Negotiation
- An approach to decision making and conflict resolution by interdependent parties (entities, individuals).
- Information exchange in which two or more parties make a sequence of decisions leading to the achievement of a compromise.
- Parties with own perceptions, goals, objectives, aspirations and reservation levels.
- Process of learning about the others’.
- Conducted in the offer space; the parties present offers and counter-offers while objectives and interests are often hidden.
- Decisions involve offer formulation and concession making.
- Explanations, threats,inducements, incentives and other forms of communication often complement offers.
- Concessions are made in the goal space and typically involve reduction of the expected goal achievement levels.