Step One: Set the Scene
If appropriate to the situation, agree the rules of the IBR Approach (or at least consider using the approach yourself.) Make sure that people understand that the conflict may be a mutual problem, which may be best resolved through discussion and negotiation rather than through raw aggression.
If you are involved in the conflict, emphasize the fact that you are presenting your perception of the problem. Use active listening skills to ensure you hear and understand other’s positions and perceptions.
Restate
Paraphrase
Summarize
And make sure that when you talk, you're using an adult, assertive approach rather than a submissive or aggressive style.

Step Two: Gather Information
Here you are trying to get to the underlying interests, needs, and concerns. Ask for the other person’s viewpoint and confirm that you respect his or her opinion and need his or her cooperation to solve the problem.
Try to understand his or her motivations and goals, and see how your actions may be affecting these.
Also, try to understand the conflict in objective terms: Is it affecting work performance? damaging the delivery to the client? disrupting team work? hampering decision-making? or so on. Be sure to focus on work issues and leave personalities out of the discussion.
Listen with empathy and see the conflict from the other person’s point of view
Identify issues clearly and concisely
Use “I” statements
Remain flexible
Clarify feelings

Step Three: Agree the Problem
This sounds like an obvious step, but often different underlying needs, interests and goals can cause people to perceive problems very differently. You'll need to agree the problems that you are trying to solve before you'll find a mutually acceptable solution.
Sometimes different people will see different but interlocking problems - if you can't reach a common perception of the problem, then at the very least, you need to understand what the other person sees as the problem.

Step Four: Brainstorm Possible Solutions
If everyone is going to feel satisfied with the resolution, it will help if everyone has had fair input in generating solutions. Brainstorm possible solutions, and be open to all ideas, including ones you never considered before.

Step Five: Negotiate a Solution
By this stage, the conflict may be resolved: Both sides may better understand the position of the other, and a mutually satisfactory solution may be clear to all.
However you may also have uncovered real differences between your positions. This is where a technique like win-win negotiation can be useful to find a solution that, at least to some extent, satisfies everyone.
There are three guiding principles here: Be Calm, Be Patient, Have Respect…

I think this is a great tool and model to use when settling a conflict. The first of the five steps states that understand and assess that you have a problem. The next step is too gather information on what the person has to say about the problem and be a good listener. You have to clarify what you are saying and do it in a mature tone. The next step is too agree with the conflict. Next you should think of what the possible solutions could be. Finally you should agree on what the solution can be for the problem that you both like for example a win-win situation.
I think this is a great problem solving technique because it has all the components of making a great choice on the solution. Using these steps are the best way to make a choice because you think over what you are going to say and agree on.