In lesson 4, I learned about the importance of negotiation skill, negotiation processes, BATNA and negotiation tactics. Negotiation skills are absolutely essential for project managers to successfully achieve their organizational and professional goals. In order to be effective in any business endeavor how to negotiate properly has become a vital requirement for successful advancement. In the ever-changing environment of the current business world, organizations start and grow by virtue of successful negotiations and by emerging long-term dealings among two or more parties involved, either directly or indirectly, in various business processes. Negotiation is a process where each party involved in communicating back and forth and tries to gain an advantage for themselves by the end of the process. Negotiation is envisioned to aim at compromise. Excellent negotiators require the collection of behaviors such as communication, sales, marketing, psychology, sociology, assertiveness, and conflict resolution. A negotiator may be a buyer, seller, customer, supplier, business partners, boss or employee. In a negotiating process can always trade down but it is hard to trade up, so always aim for the best deal. In order to win in the complex negotiation process, negotiator wants to study the other person need list and need to remain flexible. Dispute resolution process has three steps, they are negotiation, mediation, and escalation. There are five steps involved in the process of negotiation such as planning, rapport, exploratory, bargaining, and closure & agreement. Planning is a preparation that carries out before reaching the negotiation table and try to develop a negotiation strategy. At this stage, both parties accumulate and organize and develop maximum information required to have an effective negotiation. Preparations help the negotiator to be aware of the conflict, the outcome expectations from the negotiation, strength, and weakness of your side, identifying the intended goal as well as setting limits to achieve that goal, etc… Improper planning or negotiation style can lead to failure in negotiation. careful planning prior to any discussion lays the platform for successful negotiation. In summary, planning is a process of setting goals, developing strategies and schedule the process to accomplish the goal. Barging chips is the item that is low value to you but it means a lot to another side. Non- negotiable demands are the item that is more valuable to you but less valuable to other side comparing to your side. Sir gave as an example related to the promotion to assistant manager to explain the about trading items in a better way. During any time of the negotiation could enter the deadlock. A deadlock stops the negotiation process. Deadlocks can occur any negotiations regardless of the efforts of the negotiators. Some deadlocks are permanent, others can be temporary. A better preparation can reduce the risk of deadlock. In order to handle deadlock is to keep reactions, prejudgments out of the subject and work towards finding some joint objectives. BATNA means best alternative to negotiated agreement and WATNA is worst alternative to negotiated agreement. Assessing BATNA is the very important steps in the preparation process. If a negotiator knows their BATNA will be helpful to determine the point at which their BATNA is better than the negotiated result. BATNA helps to find out when to accept or reject the deal. In other words, BATNA act as a baseline that a negotiator never accepts an outcome that is worse their BATNA. Determine the opponent BATNA is also useful. Rapport stands for relationship which is one of the steps in the negotiation process. For a successful negotiation, relationship building is important to develop a positive environment to reduce strain and anxiety. It will help to determine early on how cooperative the opponent is going to be. Exploration is the stage of gathering maximum information about the need, problem, discover what information is needed from the other side and issues involved in it. The bargaining stage involves coming nearer to the objective you planned to attain by reducing the range of disagreements when you started the negotiation. Bargaining is a trading activity to influence the opponent of the appropriateness of your demands and then persuading the other party to admit to those demands. Principle bargain is known as win-win approach and the positional bargain is known as win-lose approach. In win-lose negotiation, one party wins and other loses. In this on party falls within or above of their target range or and the other falls below their target range. Here the relationship between the party is short-term. When both parties reach a mutually agreeable outcome then its known as win-win strategy. A Principle bargaining approach can deliver higher value at lower risk than a positional method. In win-win scenario can have long-term or short-term relationship and this method is more creative and flexible. In win-lose approach, one party use the power on the opponent and win the play. In hard negotiation focus on victory on the other hand soft negotiation try to make relationship and consider goal as agreement. The win-win approach is the most efficient method where it separates the people from the problem and results are the most stable outcomes of negotiations since both parties are happy with the result. It establishes rapport and common goals. Closure and agreement phase is the final stage of the negotiation process in which both parties understand to come up with a formal statement of agreement. The purpose of closing is to lead both the parties to final agreement includes a comprehensive summary of negotiation outcome. Thus, closing must be credible.Negotiations a way of finding or reaching an equally acceptable solution to a common problem. At the end of a good negotiation create, maintain or develop a relationship between players. A project manager needs to be a master in many skills for successful execution of the project. Therefore a project manager must take time to hone negotiation skills to make a win-win situation for both team members and customers.