Describe Two Alternative Dispute Resolution Techniques

question 38

Essay

Describe two alternative dispute resolution techniques.
Mediation is the process where a neutral third party enters a stalled negotiation to assist the parties involved in getting back on track.The mediator works with both parties to reach a solution without representing either side.
Arbitration is the process where a neutral third party listens to each party's side in a dispute and then renders a decision.In most cases the decision is said to be binding,which means both parties must adhere to it.

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Definitions:

Costs and Benefits

An analysis or assessment comparing the expected gains and potential drawbacks or expenses associated with a decision or project.

Framework for Ethical Decision Making

A structured approach to help individuals and organizations make choices that are morally and ethically sound.

Ethically Align

The process or practice of ensuring actions, decisions, and practices adhere to ethical principles or standards.

Corporate Goals

Objectives that a company aims to achieve, which can relate to profitability, sustainability, market share, and other strategic areas.