Guide on Dispute Resolution

Introduction:
Dispute Resolution refers to all methods of resolving disputes between conflicting parties that doesn't involve decision making by a third party with authority.

Importance:
Disputing parties may want to avoid a formal court system due to privacy, cost, or time concerns or may simply prefer self-resolution. Dispute resolution methods like negotiation, mediation, or arbitration can often provide quicker, more cost-effective, and confidential solutions.

How it works:
Negotiation involves the parties directly communicating and coming to an agreement. Mediation brings in a neutral third-party to facilitate discussions and recommend solutions. Arbitration involves a third party making a binding decision based on evidence and arguments presented.

Answering Exam Questions: Exam Tips:
1. Understand the key definitions and differences between negotiation, mediation, and arbitration 2. Make sure to use relevant and real-life examples in your answers. 3. Always analyse the advantages and disadvantages of each dispute resolution method. 4. Remember to identify the applicable dispute resolution method when given a scenario.

Conclusion:
Dispute Resolution is an essential concept in Conflict Management and understanding it deeply can certainly aid in real-life applications apart from clearing academic exams.