Final answer:
Managers may prefer different third-party interventions based on the situation, including arbitration, mediation, and conciliation. All of these are considered viable options with varying degrees of formality, cost, and control over the outcome.
Step-by-step explanation:
Managers tend to have preferences for different types of third-party interventions depending on the specifics of the situation and their own strategic goals. The types of third-party interventions include:
Arbitration, where an arbitrator makes a decision that is usually binding, Mediation, where a mediator helps the parties to reach a voluntary agreement, Conciliation, which is similar to mediation but may be more informal and the conciliator may have a more proactive role in suggesting solutions.
While managers may prefer one method over the others based on the circumstances, all of the above are viable third-party interventions that can be utilized to resolve disputes. The choice among arbitration, mediation, or conciliation will often be influenced by issues such as the desire for control over the outcome, costs, privacy, and whether a binding resolution is required.