Several critical decisions need to be made while preparing for a negotiation. What should our first offer be? When do we walk away? Where do we 'walk to' if we decide to walk away? Behind each of these questions lies a parameter that maps the upper and lower limits of what one should anticipate in a negotiation. The key parameters concern aspirations (first offers), reservation value (bottom line), no deal alternatives (also known as a BATNA, or Best Alternative to a Negotiated Agreement) and the representative's mandate.
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