity is often due to participants being involved that are not directly involved in the issues being discussed. To avoid this, we found a limited and thought-through list of invitees and/or optional meeting attendance helpful.