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Best Alternative To A Negotiated Agreement
In negotiation theory, the best alternative to a negotiated agreement or BATNA (no deal option) refers to the most advantageous alternative course of action a party can take if negotiations fail and an agreement cannot be reached. The BATNA could include diverse situations, such as suspension of negotiations, transition to another negotiating partner, appeal to the court's ruling, the execution of strikes, and the formation of other forms of alliances. BATNA is the key focus and the driving force behind a successful negotiator. A party should generally not accept a worse resolution than its BATNA. Care should be taken, however, to ensure that deals are accurately valued, taking into account all considerations, such as relationship value, time value of money and the likelihood that the other party will live up to their side of the bargain. These other considerations are often difficult to value since they are frequently based on uncertain or qualitative considerations rather than ea ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Negotiation Theory
The foundations of negotiation theory are decision analysis, behavioral decision-making, game theory, and negotiation analysis. Another classification of theories distinguishes between Structural Analysis, Strategic Analysis, Process Analysis, Integrative Analysis and behavioral analysis of negotiations. Negotiation is a strategic discussion that resolves an issue in a way that both parties find acceptable. Individuals should make separate, interactive decisions; and ''negotiation analysis'' considers how groups of reasonably bright individuals should and could make joint, collaborative decisions. These theories are interleaved and should be approached from the synthetic perspective. Common assumptions of most theories Negotiation is a specialized and formal version of conflict resolution, most frequently employed when important issues must be agreed upon. Negotiation is necessary when one party requires the other party's agreement to achieve its aim. The aim of negotiating is ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
University Of Kuala Lumpur
Universiti Kuala Lumpur (UniKL) is a multi-campus technical university with its main campus based in Kuala Lumpur, Malaysia. Rated as a Tier-5 "Excellent University" by the Ministry of Higher Education Malaysia in 2009, 2011, 2013 and awarded Putra Brand Award in 2016. UniKL has 14 institutes spread across 12 campuses throughout Malaysia in Kuala Lumpur, Gombak, Cheras, Bangi, Kajang, Sepang, Taboh Naning, Pasir Gudang, Ipoh, Lumut and Kulim. Programmes offered Each institute under UniKL has a specialization. Educational programmes of UniKL are accredited by Malaysian Qualification Agency (MQA). Campuses and institutes In 2012 the university had around 20,500 local and international students studying at 11 campuses throughout the country, offering educational programs at professional certificate, diploma, degree, and postgraduate levels in the following fields: * Medical science & technology * Automation & industrial maintenance * Mechatronics, air-conditioning * Machine b ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Negotiation
Negotiation is a dialogue between two or more people or parties to reach the desired outcome regarding one or more issues of conflict. It is an interaction between entities who aspire to agree on matters of mutual interest. The agreement can be beneficial for all or some of the parties involved. The negotiators should establish their own needs and wants while also seeking to understand the wants and needs of others involved to increase their chances of closing deals, avoiding conflicts, forming relationships with other parties, or maximizing mutual gains. The goal of negotiation is to resolve points of difference, gain an advantage for an individual or collective, or craft outcomes to satisfy various interests. Distributive negotiations, or compromises, are conducted by putting forward a position and making concessions to achieve an agreement. The degree to which the negotiating parties trust each other to implement the negotiated solution is a major factor in determining ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Zone Of Possible Agreement
The term zone of possible agreement (ZOPA), also known as ''zone of potential agreement'' or ''bargaining range'', describes the range of options available to two parties involved in sales and negotiation, where the respective minimum targets of the parties overlap. Where no such overlap is given, in other words where there is no rational agreement possibility, the inverse notion of NOPA (no possible agreement) applies. Where there is a ZOPA, an agreement within the zone is rational for both sides. Outside the zone no amount of negotiation should yield an agreement. An understanding of the ZOPA is critical for a successful negotiation, but the negotiants must first know their BATNA ( best alternative to a negotiated agreement), or "walk away positions". To determine whether there is a ZOPA both parties must explore each other's interests and values. This should be done early in the negotiation and be adjusted as more information is learned. Essential is also the ZOPA’s size. ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Opportunity Cost
In microeconomic theory, the opportunity cost of a particular activity is the value or benefit given up by engaging in that activity, relative to engaging in an alternative activity. More effective it means if you chose one activity (for example, an investment) you are giving up the opportunity to do a different option. The optimal activity is the one that, net of its opportunity cost, provides the greater return compared to any other activities, net of their opportunity costs. For example, if you buy a car and use it exclusively to transport yourself, you cannot rent it out, whereas if you rent it out you cannot use it to transport yourself. If your cost of transporting yourself without the car is more than what you get for renting out the car, the optimal choice is to use the car yourself. In basic equation form, opportunity cost can be defined as: "Opportunity Cost = (returns on best Forgone Option) - (returns on Chosen Option)." The opportunity cost of mowing one’s own l ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Getting To Yes
''Getting to Yes: Negotiating Agreement Without Giving In'' is a best-selling 1981 non-fiction book by Roger Fisher and William Ury. Subsequent editions in 1991 and 2011 added Bruce Patton as co-author. All of the authors were members of the Harvard Negotiation Project. The book suggests a method of principled negotiation consisting of "separate the people from the problem"; "focus on interests, not positions"; "invent options for mutual gain"; and "insist on using objective criteria". Although influential in the field of negotiation, the book has received criticisms. Background Fisher and Ury focused on the psychology of negotiation in their method, "principled negotiation", which attempts to find acceptable solutions by determining which needs are fixed and which are flexible for negotiators. The first edition of the book was published in 1981. By 1987, the book had been adopted in several U.S. school districts to help students understand "non-adversarial bargaining". In 19 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Conflict Resolution Research
Conflict resolution is any reduction in the severity of a conflict. It may involve conflict management, in which the parties continue the conflict but adopt less extreme tactics; settlement, in which they reach agreement on enough issues that the conflict stops; or removal of the underlying causes of the conflict. The latter is sometimes called "resolution", in a narrower sense of the term that will not be used in this article. Settlements sometimes end a conflict for good, but when there are deeper issues – such as value clashes among people who must work together, distressed relationships, or mistreated members of one's ethnic group across a border – settlements are often temporary. Unproductive conflict communication cycle Unproductive conflict; this can be done by analyzing the three stages executed during this type of communication: the early stage, the middle stage, and the later stage. An argument's potential is determined within the first 3 minutes of exchange, setting ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Reservation Value
In microeconomics, search theory studies buyers or sellers who cannot instantly find a trading partner, and must therefore search for a partner prior to transacting. Search theory clarifies how buyers and sellers choose when to acknowledge a coordinating offer for a transaction. Search theory also provides an explanation for why frictional unemployment happens as people look for jobs and corporations look for new employees. Search theory has been used primarily to explain labor market inefficiencies, but also for all forms of "buyers" and "sellers", whether products, homes or even spouses/partners. It can be applied. The clearing price will be met quickly as supply and demand react freely. However, this does not happen in the real world. Search theory tries to explain how. Search theory has been applied in labor economics to analyze frictional unemployment resulting from job hunting by workers. In consumer theory, it has been applied to analyze purchasing decisions. From a wo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Philip Gulliver
Philip Hugh Gulliver (2 September 1921 – 30 March 2018) was a Canadian anthropologist specifically in Oriental and African Studies, a Distinguished Professor Emeritus at York University York University (french: Université York), also known as YorkU or simply YU, is a public university, public research university in Toronto, Ontario, Canada. It is Canada's fourth-largest university, and it has approximately 55,700 students, 7,0 ... and also a Fellow of the Royal Society of Canada. References 1921 births 2018 deaths Academic staff of York University Canadian anthropologists People from Essex (before 1965) British emigrants to Canada Alumni of the London School of Economics Royal Air Force personnel of World War II Fellows of the Royal Society of Canada {{Canada-anthropologist-stub ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
McGraw Hill Education
McGraw Hill is an American educational publishing company and one of the "big three" educational publishers that publishes educational content, software, and services for pre-K through postgraduate education. The company also publishes reference and trade publications for the medical, business, and engineering professions. McGraw Hill operates in 28 countries, has about 4,000 employees globally, and offers products and services to about 140 countries in about 60 languages. Formerly a division of The McGraw Hill Companies (later renamed McGraw Hill Financial, now S&P Global), McGraw Hill Education was divested and acquired by Apollo Global Management in March 2013 for $2.4 billion in cash. McGraw Hill was sold in 2021 to Platinum Equity for $4.5 billion. Corporate History McGraw Hill was founded in 1888 when James H. McGraw, co-founder of the company, purchased the ''American Journal of Railway Appliances''. He continued to add further publications, eventually establishing Th ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Course Hero
Course Hero is an American education technology website company based in Redwood City, California, which operates an online learning platform for students to access course-specific study resources (homework, essays and tests). The crowdsourced learning platform contains practice problems, study guides, infographics, class notes, step-by-step explanations, essays, lab reports, videos, user-submitted questions paired with answers from tutors, and original materials created and uploaded by educators. Users either buy a subscription or upload original documents to receive unlocks that are used to view and download full Course Hero documents. History Course Hero was founded by Andrew Grauer at Cornell University in 2006 for college students to share lectures, class notes, exams and assignments. In November 2014, the company raised $15 million in Series A Funding, with investors that included GSV Capital and IDG Capital. Seed investors SV Angel and Maveron also participated. In Febr ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Nash Equilibrium
In game theory, the Nash equilibrium, named after the mathematician John Nash, is the most common way to define the solution of a non-cooperative game involving two or more players. In a Nash equilibrium, each player is assumed to know the equilibrium strategies of the other players, and no one has anything to gain by changing only one's own strategy. The principle of Nash equilibrium dates back to the time of Cournot, who in 1838 applied it to competing firms choosing outputs. If each player has chosen a strategy an action plan based on what has happened so far in the game and no one can increase one's own expected payoff by changing one's strategy while the other players keep their's unchanged, then the current set of strategy choices constitutes a Nash equilibrium. If two players Alice and Bob choose strategies A and B, (A, B) is a Nash equilibrium if Alice has no other strategy available that does better than A at maximizing her payoff in response to Bob choosing B, and Bo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
