Define BATNA
Understand the Problem
The question is asking for the definition of the term BATNA, which stands for 'Best Alternative to a Negotiated Agreement.' It is a concept in negotiation theory that refers to the most advantageous course of action a party can take if negotiations fail and an agreement cannot be reached.
Answer
BATNA is the Best Alternative to a Negotiated Agreement.
BATNA stands for Best Alternative to a Negotiated Agreement. It is the most advantageous alternative a party can take if negotiations fail.
Answer for screen readers
BATNA stands for Best Alternative to a Negotiated Agreement. It is the most advantageous alternative a party can take if negotiations fail.
More Information
BATNA is a concept used in negotiation to ensure that you have a strong fallback plan in case the current negotiations do not succeed. It helps negotiators understand their real limits and leverage in a deal.
Tips
A common mistake in negotiation is failing to identify your BATNA, which can lead to accepting unfavorable terms. Ensure you analyze potential alternatives before entering negotiations.
Sources
- BATNA - Definition, Importance and Practical Examples - corporatefinanceinstitute.com
- Best Alternative to a Negotiated Agreement (BATNA) - Investopedia - investopedia.com
- What is BATNA? How to Find Your Best Alternative to a Negotiated ... - pon.harvard.edu
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