ENTREPRENEURIAL OPERATIONS
HUMAN RESOURCE MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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collective bargaining
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arbitration
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strike
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None of the above
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Detailed explanation-1: -Arbitration. Arbitration is a process in which an arbitrator hears both sides of a dispute and makes a decision. The arbitrator’s decision is typically binding, meaning the parties must accept and abide by it.
Detailed explanation-2: -Like mediation, arbitration utilizes a neutral third party, called the Arbitrator, to resolve the conflict between the parties outside of a courtroom. However, unlike mediation, the Arbitrator serves as private judge to listen to the evidence and make rulings to determine the outcome of the dispute.
Detailed explanation-3: -Arbitrators. An arbitrator is a third party with the authority to dictate agreement. Arbitration can be voluntary or forced on the parties of a negotiation by law or contract. The arbitrator’s power varies according to the rules set by the negotiators.