Negotiation and Conflict Management Final Report Essay

Its time to go to the adjacent level of my biography, I told myself a few months ago. Life and life experiences have put me in the well(p) coiffure at the right time to make my moon on a existingity. As a natural born citizen of a nonher unpolished and as a newly-married soulfulness, I have a unique survey as well as a set of obstacles and opportunities on the highway ahead as I pursue my Executive MBA while be in transition. GOALSMy current short- end point goal professionally is to find a job that non plainly fulfills my current ambition of organism technological curl up heavilyly also a management leader in the IT piece, where as my long-term goal is to produce my receive business (Repurposing and creatively painting old leather crossways into house decor) along with my life- wear startner in the next 3-4 years. My personal goal is to over again relive my artistic side, paint and be creative and propose my spouse involved in the artistic world that I like. I am at a juncture of my c areer where in both my personal goal of b oddmenting with my life- hittner coincides with my ambition of offset up a new business and apply whatever fellowship I gathitherd during class. My goal as far as EMBA classes is to genuinely be able to not only learn Finance and history yet actually try to master it is as more than as possible because when my goal of possibleness up my business becomes a reality, I amaze to make reliable I have command e actuallywhere that.NEGOTIATIONSIn my previous comp either, I had the opportunity to be a give way of some historic duologues which helped me as well as the project infer the discordant aspects that we had predominantly neglected at the start of some of these dialog. unmatchable such talks was when a pit vendor was trying to wander their new software to our client which they claimed would be doing the same kind of take shape that we were doing for past few years. When the time came to man age the new deoxidize for our project, the clients asked us to come up with a plan as to why they should choose our software v/s the rival vendors proposed software. When I tried to analyze the whole negotiation process that we went with the end clients and tear down though we managed to extend the contract, there were a lot of issues that were not par with the 3D negotiation which are as follows We didnt set up the right negotiationas the right society and right interests were not set up. We never considered the No-Deal option. neer paid attention to the sixer canonical interpersonal skills that are essential for negotiation. My short term goal of macrocosm a technical as well as managerial leader in IT would require me to be a better of similar negotiations that I mentioned preceding(prenominal). Right from extending contracts, to locomoteting funding for maintenance and development of software, getting to a greater extent business from different set of end clients whic h cogency be raise in similar software. Here are some of the important factors that ineluctably to be considered while make these kind of negotiations.My long-term goal of opening my own business with my spouse is something that would require a lot of negotiations that require to be done be it with the bankers or venture capitalists who might be evoke in funding it, real-estate mountain who might be interested in selling or renting their property and the end clients/customers who would be interested in buying my end products. These are the three place area of people that I have to get involved with in-order to start my business successfully.While dealing with the Bankers/VC, one thing that we conduct to aliveness in mind is that we might have issues with one of them, so we need to keep more(prenominal) options and try to find the right new parties who might be interested (right players). With the Real-Estate people, you need to address the Twin tasks, namely, Learn inti mately the true ZOPA and Shape your counterparts ZOPA perceptions to your advantage. New customers are more interested in creating and claiming value like discounted cash flows, creating relationships, character and macrocosm fair. We need to think long term for creating and claiming value as no(prenominal) of the parties should feel that they have been exploited or dealt with unfairly as the reputation would be at stake. All conflict management processes i.e. consensual negotiations, are based on information manduction and learning. In the process of sharing information, a companionship seeks to alter the knowledge, attitudes, preferences and strategies of its opponents. There are some conflicts that I might have to have the best during my business negotiations that can be summed up asAPPRAISALAs a successful negotiator the six basic interpersonal skills are utmost important but ab initio when I started negotiating in my previous federation, I never paid real attention to s ome of those skills. The contract accompaniment negotiation example above was finally approved but we had a lot of things that were not elucidate and that almost cost us the deal. Here are some of the divulge aspects of that deal a) My company had this contract for past 9 years without any competition and hence I never expected a rival vendor to just come up with an some other proposal with the end client. b) I never really dealt with the topic of creating and claiming value as part of the negotiation. c) Had an incomplete/blurry information on the rival vendor and their product hence before proposing the deal, we never dug deep to rectify it.d) Never pressed on the issue of Your Interests / Their Interests. As this was a contract that was universe extended every single year, this thing never came to my mind. The apprehension we got the extension on the contract was due to some of equally compelling strength that as a negotiator we had and they were as follows a) Our ability to make certainly the end clients register their No-Deal option. Even though we werent aware that it was called the No-Deal option, we surely went that route when we presented our merits in front of them and made sure they understand what they were losing in-case the contract was not extended. b) Even though we didnt do our home snip on the rival contractor, we made sure that we had all our facts and data right once we were in front on the clients. The data showed all the current nest egg that we were providing to the end clients and this was a major factor that earned us the hefty point.My Strengths reason outThe quality and extent of my preparationThe better you understand your interests (why you desire what you pauperism) and the better you understand the interests of other parties (why they want what they want), the greater the chance you provide be able to reach an elegant solution which leaves the parties feeling as if each has achieved the major portion of their goa ls People walk international opinion they would be pleased tonegotiate again with me A negotiators relative strength can be measured by whether people walk away thinking they would be pleased to negotiate again with him/her.If people leave a negotiation with you thinking they never want to see you again, then you are a piteous negotiator easily communication to other parties so they understand my top priority A negotiator needs to understand that different issues should be treated as having different priorities in different negotiations. Sometimes the relationship is most important other times creativity is the measure of how well one negotiates and it is invariably true that good communication is a fundamental measure of a negotiators strength. A good negotiator makes her/his points clearly unders alsod by other parties. A better negotiator makes understanding other parties her/his top priority.In Moms.com case study, I was Terry Schiller and as my consumption was to sell the program, I made sure that for my preparation for the case, whether finding the right balance between the no. of re-runs v/s the licensing rate and making sure that this balance would give me as well as other political party the max value. I had already calculated this before the negotiation started so that I knew what value would affect me as well as the other party. In Viking Investments case study, I was the person that run Viking investments and make up though bankruptcy was the option for the other party, I not only made sure that it wont happen but provided the other party with 3 different options and gave her the choice to choose which ever meet her bill. I believe in maintaining relationships and making sure that the other party feels the same way, hence when the other party walks away after the negotiation, they would want to do more business with me going forward. In Biopharm-Seltek case study, I represented Biopharm and my main goal was to make sure that the other part y understood that I was not only interested in their company but was not interested in buying their patent.My WeaknessReasoningDealing with damaging emotions from the other side of the prorogue Are my standards of legality being profaned? Is the common bias operating about my being cooperative and fair while the other party is hostile and free-enterprise(a)?What rule or assumption that I hold is being violated by the others behavior? Controlling your emotions commanding average authority, managing your temper, etc. Has something been raised that questions what I tell myself I am or hope to be, such as Am I commensurate? Am I fair? Am I a good person? Knowing when to step away from the negotiation table and being able to really do it No negotiator wants to enter into a poor agreement. But similarly, every negotiator should want to walk away from an unacceptable agreement towards a clearly defined, satisfactory BATNAIn Viking Investments case study, there were times I couldnt control my emotion because as per my own belief I was trying to go all the way out to help the other side not file for bankruptcy but in the middle I thought that I was fighting the difference of opinion alone. I was emotionally drained out to make the other understand the consequence of bankruptcy and helping them more than I should as a result of which I questioned my own self whether I am competent enough. This to me is a sign of weakness because I let my emotion take over the negotiation process. In Biopharm-Seltek case study, I was overwhelmed by the negative emotion from the other side as they were not ready to part away with the company without me buying the patent.It was their major walk away reason for them which I was not able to understand as they were being very hostile without being reasonable. I saw a very different take on this which was against my own personality and it was something I couldnt overcome and need to work upon that. I still have a hard time to underst and that you should never accept a proposal that is worsened than your BATNA. Hence I couldnt understand when to step away in case it didnt work out. In the Moms.com, I didnt get the proposal that I prepared so confidently before the negotiation started and I couldnt find the courage to walk away from the table even though I knew the value created was not as much as what I had initially proposed.PLANHere are the negotiation skills that I plan on improving and dealing with short term as well as my long term goals1. Do your research. get through your own objectives and make sure you understand what your frigid number wants from the deal. For example, by doing some basic research into a potential supplier, you can work out how valuable your custom is to them. 2. Plan your strategy in write and decide what approach you will adopt before beginning negotiations. Be clear about the type of deal you want, set clear goals and work out where you will draw the line and walk away from the de al. 3. postulate questions and listen closely to answers. Asking questions will help you understand what your opposite number wants to achieve. You whitethorn be able to get them to reveal how limber they are on certain issues. 4. influence what is negotiable. Before you start to negotiate, draw up a list of factors that are most important to you. Decide what you are (and arent) prepared to compromise on.Key factors might include price, earnings terms, volume or delivery dates. The key is to establish your preferred outcome, but remain realistic, because if youre not prepared to compromise some negotiations wont last long. 5. Dont reveal your negotiating position and forefend making unnecessary concessions. If you have to make concessions look for reciprocation. Concessions should only be made to help you get the things you value. You should also avoid appearing too keen to do a deal. Consider what offer the other party in the negotiations is likely to make and how youll respond . 6. Select the best team. one time youve discrete on your strategy it is essential that you get your negotiating team right. Make sure it has skills in all the required areas and, where necessary, use a specialist to negotiate in areas outside your expertise 7. Drawing up a contract. Once all the points have been negotiated and a deal has been agreed, its best to get a written contract drawn up and signed by both parties. While verbal contracts are legally binding they are difficult to prove in court. 8. Choose the right time and place for negotiation. Ideally select a time and place where you are not under pressure to close the deal.My plan of being successful in negotiationsMapping the partiesI would like to start with private talks with various individual parties(bankers, customers, etc.) before bringing everyone together for public negotiations, or it may be better to immediately begin negotiation with all stakeholders. When exploitation the process, it is important to consi der the role of third parties, special procedures and specific negotiation systems. This will likely require an understanding of the cultural norms and individual personalities of the parties involved. provided important considerations relevant to the process include how the process is to be compulsive and how it could be modified. The set up essentially contains that the scope, sequence and process of a negotiation is consistent with my desired outcome for the negotiation. I need to ensure that the right parties have been involved, in the right sequence, to deal with the right issues that necessitate the right set of interests, at the right table or tables, at the right time, under the right expectations, facing the right consequences of walking away if there is no deal.