1. (a) Define planning and discuss some characteristics of formal planning. (b)

Question

1. (a)  Define planning and discuss some characteristics of formal planning.

(b)  White Forest Financials is a small investment firm, operating in an extremely volatile environment. One of the company's two owners, David White, is of the opinion that it would be futile for the company to engage in formal planning as the business environment is constantly shifting. However, the co-owner, Marsha Forest, believes that planning is essential for the company's success. Whom would you support? Why? [Respond in at least 6-8 complete sentences.

2. Describe 3 different ways to overcome obstacles related to delegation of authority.

3. Explain the difference between programmed and non-programmed decisions. Provide one (1) example of each.

Explanation / Answer

Planning:

Planning is a process through which future ideas are identified and worked upon. It is a step-by-step approach to achieve the end result

Characteristics of Formal planning:

- a formalplanning has its objective set

- strategies for achieving the objectives are also found

- Sets target and measures to evaluate the performance

- systematic approach

- clearly defined

Case study:

I would go with the formal planning idea due to below reasons:

- forest financials having a volatile environment need to have set planning in place

- a planned strategy would help them to reduce unnecessary changes in the system

- a systematic approach has to be followed in order to increase the productivity

Overcoming obstacles to delegation of authority:

Communication: Communicate the advantages of delegation and how each and every employee would benefit out of it

Job security: Inform both the managers and the individual contributor that their jobs would be secured and nothing would negatively happen due to delegation of authority

Training: Training to be provided to both manager and the team members to work collaboratively as a team

Difference between programmed and nonprogrammed decision decision:

Programmed: Already gone through the same issue

Non programed: A new issue

Programmed: Already have a set guidelines for solution

Non programmed: To come up with new solutions

Programmed: Structured

Non programmed: unstructured

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