What are the various approaches to Conflict Management?

This question relates to Qs.2 in Test2 OB paper 2011.  Note: Miranda's answer is also quoted here.

Conflict means Tension between parties when each feels the other is thwarting its own goals. A conflict arises when one party negatively affects or is about to affect what the other party cares about (Miranda 2011). Conflict Resolution approaches involve the settlement of disagreements arising from friction between the parties. Conflict hinders the achievement of goals by individuals. There are many types of conflicts: task, process, relationship, interpersonal etc. It needs to be managed properly and not necessarily avoided. Measures to manage conflict are competing, accomodating, compromising, collaborating, avoiding etc. Miranda Anusha Maria 2011, Various approaches to conflict, Dept of Commerce,Loyola College, Chennai, Qs. 2, Test2, Organisational Behaviour