How do you update and adjust your trade-off curves based on new information or feedback?

2 Incorporate new information

The second step to update your trade-off curves is to incorporate new information. New information is any relevant and reliable data, evidence, or feedback that you receive or discover during the negotiation process. New information can come from various sources, such as your counterpart, other parties, experts, market trends, or events. New information can affect your trade-off curves in different ways. It can change the value or importance of the issues, the range or feasibility of the options, the criteria or standards for evaluation, or the preferences or priorities of the parties. You need to integrate new information into your trade-off curves and adjust them accordingly.

3 Reassess your alternatives

The third step to update your trade-off curves is to reassess your alternatives. Alternatives are the options or scenarios that you can pursue if you cannot reach an agreement with your counterpart. They are also known as your BATNA (best alternative to a negotiated agreement) or WATNA (worst alternative to a negotiated agreement). Your alternatives can influence your trade-off curves by setting your reservation point (the minimum acceptable outcome) and your aspiration point (the most desirable outcome). Your alternatives can also change as you receive new information or feedback. You need to reassess your alternatives regularly and compare them with your trade-off curves to ensure that they are realistic and attractive.

4 Communicate your changes

The fourth step to update your trade-off curves is to communicate your changes. Communication is essential for effective negotiation, as it allows you to exchange information, build rapport, express interests, make offers, and respond to feedback. Communication is also important for updating your trade-off curves, as it allows you to share your changes with your counterpart and explain your reasons and motivations. By communicating your changes, you can demonstrate your flexibility, transparency, and credibility. You can also invite your counterpart to update their trade-off curves and explore new possibilities for mutual gain.

5 Monitor the impact

The fifth step to update your trade-off curves is to monitor the impact. Monitoring the impact is the process of observing and evaluating the effects of your changes on the negotiation outcome and relationship. Monitoring the impact can help you assess whether your changes are improving or worsening your situation, whether they are creating or resolving conflicts, and whether they are generating or reducing value. You need to monitor the impact of your changes by using objective and subjective measures, such as quantitative indicators, qualitative feedback, satisfaction levels, or trust ratings. By monitoring the impact, you can determine whether you need to make further adjustments or maintain your current position.

6 Learn from the experience

The sixth and final step to update your trade-off curves is to learn from the experience. Learning from the experience is the process of reflecting on and analyzing the negotiation process and outcome, and identifying the lessons and insights that you can apply to future negotiations. Learning from the experience can help you improve your trade-off curve skills, such as data collection, analysis, visualization, communication, and evaluation. You need to learn from the experience by reviewing your trade-off curves, comparing them with the actual outcome, and asking yourself and others for feedback and suggestions. By learning from the experience, you can enhance your negotiation performance and results.