Lasso and Markowitz is a law firm that is initiating an activity-based costing system. Sam Lasso, the senior partner and strong supporter of ABC, has prepared the following list of activities performed by a typical attorney in a day at the firm.

Classify each of the activities listed by Sam Lasso as value-added or non?value-added.
Activities Hours

Writing contracts and letters 1.5 Non-value-addedValue-added
Attending staff meetings 0.5 Non-value-addedValue-added
Taking depositions 1.0 Non-value-addedValue-added
Doing research 1.0 Non-value-addedValue-added
Traveling to/from court 1.0 Non-value-addedValue-added
Contemplating legal strategy 1.0 Non-value-addedValue-added
Eating lunch 1.0 Non-value-addedValue-added
Litigating a case in court 2.5 Non-value-addedValue-added
Entertaining a prospective client 1.5 Non-value-addedValue-added
How much was value-added time? (Round answer to 1 decimal place, e. g. 2.1.)
Value-added time hours
How much was non?value?added time? (Round answer to 1 decimal place, e. g. 2.1.)
Non?value?added hours

cognitive overload: having a lot on your mind impairs decision-making and tends to result in the simplest, but not necessarily best, option being selected.

empathy gaps: overlooking how you might feel in a different situation can result in unnecessary purchases, such as overbuying when shopping for food on an empty stomach.

optimism and overconfidence: wearing rose-tinted glasses and having unrealistic expectations about the future can affect money management and leave you unprepared for a change in circumstance.

instant gratification: seeking instant gratification drives impulsive spending and can undermine long-term planning and savings.

harmful habits: automatic or mindless behaviour can amplify a poor financial decision as it becomes a recurring event.

social norms: we are heavily influenced by the actions of others; while this can be in certain circumstances, it also contributes to the pressure to keep up with the joneses through conspicuous consumption.

rational decision making is a multi-step process for making choices between alternatives. the process of rational decision making favors logic, objectivity, and analysis over subjectivity and insight. the word “rational” in this context does not mean sane or clear-headed as it does in the colloquial sense.

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