A process in which two or more people with common or conflict interests decide on a specific issue or business transaction

Negotiation.

Explanation:

An individual with power over the specific allocation and use of resources is generally required or expected to be able to use that power in the decision-making process and take necessary actions.

However, if such individual refuses to exercise his or her powers as stated above, it would generate a conflict due to the fact that processes that are fundamental for the smooth running of the system or business would not take place.

Negotiation can be defined as a process in which two or more people with common or conflict interests decide on a specific issue or business transaction.

Basically, negotiating may lead to the following situations; win-win, lose-lose or win-lose-lose-win.

Hence, it is very important and essential for parties involved in the execution of a project or business transaction to negotiate in order to mitigate conflicts.

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