Family Resource Management Exam 1 Study Guide (Margolis)

Family Resource Management Exam 1 Study Guide What is the relationship between FRM and business? - The history of family science is closely linked to business management, as both focus on efficient and effective uses of resources. However, a family is not a business, though they do have shared goals. Families tend to pay higher personal attention to emotional needs. What are the four decision making models? - Rational, Bureaucratic, Political, and 5-Step Rational Decision Making Model - Used for decisions with long lasting impact on the family unit, such as education programs and medical treatment. 1. Search for alternatives 2. Assess consequences 3. Estimate risk/uncertainty 4. Determine value of consequences 5. Select action that maximizes attainment of desire objectives Bureaucratic Decision Making Model - Used for low risk and uncontested decisions; relies on habitual ways of doing things (i.e. grocery shopping) Political Decision Making Model - Used for decision such as family relocation; outcomes are related to the power of individuals within the group; conflict is normal in this method, but so is bargaining and compromising 5-Step Decision Making Model - 1. Recognizing existing needs 2. Identify alternatives to fulfill identified needs 3. Evaluate identified alternatives 4. Select and implement alternatives 5. Reflect and evaluate alternatives selected (*MOST IMPORTANT STEP*) What are the three main factors that influence context? - 1. History: historical events influence families and how they manage their resources as history evolves 2. Environment: availability and accessibility of resources greatly influences how they are both used and managed 3. Culture & Diversity: has an impact on the identification, use, and production of material and human resources What is worldview? - The framework for comparing and contrasting the different value systems between and among people/cultural groups. Operates on the idea that all humans evaluate and manage needs and wants, and that each family and situation is unique/has a lot of variability. What is the form and function of family? - The form of family has changed consistently throughout the times. As time progresses, fewer families consist of married-couple households. The function of them, however, has remained fairly similar. Function: • a sense of belonging • emotional security • physical needs • economic needs • socialization What are the results of the National Marriage Project? - The National Marriage Project used data from seeking indicators of the social health of marriage in the U.S. Observations: • Americans have become less likely to marry • American divorce rate is twice that of 1960 • The number of unmarried couples has increased dramatically over the last 40 years • The presence of children has declined