Essential Terms

An event that occurs when one company takes over the operational management decisions of another smaller, weaker company, which continues to operate under the name of the stronger company.

An individual engaged to work on a principal's behalf who owes a fiduciary responsibility to act strictly in the principal's best interest.

A formal method of alternative dispute resolution (ADR) where parties vest authority in a neutral third-party decision maker (an arbitrator) who hears their case and issues a decision or arbitration award.

Your best alternatives to a negotiated agreement to help decide whether to accept an offer; brainstormed alternatives used if the negotiation does not lead to a favorable outcome.

A form of arbitration where the arbitrator's decision is final, and neither party can appeal the decision through the courts except in rare circumstances.

A structural element referring to whether decision-making authority is concentrated at higher levels of the company hierarchy rather than distributed to lower-level employees.

The negotiation process between employees (often represented by union figures) and employers where employees attempt to achieve employment conditions that serve their shared interests.

A practice focused on containing or managing conflict within an organization rather than completely removing it.

A practice focused on improving or completely resolving a conflict situation so all parties are satisfied or agree to a win-win solution.

The ability to understand another culture's values and perspectives so you can interact with them effectively, operating on the principle that no culture is right, wrong, better, or worse.