Essay Example on In lesson 4 I learned about the importance of negotiation Skill

A better preparation can reduce the risk of deadlock In order to handle deadlock is to keep reactions prejudgments out of the subject and work towards finding some joint objectives BATNA means best alternative to negotiated agreement and WATNA is worst alternative to negotiated agreement Assessing BATNA is the very important steps in the preparation process If a negotiator knows their BATNA will be helpful to determine the point at which their BATNA is better than the negotiated result BATNA helps to find out when to accept or reject the deal In other words BATNA act as a baseline that a negotiator never accepts an outcome that is worse their BATNA Determine the opponent BATNA is also useful Rapport stands for relationship which is one of the steps in the negotiation process For a successful negotiation relationship building is important to develop a positive environment to reduce strain and anxiety It will help to determine early on how cooperative the opponent is going to be Exploration is the stage of gathering maximum information about the need problem discover what information is needed from the other side and issues involved in it The bargaining stage involves coming nearer to the objective you planned to attain by reducing the range of disagreements when you started the negotiation Bargaining is a trading activity to influence the opponent of the appropriateness of your demands and then persuading the other party to admit to those demands Principle bargain is known as win win approach and the positional bargain is known as win lose approach In win lose negotiation one party wins and other loses In this on party falls within or above of their target range or and the other falls below their target range Here the relationship between the party is short term When both parties reach a mutually agreeable outcome then its known as win win strategy 

A Principle bargaining approach can deliver higher value at lower risk than a positional method In win win scenario can have long term or short term relationship and this method is more creative and flexible In win lose approach one party use the power on the opponent and win the play In hard negotiation focus on victory on the other hand soft negotiation try to make relationship and consider goal as agreement The win win approach is the most efficient method where it separates the people from the problem and results are the most stable outcomes of negotiations since both parties are happy with the result It establishes rapport and common goals Closure and agreement phase is the final stage of the negotiation process in which both parties understand to come up with a formal statement of agreement The purpose of closing is to lead both the parties to final agreement includes a comprehensive summary of negotiation outcome Thus closing must be credible Negotiations a way of finding or reaching an equally acceptable solution to a common problem At the end of a good negotiation create maintain or develop a relationship between players A project manager needs to be a master in many skills for successful execution of the project Therefore a project manager must take time to hone negotiation skills to make a win win situation for both team members and customers