Feedback is essential in cross-functional collaboration, much like how players in a volleyball game continuously adapt based on the game's progress. It involves a constant exchange of ideas and observations, helping teams to adjust their strategies and improve their performance. Feedback can be both ways - from the product manager to the teams and vice versa. It helps in identifying areas of improvement, acknowledging accomplishments, and making informed decisions. Constructive feedback fosters a culture of continuous learning and improvement, ensuring that the team remains agile and effective in their collaborative efforts.