Final answer:
The conflict management strategy that involves balancing concerns to reach a solution is called problem solving, which is a process-oriented, collaborative strategy.
Step-by-step explanation:
Within the five identified conflict management strategies, balancing concerns to reach a solution is termed problem solving. This approach involves a thorough process where the parties identify the issue, come up with potential solutions, weigh the pros and cons of each, and then settle on a mutually acceptable decision. The problem-solving strategy is highly collaborative and aims to address the root cause of the conflict to find a long-term solution that satisfies all involved.