What is BATNA? Discuss the significance of BATNA
What will be an ideal response?
BATNA stands for best alternative to a negotiated agreement. During a negotiation process, each of the parties involved should develop their BATNA during the first stage of preparation and planning. Your BATNA determines the lowest value acceptable to you for a negotiated agreement. Any offer you receive that is higher than your BATNA is better than an impasse. Conversely, you shouldn't expect success in your negotiation effort unless you're able to make the other side an offer it finds more attractive than its BATNA. If you go into your negotiation having a good idea of what the other party's BATNA is, even if you're not able to meet it, you might be able to elicit a change.
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In the case of distributive bargaining, the ________ point indicates what a person would like to achieve out of a negotiation
A) resistance B) clarification C) target D) closure E) focus
Which of the following is an example of the IMA's competence standard?
A) Provide decision support information and recommendations that is accurate, clear, concise and timely. B) Keep information confidential, except when disclosure is legally required. C) Communicate information fairly and objectively. D) Abstain from engaging in or supporting any activity that might discredit the profession.