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The Art of Negotiation Contracts and Procurement

Having the most, or least, thorough knowledge about all sides of the negotiating table will make or break the success of the negotiation. Negotiators need to know the value of both sides to know what their side will comfortable accept/settle for and what the other side is likely to offer/counter offer. If either negotiator knows more about either side, that negotiator would have a better chance of winning and with more than the other side was willing to comfortably give.

The Art of Negotiation Contracts and Procurement MGMT 475-1603B-01 Randolph Fein By Lisa Bilbro Be Prepared Having the most, or least, thorough knowledge about all sides of the negotiating table will make or break the success of the negotiation. Negotiators need to know the value of both sides to know what their side will comfortable accept/settle for and what the other side is likely to offer/counter offer. If either negotiator knows more about either side, that negotiator would have a better chance of winning and with more than the other side was willing to comfortably give. (https://class.aiu-online.com/_layouts?MUSEViewer/Asset.aspx?MID=5069480). Tailor The Negotiation Team To The Situation Once all possible information has been gathered, a team member with special skills is assigned to complete different tasks of the entire case. This makes for a negotiation plan with less errors because en expert in specific areas has addressed each point in the negotiation. This will ensure that each part of the negotiations have been thoroughly reviewed, checked, and presented factually and accurately. The right information coupled with the right team with the right skills wins negotiations. (https://class.aiu-online.com/_layouts?MUSEViewer/Asset.aspx?MID=5069480). Identify Negotiation Issues and Objectives This stage in the negotiation process forces the knowledge learned to be applied. This is where what each side wants is determined, and what each side will accept as a final offer. A good negotiator comes away with what they want without the other side of the table feeling cheated. (https://class.aiu-online.com/_layouts?MUSEViewer/Asset.aspx?MID=5069480). Assess Bargaining Strengths and Weaknesses During this part of the process,”trump cards” are pulled. This is where you expose the weaknesses of your opposition's case to strengthen your own. Also to be ready to respond to your case's weaknesses, by exposing them and fixing as many as possible. If one side of the table has a weak case and strong, knowledgeable negotiator, the win could go either way. (https://class.aiu-online.com/_layouts?MUSEViewer/Asset.aspx?MID=5069480). Determining an Overall Negotiation Plan In this stage of the process, the lead negotiator will decide what to offer in the beginning of negotiations, what to counter offer upon an offer from the opposition, and what the final offer will be. Each side will figure how to test the others' knowledge of the case. The question, “Will negotiations be passive or aggressive?”, is answered in this step of the process. (https://class.aiu-online.com/_layouts?MUSEViewer/Asset.aspx?MID=5069480). Presenting a Negotiation Plan To Management In this step, a negotiation plan is submitted to management for approval, revision, or denial. (https://class.aiu-online.com/_layouts?MUSEViewer/Asset.aspx?MID=5069480). Prepare a Negotiation Agenda An outline of how you plan for the negotiation to go is called an Negotiation Agenda. The agenda guides negotiations to keep key points present, ensures that what needs to be said is, and to make sure that facts and figures are at the forefront to be referenced as needed. (https://class.aiu-online.com/_layouts?MUSEViewer/Asset.aspx?MID=5069480). Negotiations are used in every aspect of life. From trying to stay up late as a kid to going on a job interview. Negotiating is a skill that, when polished, is more commonly known as charisma. The charismatic person can persuade effortlessly. Great negotiators are both born and made. The ONLY difference is effort. Reference Page No Asset Content. (n.d.). Retrieved August 18, 2016, from https://class.aiu-online.com/_layouts?MUSEViewer/Asset.aspx?MID=5069480)