DECISIONS AND NEGOTIATIONS IN BUSINESS: UNRAVELING THE INTERPLAY FOR OPTIMAL OUTCOMES

Abstract

In the intricate landscape of business operations, decision-making and commercial negotiation are fundamental processes crucial for value creation and conflict resolution. Despite their initial appearance as separate entities, a closer examination reveals their inseparable interconnection. Every negotiation begins with a complex sequence of decisions, spanning from defining objectives to navigating risks and benefits. In this paper, decision-making is characterized as the process of assessing various alternatives considering objectives, constraints, and available information. Business negotiation, on the other hand, encompasses the interaction between parties aimed at achieving mutually satisfactory agreements. Understanding this intersection is pivotal, as each decision influences negotiation strategies and offers opportunities for complex decision-making. Delving into decision-making biases and their impact on negotiations, as well as exploring the synergies between communication, perception, and decision-making, provides valuable insights for navigating these critical interactions effectively. Additionally, an interdisciplinary approach integrating psychology, economics, communication studies, and game theory will enrich the analysis, offering a holistic view of how various factors influence decision-making processes and negotiation outcomes.