Management and Family Resource Management

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Questions and Answers

What is the main focus of family resource management?

Creating policies to regulate resource distribution

Understanding individual and family decisions on resource allocation (correct)

Eliminating waste in resource use

Maximizing income from various sources

Which of the following best describes productivity?

Increasing outputs with unlimited resources

Decreasing costs without affecting production level

Maintaining the same outputs while decreasing inputs (correct)

The ratio of inputs to outputs in a production process

Which factor is NOT typically considered in the management process?

Allocating blame for failures (correct)

Planning resources

Controlling information flow

Implementing resource usage

What does the poverty threshold refer to?

The minimum income required to cover basic food and non-food needs Signup and view all the answers

Which of the following statements best explains risk in resource management?

There are opportunities connected to certain risks Signup and view all the answers

What is included in the definition of resources for family resource management?

Time, money, energy, and material assets Signup and view all the answers

What does the term 'choice' refer to in management?

Selecting between alternative options Signup and view all the answers

What is a key concern of management in the context of family resource management?

Effective planning and implementation of resources Signup and view all the answers

Which statement best describes the management process?

It requires choosing alternatives and implementing actions. Signup and view all the answers

The poverty incidence is defined as the total number of individuals with income above the per capita poverty thresholds divided by the total number of individuals.

False Signup and view all the answers

What is the definition of family resource management?

It is understanding the decisions individuals and families make on developing and allocating resources. Signup and view all the answers

The _____ threshold refers to the minimum income required for a family to meet basic food and non-food requirements.

poverty Signup and view all the answers

Match the following terms with their definitions:

Management = The art of doing things through people Productivity = Outputs are increasing given the same input Risk = The possibility of harm, suffering, or loss Choice = Choosing among alternatives Signup and view all the answers

In the context of family resource management, which of the following is a type of resource that might be allocated?

Time, material assets, and energy Signup and view all the answers

Productivity can be increased by either maintaining the same inputs while increasing outputs or by decreasing inputs while maintaining outputs.

True Signup and view all the answers

What does the term 'risk' refer to in family resource management?

The possibility of harm, suffering, or loss. Signup and view all the answers

Study Notes

Management

Management can be defined as "the art of doing things through people" according to Mary Parker Follet.
It is the process of planning and implementing the use of resources to meet demands according to Deacon et al. in 1988.

Productivity

Productivity is achieved by increasing outputs given the same input.
This can also be achieved by decreasing inputs while maintaining the same level of outputs.
Lastly, increasing outputs while simultaneously decreasing inputs is another sign of improved productivity.

Choice

Making a choice involves selecting from a range of available alternatives.

Risk

Risk is the possibility of encountering harm, suffering, or experiencing loss.
There are opportunities associated with certain risks, as suggested by Goldsmith in 2013.

Family Resource Management

Family Resource Management is the understanding of decisions made by individuals and families regarding the development and allocation of resources.
These resources can include: time, money, material assets, energy, friends, neighbors, and space.
The goal of Family Resource Management is to meet personal and familial goals according to the National Council on Family Relations in 2014.

Family Resource Management

Goldsmith in 2013 defined Family Resource Management as the process through which individuals and families make decisions, plan, and take action in order to progress, fulfill needs, and achieve goals in a society with a growing emphasis on technology.

What is management?

The art of doing things through people. (Mary Parker Follet)
Planning and implementing the use of resources to meet demands. (Deacon et.al, 1988)
Involves managers and productivity

### What is productivity?

Outputs are increasing given the same input
Inputs are decreasing but maintaining the same outputs
Outputs are increasing given decreasing input

What is choice?

Making decisions among alternatives

What is risk?

Possibility of harm, suffering, or loss
Opportunity for certain risks. (Goldsmith, 2013)

What is Family Resource Management?

Understanding decisions individuals and families make on developing and allocating resources, including time, money, material assets, energy, friends, neighbors, and space, to meet their goals. (National Council on Family Relations, 2014)
How individuals and families decide, plan, and act for progress, fulfilling needs, and accomplishing goals in an increasingly technological society. (Goldsmith, 2013)

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Description

Explore the fundamental concepts of management, productivity, risk, and family resource management. This quiz covers definitions, processes, and decision-making skills necessary for effective management. Test your knowledge on how resources are allocated and the impact of choices in both personal and professional contexts.