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MGT 445 Week 2 DQ 1


MGT 445 Week 2 DQ 1 fin571

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MGT 445 Week 2 DQ 1
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This 0 page Study Guide was uploaded by an elite notetaker on Tuesday November 10, 2015. The Study Guide belongs to fin571 at Kaplan University taught by in Fall 2015. Since its upload, it has received 23 views.

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Date Created: 11/10/15
In an ideal negotiation process there are seven key steps that would normally take place and they are as follows Preparation deciding what is important de ning goals thinking ahead on how to work together with the other party or parties Relationship Building process of getting to know the other partyparties understanding the similarities and differences with the parties and building commitment towards achieving a mutually bene cial set of outcomes Information Gathering learning what you need to know about the issues about the other party and their needs about the feasibility of possible settlements and about what might happen if you fail to reach agreement with the other side Information Using at this stage negotiators assemble the case they want to make for their preferred outcomes and settlement one that will maximize the negotiator s own needs Bidding the process of making moves from one s initial ideal position to the actual outcome Bidding is the process by which each party states their quotopening offerquot and then makes moves in that offer toward a middle ground Closing the Deal the objective of this stage is to build commitment to the agreement achieved in the previous phase Both the negotiator and the other party have to assure themselves that they reached a deal they can be happy with or at least accept Implementing the agreement determining who needs to do what once the agreement is reached Not uncommonly parties discover that the agreement is awed key points were missed or the situation has changed and questions exist Flaws from earlier phases start to surface here and the deal may have to be reopened or issues settled by mediators arbitrators or the courts Lewicki Saunders amp Barry 2006 In my opinion the three most important phases would be a preparation from the standpoint that if one is better prepared there will be less down time trying to understand research or decipher the situation b relationship building from the standpoint that without a good relationship the negotiation process will be very difficult and c closing the deal because this will bring the negotiation process to a conclusion As far as any steps or phases that I would adddelete I believe that the seven phases stated are all necessary so I guess I would add an additional phase which would be one where I would call a the followup phase in which the implementation of the agreement is tracked and reviewed to assure that it works


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