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.