Family Resource Management

Family Resource Management: Exam 1 Family Resource Management - Family resource management is an understanding of the decisions individuals and families make about developing and allocating resources including time, money, material assets, energy, friends, neighbors, and space, to meet their goals. Choice - The act of selecting among alternatives Risk - Possibility or perception of harm, suffering, damage, or loss. Problems - questions, dilemmas, or situations, that require solving Needs - what we need to survive or sustain life Wants - things we desire Goals - ends results that require action for their fulfillment Values - principles that guide behavior Resources - whatever is available to be used Maslow's Hierarchy of Needs - (from top to bottom) Self-Actualization, Esteem, Belongingness and Love, Safety, Physiological Needs Psychology - Focuses on how the individual thinks and behaves Sociology - Focuses on the collective behavior of social groups Family (conventional definition) - A group of two or more persons related by birth, marriage, or adoption and residing together in a household Ben Franklin - () Inventor of the Franklin stove, bifocals, and the lightening rod, popularized the adage "time is money". He was also deputy postmaster in charge of the mails in the northern colonies. Ellen H. Richards - An American chemist and founder of the home economics movement, is credited with forming the bridge between scientific analysis and household management through guiding the discussions at the Lake Placid Conference. Work Simplification - work methods at home that became an integral part of the study of management Era One (of Management) - () health, sanitation, hygiene, and the importance of household production as a legitimate form of economic production Era Two (of Management) - (1940-early1950) household equipment, efficiency, step saving, task simplification, and standardized work units Era Three (of Management) - () family values, goals, standards, resources, decision making, organization and process, optimization of families, gradual swing away from work performance in the home Era Four (of Management) - (1970-today) development of a systems framework emphasizing the interconnections among family, home, and the greater society Systems Theory - Emphasizes not only interconnectedness but also interactions among different systems; It focuses on the behavior of feedback and its complexity Inputs - Refers to whatever is put into the system Throughputs - Processing of inputs or transformations Outputs - End results or products Feedback - Occurs when part of the output is returned to the input in the form of information Entropy - The tendency towards disorder or randomness Equilibrium - Feedback causes it to readjust itself with a tendency toward wanting to put things back the way they were Equifinality - Phenomenon in which different circumstances and opportunities may lead to similar outcomes Multifinality - Phenomenon in which the same initial circumstances or conditions may lead to different conclusions or outcomes Optimization - Obtaining the best result, such as maximizing profit for a business or maximizing satisfaction in a household. Value Orientation - expressed in the part in which he or she makes judgment Behavior - what people actually do Attitudes - outlooks that may express values, serve as a means of evaluation or demonstrate feeling in regards to some idea, person, object, event, or situation Intensity - commitment, how much the goal is desired Complexity - interrelationships, how many other goals are related to this goal Priority - how important the goal is Resource Use - how much the goal is going to cost and how many resources will be put into this goal versus other pursuits Timing - how long it will take to attain the goal Intrinsic Motivation - Involves the underlying causes and the internal need for competence and self- determination Extrinsic Motivation - Involves forces extrinsic to the individual such as environment factors like titles, society, and scholarships Resourcefulness - The ability to recognize and use resources effectively Resource - Any entity, tangible or intangible, that contributes to the ability of an individual or family to produce valued outputs Intangible Resources - Cannot be touched; ex. Integrity, Confidence, Literacy Tangible Resources - Real, touchable, or capable of being appraised; ex. Jewelry, Land, House Human Capital - the sum of total human resources, all the capabilities and traits that people use to achieve goals and other resources Scarcity - A shortage or an insufficient amount of supply Opportunity Cost - The highest valued alternative that must be sacrificed to satisfy a want or attain something Culture - The sum of all socially transmitted behavior patterns, beliefs, arts, expectations, institutions, and all other products of human work and through characteristics of a group, community, or population Utility - The value, worth, applicability, productiveness, or simply, usefulness of a resource Resource Advantage Theory - Applies entrepreneurship and leveraging to resource management Decisions - Conclusions or judgments about some issues or matters Decision Making - The process of making a choice between two or more alternatives; An integral part of the overall management process Decision Making Style - The characteristic way that a person makes his or her decisions Central-Satellite Model - Ex. 35 year old woman returning to college; tuition and books, family support, transportation Chain Model - Ex. Deciding what food to make; find ingredients and recipes, assemble equipment, prepare A Decision Tree - Values lie at the root of all decisions Reference Groups - The people who influence an individual or provide guidance or advice Utility - The usefulness of decisions; satisfaction Decision Rules - Principles that guide decision making Peter Principle - People tend to be promoted until they reach a level beyond their competence- a point at which they can no longer make and implement effective decision