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To evaluate and improve team collaboration, the speaker introduces a checklist of three essential components. The first component is alignment, which involves ensuring that everyone is clear on what the team is trying to accomplish and that there is a shared understanding of the goals. The second component is engagement, which focuses on ensuring that every team member is actively contributing to the effort. The speaker emphasizes the importance of psychological safety and constructive conflict as the third component. Having a safe environment in which team members can express their opinions and engage in healthy debates leads to better collaboration and the ability to overcome obstacles.