Negotiation is the art and science of securing agreements between two or more parties who are interdependent and who are likely seeking to maximize their outcomes. We negotiate daily with potential employers, co-workers, bosses, landlords, merchants, service providers, partners, parents, children, friends, roommates, and many more. Often, these negotiations lead to conflict with these other parties. Although we negotiate often, many of us know very little about the strategy and psychology of effective negotiation.
This course will develop your expertise in managing transactional and dispute resolution negotiations that occur in a variety of business settings. This is important because, as a manager, it is not enough to have analytical skills that help you discover optimal solutions to problems—you also need good negotiation skills to get these solutions accepted and implemented by others. Further, given that negotiations dominate so many aspects of your life, this is one of those classes you will take at Stern that not only develop your ability as a manager but also facilitate your effectiveness in a number of life domains.
The learning method is experiential. You will prepare for and simulate a variety of sample negotiations. A basic premise of the course is that there are general principles that are relevant across negotiation settings … those principles are the focus of the course.
Unlike real life, you will have access to three unique sets of data in this class: 1) how you performed in this negotiation, relative to other people in your same role, with the same information, negotiating for the same objectives; and 2) how successful you were in maximizing the potential “pie” in the negotiation, relative to what was objectively available to both you and the other party; and 3) how you were perceived by the other party. Imagine if you knew these three things in every negotiation you faced—and how quickly you could improve your performance and improve what I call your “return on mistakes” (ROM). You should see a huge spike in your ROM in this class.