Successful and competitive organizations
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It is of paramount importance for business organizations to be aware of the different and dynamic factors that affect them (Greenberg & Lowrie, 2018). Successful and competitive organizations are known to have reliable and flexible frameworks of handling uncertainties and any challenges that arise. Among the key issues that organizations need to look at include bargaining, making sound decisions with uncertainty, and lastly is on auctions. The bargaining process is complex in that it can be strategic or non-strategic.A strategic bargaining process involves players getting involved in a sequential or simultaneous move game. In this type of bargain, the player that makes the first move has the advantage of getting the upper hand in spearheading the negotiations and the whole process.
On the other hand, when it comes to non-strategic bargaining, the whole process is usually focused on alternative and gains. In this, Nash bargaining helps either of the players to know how to increase his chances of bargaining and having a better deal at the end of the process. Secondly, when it comes to making decisions with uncertainties, it is paramount for an organization to gather more and relevant information. Additionally, having flexible frameworks to deal with uncertainties is critical. Lastly is that organizations involved in auctioning need to ensure that collusion and bid-rigging are dealt with to avoid losing money to bidders who are the highest gainers in colluding.
References
Greenberg, M., & Lowrie, K. (2018). D. Warner North: Making Decisions under Uncertainty. Risk Analysis, 37(3), 402-407. doi: 10.1111/risa.12791