HME4221 Chapter 1 Management Today What is Family Resource Management 02 26 2013 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 The study of management explores how humans react to change and how they cause change to happen Basic principle in management is that where there is risk there is opportunity Factors in management personality environment and time Choice The act of selecting among alternatives Risk Possibility of perception of harm suffering damage or loss Introduction to Family and Household Trends US is growing older more suburban more diverse with more multi generations living under one roof with more single headed households and with more Hispanics and Asians The 85 population nearly doubled from 1990 to today Hispanic growth fueled now by more births increased 43 since 2000 Less than 25 of households have a mother father and children still living at home Percentage of US babies born outside of marriage continues to rise Average age at first marriage 28 for men 26 for women Fewer people per household due to an aging population Divorce levels are leveling out more couples cohabitating Population shifts affect management patterns Worldwide trend is for populations to become increasingly urban and mobile Management as a Process Management the process of using resources to achieve goals the process of using what one has to get what one wants Includes both thought and action Management process involves thinking action and results Management is considered an applied social science Steps of the management process Step 1 Identify problem need or goal Problems questions dilemmas or situations that require solving Needs what we need to survive or sustain life Wants things that we desire but not necessary for survival Goals end results that require action for fulfillment Step 2 Clarify values Values principles that guide behavior Clarification to make clear to make easier to understand or to elaborate Step 3 Identify resources etc Resources whatever is available to be used such as information time skills energy Standards set by individuals and families for themselves Step 4 Decide plan and implement Decision making choosing between two or more alternatives Planning requires making a series of decisions that lead to action Implementing putting plans into action Step 5 Accomplish goals and evaluate FEEDBACK Feedback information that returns to the system enables the individual s overall management knowledge and ability to grow Individuals vary in the way they respond to external and internal forces Internal forces are the personal drive behind our actions External forces include the ups and downs of the economy the condition of the environment and the rules and laws of society Challenges when trying to initiate knowledge management include Arrogance the feeling that there is nothing new to learn Previous failed attempts why try again Lack of commitment drive and awareness why should I Lack of support energy or enthusiasm who cares The Process Problems questions dilemmas or situations that require solving Needs what we need to survive or sustain life Wants thing we desire Goals ends results that require action for their fulfillment Values principles that guide behavior Resources whatever is available to be used Feedback cid 224 information that returns to the system Can be internally or externally driven Was the problem solved What was learned Which decisions or plans worked and which ones failed What adjustments should have been made Management tools Measuring devices techniques or instruments that are used to arrive at decisions and plans of action Examples Clocks lists calendars timetables Putting Management into Action successful planning helps individuals Highlight important problems and opportunities Invest resources in the right tasks Encourage the development of goals Make decision making more efficient and effective Motivate and coordinate efforts Provide a feeling of growth and accomplishment Involve others Maslow s Hierarchy of Needs According to Maslow physiological needs must be met before higher order needs are Highest level of need self actualization is fulfillment of one s highest potential cid 224 most considered people don t reach this level Fluctuate between needs throughout life Interdisciplinary Foundation Psychology Focuses on how the individual thinks and behaves Cognitive psychology explains the nature of human intelligence and how people think Sociology Focuses on the collective behavior of social groups Applies the scientific method to the study of human society Anthropology The science of human beings studying the characteristics of a particular population or activity in its place in time Study of cultures Lifestyle characteristic way or pattern in which an individual conducts her or his life Economics The social science concerned with the production development and management of wealth at different levels household businesses or nations Key words Scarcity Risk Cost benefit analyses Use of land Natural resources Capital Life Management for Individuals and Families Life management encompasses all the decisions a person or family will make and the way values goals and resource use affect decision making Self monitor assess or alter their actions language and reactions according to those around them No universal definition of family exists Conventional definition A group of two or more persons related by birth marriage or adoption and residing together in a household Other Definitions of Families and Households Household are comprised of all persons who occupy a housing unit census There are more households today but fewer people in them than previous decades Singles Households Nonfamily Households and Families More households with fewer people in each household Census now more focused on measuring households or units rather than family Managing the Second Half of Life Management issues might be How to enrich their present job How to start a different career or move to another organization Developing a parallel career Joining a nonprofit activity such as community service Changes in Families and Households summary Many definitions of family but they always refer to relationships commitments and shared resources over time US Census shows changes in families in households as well