What is the BATNA or Best Alternative to a Negotiated Agreement

The video tutorial explains the concept of BATNA (Best Alternative to a Negotiated Agreement) in negotiations. BATNA is the best option available if a negotiation fails, serving as a source of power and confidence. It can be used as leverage to influence the other party and is closely related to the reservation point, which is the threshold at which one is willing to walk away from a negotiation. Understanding BATNA is crucial for effective negotiation as it provides alternatives and influences decision-making.

What does the acronym BATNA stand for in the context of negotiation?

How does having a BATNA influence your confidence in a negotiation?

In what way can BATNA serve as leverage during negotiations?

What is meant by the term 'reservation point' in negotiation?

Why is it important to understand your alternatives when setting a reservation point?