What Is the Difference Between a Monochronic and Polychronic Culture

question 55

Essay

What is the difference between a monochronic and polychronic culture? How do such cultural differences affect business practices for international firms?

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Definitions:

Arbitration

A method of resolving disputes outside of court, where an impartial third party (the arbitrator) makes a decision after hearing all sides.

Dispute Privacy

The contention or disagreement over the handling, sharing, or protection of personal data and information.

Mediation Confidential

A principle that ensures all discussions, negotiations, and documents produced during mediation cannot be disclosed or used in court.

ADR

Alternative Dispute Resolution, a range of procedures such as mediation and arbitration for resolving disputes without the need for litigation.