Why is arbitration preferred as a means of resolving disputes?
What will be an ideal response?
Arbitration, or the process by which both parties to a conflict agree to submit their cases to a private individual or body they will honor, is preferred because it is a cheaper method of dispute resolution than the court system.
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Decision tree analysis is based on Bellman's principle, which states that for any choice of strategy in a given state,
A) the optimal strategy is the one that is selected if the entire analysis is assumed to begin in the first period. B) the optimal strategy is the one that is selected if the entire analysis is assumed to begin in the last period. C) the optimal strategy in the next period is the one that is selected if the entire analysis is assumed to begin in the last period. D) the optimal strategy in the next period is the one that is selected if the entire analysis is assumed to begin in the next period.
Steve, Martia, Bill, and Joyce all go through sensitivity training. The training can be considered a success if ________
A) Steve and Joyce spend hours each day talking about their emotions B) Bill realizes the others work better with him if he asks questions about their day C) Martia has a higher self-efficacy than she used to D) Joyce and Steve become more competitive