Negotiation and Conflict Management Final Report
“It’s time to go to the next level of my career,” I told myself a few months ago. Life and life experiences have put me in the right place at the right time to make my daydream a reality. As a natural born citizen of another country and as a newly-married person, I have a unique perspective as well as a set of obstacles and opportunities on the road ahead as I pursue my Executive MBA while being in transition.
My current short-term goal professionally is to find a job that not only fulfills my current ambition of being technical leader but also a management leader in the IT world, where as my long-term goal is to start my own ...view middle of the document...
When I tried to analyze the whole negotiation process that we went with the end clients and even 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 didn’t set up the right negotiation as the right party and right interests were not set up.
* We never considered the No-Deal option.
* Never paid attention to the six basic interpersonal skills that are essential for negotiation.
My short term goal of being a technical as well as managerial leader in IT would require me to be a part of similar negotiations that I mentioned above. Right from extending contracts, to getting funding for maintenance and development of software, getting more business from different set of end clients which might be interested in similar software. Here are some of the important factors that needs to be considered while making 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 needs to be done be it with the bankers or venture capitalists who might be interested in funding it, real-estate people 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 key 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 need to keep in mind is that we might have issues with one of them, so we need to keep more 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 about the true ZOPA and Shape your counterpart’s ZOPA perceptions to your advantage. New customers are more interested in creating and claiming value like discounted cash flows, creating relationships, reputation and being fair. We need to think long term for creating and claiming value as none 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 sharing and learning. In the process of sharing information, a party seeks to alter the knowledge, attitudes, preferences and strategies of its opponents.
There are some conflicts that I might have to overcome during my business negotiations that can be summed up as:
As a successful negotiator the six basic interpersonal skills are utmost important but initially when I started negotiating in my previous company, I never paid real attention to some of those skills. The contract extension negotiation example above was finally approved but we had a lot of things that were not correct and that almost cost us the deal. Here are some of the key aspects of that deal:
a) My company had this contract for past 9 years...