What is Decision Analysis in negotiation?
Decision analysis principles state that the expected outcome of a situation like this is found by multiplying the probabilities of each possible outcome by the result of that outcome (called the payoff), and then summing these products.
What are the five strategies of negotiation?
Negotiators have a tendency to negotiate from one of five styles: competing, accommodating, avoiding, compromising, or collaborative.
What are the three types of negotiation strategies?
There are 3 key approaches to negotiations: hard, soft and principled negotiation. Many experts consider the third option – principled negotiation – to be best practice: The hard approach involves contending by using extremely competitive bargaining.
What is BATNA analysis?
A BATNA, or Best Alternative to Negotiated Agreement, represents the best option to one party in a negotiation if the talks fail. A strong BATNA means that that party has a reasonably attractive alternative to negotiation; if they fail to reach agreement, they can implement the BATNA with minimal disruption.
How is decision-making and negotiation interlinked?
If negotiation is about improving the quality of decision-making, those who need to make the final decision whether or not to accept a proposed deal must give themselves the luxury of not only understanding the concerns at play but also all the available options for integrating those.
What are the two approaches to negotiation?
As we are all negotiators, negotiating constantly, it is useful to understand the two primary approaches to bargaining: distributive and integrative negotiation.
What is the best approach in negotiation?
Integrative Negotiation or Win-Win Approach. This negotiation approach is also called as collaborative or creating value approach. It is superior to all negotiation approaches. It results in both the parties feeling that they are achieving what they wanted.