From a cost perspective $($i$.$e$.,$ money as well as time because, in business, time is money$),$ which is the most efficient method of resolving a dispute between two or more parties, and why?

Litigation, because each party will always pay its own legal fees.

Mediation, because the dispute will be resolved $($decided$)$ by a non$-$expert.

Negotiation, because no third party is needed.

All dispute resolution is equally expensive so if you are a business owner you should always yield to the customer's demands because the business's reputation is everything and the customer is always right.

Arbitration, because the case will be heard by a mini$-$jury.