Financial management: Development of scales

This study is a contribution to the development of family resource management scales, specifically financial management scales. Principal axis factor analysis, with varimax rotation, is used to assess underlying relationships in 23 family resource management variables related to time and money resources. Reliability and content, construct, and criterion-related validity of the scales are assessed. Two scales that are reliable and have some degree of validity are developed: frequency of financial problems and frequency of financial management. The scales could be used in future research, teaching, or counseling to organize financial management concepts.Preparation of this research was supported in part by the Illinois Agricultural Experiment Station. Data were collected in conjunction with the cooperative regional research project NC-182, Family Resource Utilization as a Factor in Determining Economic Well-Being of Rural Families. Cooperating states are Arizona, California, Illinois, Indiana, Iowa, Kansas, Michigan, and Minnesota.She received her Ph.D. from the University of Illinois; her current research interests include gender roles, family financial management, and economic well-being.Her current research interests include family financial management and consumer bankruptcy. She received her Ph.D. from the University of Missouri.Her current research interests include the economic well-being of various family forms. She received her Ph.D. from the University of Illinois.She received her Ph.D. from the University of Illinois. Her research interests are economic well-being and quality of life.     

Factors associated with expectation of household's future financial condition

Path analysis is used to examine the causal relationships among selected objective and subjective factors associated with a household's expectation of future financial condition. Results indicate that respondents who perceive the effect of changes in the external environment on their own household's financial condition as positive are younger, have higher net worth, perceive more internal control over their situation, and report that most of the changes in the external environment are positive. Respondents who are younger, have higher income, perceive more internal control over their situation, and believe the effect of changes in the external environment on their household's financial condition are positive are more likely to be optimistic about their financial future. It is important that educators and financial advisors recognize the significant role perception of being in control plays in determining expectations of future financial condition.Journal Paper No. J-15256 of the Iowa Agriculture and Home Economics Experiment Station, Project No. 2809. Data were collected in conjunction with the cooperative regional research project NC-182, Family Resource Utilization as a Factor in Determining Economic Well-Being of Rural Families. Cooperating states are Arizona, California, Illinois, Indiana, Iowa, Kansas, Michigan, and Minnesota.Her current research interests include family financial management and consumer bankruptcy; she received her Ph.D. from the University of Missouri.She received her Ph.D. from the University of Illinois; her current research interests include gender roles, family financial management, and economic well-being.She received her Ph.D. from the University of Illinois. Her research interests are economic well-being and quality of life.Her current research interests include the economic well-being of various family forms. She received her Ph.D. from the University of Illinois.     

New V control chart for the Maxwell distribution

Control charts have been popularly used as a user-friendly yet technically sophisticated tool to monitor whether a process is in statistical control or not. These charts are basically constructed under the normality assumption. But in many practical situations in real life this normality assumption may be violated. One such non-normal situation is to monitor the process variability from a skewed parent distribution where we propose the use of a Maxwell control chart. We introduce a pivotal quantity for the scale parameter of the Maxwell distribution which follows a gamma distribution. Probability limits and L-sigma limits are studied along with performance measure based on average run length and power curve. To avoid the complexity of future calculations for practitioners, factors for constructing control chart for monitoring the Maxwell parameter are given for different sample sizes and for different false alarm rate. We also provide simulated data to illustrate the Maxwell control chart. Finally, a real life example has been given to show the importance of such a control chart.     

Exploring youths' perceptions of the hidden practice of youth work in increasing social capital with young people considered NEET in Scotland

This small-scale research explores the generation of social capital in young people growing up in one urban area and one rural area in Scotland via community-led youth work projects that aim to re-engage young people categorised as NEET (Not in Employment Education or Training). By looking at their varied and complex biographies, it considers young people's experiences and perceptions of their communities and their transitions from education to the workplace. Using social capital as a theoretical lens, we examined the impact that youth work can have not just on these important transitions but also upon the young people themselves. By visiting two different sites of engagement we were able to explore whether the type of initiative (media or sports) or place (urban or rural) had an impact on the generation of capital for young people. The youth work practice in both areas acted as a glue between the young people and their communities, creating opportunities where the two could be bound together and relationships created. This occurred in both sites regardless of the area or type of initiative and confirmed in this study that youth work acts as a site of capital building.     

On the generalized process capability under simple and mixture models

Process capability (PC) indices measure the ability of a process of interest to meet the desired specifications under certain restrictions. There are a variety of capability indices available in literature for different interest variables such as weights, lengths, thickness, and the life time of items among many others. The goal of this article is to study the generalized capability indices from the Bayesian view point under different symmetric and asymmetric loss functions for the simple and mixture of generalized lifetime models. For our study purposes, we have covered a simple and two component mixture of Maxwell distribution as a special case of the generalized class of models. A comparative discussion of the PC with the mixture models under Laplace and inverse Rayleigh are also included. Bayesian point estimation of maintenance performance of the system is also part of the study (considering the Maxwell failure lifetime model and the repair time model). A real-life example is also included to illustrate the procedural details of the proposed method.     

Changes in financial status influencing level of satisfaction in households

This study explores the impact of changes in family financial status over a four year period on level of satisfaction with various aspects of household finances. Data were collected through personal interviews with 123 families in 1982 and 1986. Information was obtained on household income, assets, liabilities, and on the satisfaction of the money managers with seven aspects of household finances. Two-tail pairedt-tests were used to compare differences in financial and satisfaction variables between the two time periods. Regression analyses were applied to ascertain factors affecting the satisfaction of the money managers. The financial status of households improved during the 4 year period as reflected by net worth. The mean net worth, with and without real estate, increased significantly during this time period. In spite of this improvement, money managers are less satisfied with various aspects of their household finances.This research was supported by the Iowa Agriculture and Home Economics Experiment Station Project No. 2773 (Journal Paper No. J-13098).Tahira K. Hira is a Professor and Alyce M. Fanslow is a Distinguished Professor in the College of Family and Consumer Sciences; Patricia Titus is an Instructor in the College of Education; all are at Iowa State University, Ames, IA 50011-1120. Dr. Hira's research interests include consumer bankruptcies and various aspects of household economic well-being Dr. Fanslow's and Dr. Titus' research interests include competencies of household money managers.     

Euthanasia and the medical profession: an Australian study

Advances in medical knowledge and technology are enabling more people to live longer in modern societies. This situation has also created dilemmas for medical practitioners in treating severely or chronically ill patients where the harm caused to them by treatment appears to outweigh the benefits. After reviewing some of the major legal and ethical issues confronting medical practitioners in Australia, this paper reports findings of a survey of Australian doctors' attitudes towards euthanasia. The findings show that a significant number of doctors receive requests from either the patients or their families to hasten death through active or passive euthanasia. A large majority of them also regard some form of passive euthanasia as an acceptable medical decision concerning the end of life. Twenty per cent of general practitioners and 17 per cent of specialists surveyed have taken active steps in the past to hasten the death of a patient. This paper explores the circumstances in which doctors are prepared to perform euthanasia and concludes with a discussion of the legal, ethical and professional issues raised by the survey's findings.     

A Bayesian way of monitoring the linear profiles using CUSUM control charts

In statistical process control applications, profiles functions are considered an efficient way of representing quality of products or processes. Classical and Bayesian thoughts are two chief sources of defining control charting structures for profiles monitoring. This Study introduces novel Bayesian CUSUM control structures for profiles monitoring. The comprehensive comparative study identifies that the proposed Bayesian CUSUM control charts under conjugate priors has better expected performance than competing methods. The implementation of Bayesian structures requires detailed information about process parameters which come up with considerable benefits. In addition, simulative example and case study further justified the superiority of proposed techniques.     

The determinants of worry over chronic health condition for rural couples

This study investigates the determinants of chronic health conditions that worry the member of rural couples who serves as the household financial manager. A sample of 1,115 rural couples from the NC-182 regional research project Family Resource Utilization as a Factor in Determining Economic Well-Being of Rural Families is used. The logit analysis finds that the probability of having a condition that worries the financial manager increases if she or he is middle aged or older, is not employed, and has external Locus of Control. This probability also increases when the dissatisfaction with the resources available to handle a financial emergency increases and the more often the financial manager does not have money to pay for the doctor.Preparation of this research was supported in part by the Minnesota Agricultural Experiment Station project 52–056 and the Minnesota Extension Service. Data were collected in conjunction with the cooperative regional research project NC-182, Family Resource Utilization as a Factor in Determining Economic Well-Being of Rural Families. Cooperating states are Arizona, California, Illinois, Indiana, Iowa, Kansas, Michigan, and Minnesota.Her current research interests include the economic well-being of various family forms. She received her Ph.D. from University of Illinois.Her current research interests include family financial management and consumer bankruptcy. She received her Ph.D. from the University of Missouri.Her current research interests include issues concerned with family stress management including financial stress. She received her Ph.D. at Michigan State University.Her current research interests include economic and environmental well-being for families and individuals with emphasis on the impact of environmental regulations on economic well-being. She received her Ph.D. from University of Illinois.His current interests include economic well-being of rural families. He was a research assistant for Dr. Bauer before receiving his Ph.D. degree in Agriculture and Applied Economics, University of Minnesota, St. Paul, MN.