A four-step model for negotiation that results in a win-win situation for both parties. PRAM is an acronym for Plans, Relationships, Agreement and Maintenance. The four sequential steps in the PRAM model are - adequate planning, building relationships, reaching agreements and maintaining these relationships.
The PRAM model does not treat negotiations as a zero-sum game, in which one party benefits at the expense of the other, but rather as an opportunity for both parties to benefit and satisfy their objectives. Ongoing relationship management is crucial in the PRAM model, since a mutually beneficial agreement in the first instance may ensure that both parties return to the negotiating table for more agreements in future.
Investment dictionary. Academic. 2012.
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