Lecture Notes and Study Guide
Lecture Notes and Study Guide CSM 201
Popular in Individual Family Resource Management
Popular in Behavioral Sciences
This 23 page Bundle was uploaded by Kristen Marie on Thursday February 12, 2015. The Bundle belongs to CSM 201 at University of Alabama - Tuscaloosa taught by Kym Reddoch in Spring2015. Since its upload, it has received 339 views. For similar materials see Individual Family Resource Management in Behavioral Sciences at University of Alabama - Tuscaloosa.
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Date Created: 02/12/15
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m VOW Inumu IX mmw 39 W001 ggu unmaqu asset Limumg an Whmn Elements of 3 Written Budget ncome from aquot sources Expenditures Fixed and Variable Income Expenditures8alance or adjust 39 Saving setting money aside for future use investing commiting money to productive use Prerequisites to Investing You have enough cash for daily and monthly expenses 0 You have a savings fund 36 months pay for commends oMaedncardsampaJdo Youhavemmuranceyouneedtoprotect youfrommajorrtskstoyour nances 25013 NritfcnchMi Wm Ngggcw to mm ant13139 m Mmm 7 Wtqmlcsi nom6 I Rimmimm FxxM 3mvmsamMngNl I quot1 arm Lmnqa Mom I MM m 39 Somm 1 m Cal h W W M A Hmnggl mm m 5 good 0 ajpmoth Manama mu Sarawak mmme 39mvomx ULMMTO r rick vmwanu we Mouth ME in gammq mmm no my M39Wy MIGLWO j Most common types of investments Stocks ownership in a company Bond Lending money to the organization Mutual Funds Real Estate lRA39s Retirement Plans 55 is not oi lclii39twllffuml M U AM 1 W k supplantH 4quotqu adv Fl mom in Where do you get money to invest Payyoursel rst 0 Use a forced savings plan 0 Save the extras 0 Keep maklng installment payments 0 quotScrimpquot one month per year Credit 252015 I m issumv mwllg cam r durum money m for Wag cm clov womls om Tow u V WIN Mal Elam h and m rt 391 qu hty g W at MS bond W hm Wu mam aan lth mdell twenmztlu amount col mmmm Won m 1 r m mum mvcmml mum Budget AMMAT 1v gmnclf wmr wl mammal o39TTW39lecr mm gmanqu Autom mlly 39irwm misul Down 115 7quot Yam IS again 0091 6st citumc mam quot swam ussltm KMWMq mum n Lemmy Moi uq Comm ovu of m C bcssmn Wm WM of high growth quotMMQMNM M of u mdlmm Wm M Mom 39525 012 lg Ang to Wm WM mom Sim VVhatinmpacuryourcntnutStare quotS lillbni unwtn Wd39m 39 MW 252015 70 d II U r 0 r C 039 A 5mm mmvavmn 3d W wmf cu vuuqlna zrtglll In i hgaommlr m quotShop or a cam 1mm bmhr 39 Wmdm s gnn loom not 2b was s W IL I M any 252015 CSM 201 EXAM II REVIEW SHEET Chapter 5 Decision Making and Problem Solving 1 Decisions a Conclusions or judgments of some issue or matter 2 Decision making a The process of making a choice between two or more alternatives 3 Characteristics of good decision making a Quality Contribute to meeting a goal b Acceptance Other around you find your decision workable may not agree c Flexibility Available for adjustments d Clarity needs to be clear 4 Decision making styles a Varies in each person b Affected by individuals values knowledge ability and motivation c Types of decisions made speed and amount of information gathered before making a decision d Follows pattern parents in uence your style 5 Decision plans a Can be specific or general 6 6 steps in the decisionmaking process Define what do you need to decide about Estimate estimate resources Consider which alternatives are realisticreasonable Imagine each decision choice outcome Develop plan for decision Evaluate how well the decision worked i Helps learn from mistakes 7 Selfdoubt Selfambivalence and Decision making a Selfdoubt can cloud the ability to make decisions or to accept decisions one made b Selfambivalence refers to uncertainty and indecisiveness as to what course to follow 8 3 Models of decision making a Central Satellite Model i Main decision in the center smaller decisions spring from main rungs ii Chain model 1 Builds on earlier decision iii Decision tree 1 Every decision is an out root of your values Decision Alternative 1 Alternative 2 Resources 1 Resources 2 Goas 1 Goas 2 V a es 9 Reference groups u a Groups with whom we interact who in uence us or provide us with advice or information i Family ii Friends iii Coworkers b Research shoes these reference groups have tremendous in uence on decision making c Example buying a car i Ask parents ii Ask someone you know who drives same similar iii Paying attention to environment involving decision 10 Personal decision making a In uenced by personality i Indecisive most fear the unknown which intimidates decision process 1 Fear of wrong decision 2 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 decisions ii Procrastination put off decisions iii Decideophobia the fear of making decisions 11 The role of intuition in decision making a The sense of knowing what to do without going through the rational process 12 Individual decision making vs Family decision making a Family decision making is more complex i More people involved in making a decision or potentially affected by decision 13 3 categories of family decision making a AccommodationFamily reaches agreement by accepting decision of dominate member b Consensual reaches agreement of all family members mutual c De facto lack of dissent no inputno one cares d Syncratic families in which husband and wife share equally in decision making e Autonomican equal number of decision are made independently by each spouse 14 8 roles in family decision making a In uencers family members who provide information to other members about product or service b Gatekeepersfamily members who control the ow of information about a product or service into the family c Deciders family members with the power to determine unilaterally or jointly whether or not to purchase a specific product or service d Buyers family members who make the actual purchase of a particular product or service e Preparers family members who transform the product into a form suitable for consumption by other family members f Users family members who use or consume a particular product or service g Maintainers family members who service or repair the product so that it will provide continued satisfaction h Disposers family members who initiate or carry out the disposal or discontinuation of a particular product or service The number and identify of the family members who fill these roles vary from family to family and product to product 15 Getting out of the house a Hatching localarea nesting finding other places outside of the work or the home where one can spend time third space 16 Problems vs decisions a Problems questions or situations that present difficulty or risk b Decisions conclusions or judgments about some issue or matter 17 Problem solving a Involves making many decisions that lead to a resolution of the problem 18 Definition AnalysisTiming and Plan of Action a Problem awareness and analysis are subject to five levels of motivation in uences i Needs motives and goals of the problem solver ii Perceptions and beliefs of the problem solver iii Values of the problem solver iv Resources of the problem solver v Learning background and previous experience of the problem solver b Problem definition i Person has to recognize the problem as such before engaging in purposeful behavior to resolve the situation c Problem analysis timing i No two problems are the same because each involves its own unique timing individuals and circumstances and stems from a specific situation d Plan of action i Putting together the activities or steps to follow ii Internal search looking within oneself for information for decision making iii External search gathering information from family friends other people and the media 19 Uncertainty Risk and Success a Uncertainty the state or feeling of being in doubt b Risk subjective each person defines what risk is i Judging the probability or likelihood of a good or bad outcome c Success the achievement of something desirable Chapter 6 Planning Implementing and Evaluating 20 Plan A detailed strategy worked out ahead of time for how you will reach a goal or result 21 The planning process and task a Process a system of operations that work together to produce an end result 22 Task saturation a Situation where one is so busy doing things that he or she cannot lead effectively 23 Attributes of a good plan a Clear wellstated detailed b Realistic nonrealistic leads to failure c Flexible accommodates unexpected obstacles 24 Introverts and Extroverts a Introverts Likes to be quiet andor alone b Extroverts more interested in being around others than being alone 25 3 types of plans a Directional Plan that proceeds in a linear fashion b Contingency alternative plan exibility c Strategic looking ahead to the future being ready 26 Proactive Reactive planning a Proactive taking responsibility taking action b Not reactive waiting acting after an outside event has occurred 27 Implementing a Putting plans and procedures into action i Problems 1 More than one person involved 2 Unexpected cost 3 Crisis arises 4 Lose motivation 5 Competition b Evaluating i The process of judging or examining the cost value or worth of a plan or a decision based on standards demands and goals 1 How we learn Chapter 7 Communication 28 Communication a The process of transmitting a message from a sender to a receiver i Important to relationships especially family 29 Interference with communication a Noise anything that interferes with the communication and keeps the message from being heard correctly i External noise anything on the outside of you construction worker interruptions freezing temps with class outside ii Internal noise anything insidein head daydreaming thinking distracted sickness 30 Keys to effective communication a Effective communication occurs when the receiver interprets the senders message just the way the sender intended it b Keys i Speak calmly ii Take turns iii Listen iv Ask questions v Give notice 31 Being an effective listener a Interestedbody language comments taking notes b Acknowledgment c Summarize d Encourages the speaker which leads to more effective speaking 32 4 types of listening a Critical listener evaluates b Re ective or Empathicuse empathy c Informational looking for information d Pleasurablelistening for enjoyment 33 Verbal vs Nonverbal communication a Verbal use words b Nonverbal anything other than words used in communication 34 Particular characteristics of family communication Clear Concise if you take too long to get to a point everyone stops listening Consistent Creative Sensitive to audience Persuasive explains rather than demands or threatens g Open to differing opinion 35 Intera tion fatigue a The individual becomes exhausted with the activity of communication 36 Avoiding communication con icts Ordering tellingordering creates power struggle atmosphere Threatening Ordering consequences despair Criticizing pointing out errors negativelowers selfesteem Analyzing analyze things usually wrongalienates Interrogating asking constant picky questions exhausting causes con ict withdrawal from conversation is not the solution for the con ict f Silent treatment punish behavior never a healthy way to communicate 37 Communication styles of men and women a Men Tend to speak out more especially in public i Offer solutions to problems b Women tend to interrogate more than men do i Like to talk out problems Chapter 13 Managing Money 38 3 types of income a Gross income all income before taxes b Disposable income the amount of take home pay that is left after taxes and other deductions are withheld c Discretionary income income that is left after you pay expenses from disposable income 39 Net worth a Determined by subtracting liabilities what you owe from assets what you own i Net worth Assets Liabilities ii Refer to chart in book pg 404 40 Components of a budget or spending plan i Incomefrom all sources ii Expenditures fixed in variable iii Income expenditures Balance or adjust iv Fixed stay the same usually v Variable changes month to month rhrvgop gw 9999 s 41 Saving a Setting aside money for future use b A good financial plan has a goal of 36 months take home pay set aside 42 Investing a Committing money to productive use b Involves element of risk 43 Prerequisites to Investing a Have enough cash for daily and monthly expenses b Have a savings fund 36 month s pay for emergencies c All credit cards are paid off d Have the insurance you need to protect you from major risks to your finances 44 Most common types of investments a Stocks ownership in a company b Bond lending money to the organization government 0 Real estate anything attached to land d IRAS Retirement plans
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