I wrote the following paper for my coursework in EME 7634: Advanced Instructional Design, instructed by Dr. Atsusi Hirumi. Net-worth calculation was my chosen topic, due to my persistent interest in financial education.
I am also making this paper and companion slides available for download. The companion slides are not included in the paper. They were made two weeks before I wrote this paper, prior to conducting the actual task analyses.
My work should only be used appropriately and I should be credited.
Task Analysis Comparison for Calculation of Net Worth
University of Central Florida
March 1, 2017
Calculating one’s net worth is a vital part of financial literacy (French & McKillop, 2016). Tallying the value of one’s assets and debts improves understanding of one’s financial situation. Although at first, this process may seem simple, appraising one’s assets is a complex issue, and even remembering all of one’s possessions and liabilities may be difficult. Therefore, net-worth calculation seems a suitable instructional situation to analyze. For this portfolio analysis, I am applying three alternative analysis techniques that were included in Jonassen, Tessmer, and Hannum’s (1999) handbook—procedural analysis, critical-incident analysis, and case-based reasoning (CBR). The former two are differentiated by their focus on overt elements and underlying methods, respectively, while CBR’s status as a task-analysis method is tenuous and its utility in this situation is marginal—it is included here for demonstration purposes.
This type of analysis is geared toward assembly lines and other easily observable tasks. However, it can be used to describe cognitive activities if they are overtly observable, and when extended with flowcharting, can even describe relatively complex decision-making processes.
The following analysis is for the net-worth calculation task, based on the steps described by Jonassen et al. (1999, pp. 47–49):
- Determine if the task is amenable to a procedural analysis. Listing assets and liabilities, looking up their values, and sometimes, appraising values are overt actions and can be conceived as a series of steps. However, recalling all relevant items and appraising values can require covert cognitive processes in some cases, so procedural analysis does not capture everything required for this task.
- Write down the terminal objective of the task. “Calculates their net worth by estimating and tallying the values of their real assets and liabilities.” Note that this task excludes analyses of liquidity, cash flow, monthly expenses, and interest rates on debts, which are also important components of one’s financial situation.
- Choose a task performer. I am the performer for this task. I achieved competence in this task three years ago. If the training is for novices, Jonassen et al. (1999) say the flowchart should be based on someone who has only achieved expertise recently, to avoid “an idiosyncratic sequence” (p. 47). For this task, Investopedia’s Net Worth Calculator (www.investopedia.com/net-worth) was examined to help guide the analysis. Additionally, based on my knowledge of personal finance, I accounted for a variety of common financial situations (e.g., marriage, retirement funds, etc.).
- Choose a data-gathering procedure. I took notes as a silently executed the task.
- Observe and record the procedure. I made a text-based list of tasks before starting, and opted to construct a flowchart while executing the net-worth task.
- Review and revise outline. This step was skipped, because I did not do an outline.
- Sketch out a flowchart of the task operations and decisions. See Figure 1. In constructing this flowchart, is was readily apparent that a complete flowchart would be “cumbersome in detail” (Jonassen et al., 1999, p. 53). Consequently, I constructed the flowchart at an abstracted level that condenses or generalizes many steps. For example, Item 210: “Cash equivalent asset or debt?” actually applies to a host of items including bank accounts, taxable investment accounts, mortgages, student and auto loans, and credit card debts. Item 120: “Recall and list real assets and liabilities …” implies the learner will list assets and debts as separate line items (e.g., house and mortgage would be listed separately). These details and others are omitted from the flowchart to prevent it from becoming overwhelming and unwieldy. At Item 200, a foreach loop is used to iterate over the array (list) of assets and debts, similar to the foreach construct in PHP, a popular web scripting language.
- Review the procedural flowchart. This was done during its construction.
- Field-test the flowchart. I compared the flowchart to the Investopedia’s Net Worth Calculator (www.investopedia.com/net-worth) to see if it could fit the same situations. The categories of assets and liabilities on this calculator all fit into items on the flowchart. A net-worth spreadsheet is more versatile than Investopedia’s calculator because it can be saved, amended, and reused.
Figure 1. Procedural-analysis flowchart for net-worth calculation task.
This type of analysis involves interviewing subject-matter experts (SMEs) to gain a realistic understanding of the task at hand, including the important elements (Jonassen et al., 1999). Interview or survey data from SMEs must be culled to remove noncritical elements, focus on the required behavior, and to arrange tasks by importance (Flanagan, 1954). You can also ask your SMEs to arrange tasks by importance (Jonassen et al., 1999).