Contrast formal with informal planning. Discuss why planning is beneficial.

All of us bring biases to the decisions we make. What would be the drawbacks of having biases? Could there be any advantages to having biases? Explain. What are the implications for managerial decision making?
Because managers have software tools to use, they should be able to make more rational decisions. Do you agree or disagree with this statement? Why?

Contrast formal with informal planning. Discuss why planning is beneficial.