The 5 Whys is a problem-solving technique that involves asking "why" repeatedly to identify the root cause of an issue. It encourages a deeper exploration of the underlying factors contributing to a problem, aiming to address the root cause rather than just its symptoms. The 5 Whys is delves into the layers of causation behind a problem. It involves asking "why" five times, or as many times as necessary, to peel away the surface issues and reveal the core cause.

Collaborative Problem Solving (CPS) is an approach to addressing complex problems by involving multiple individuals or groups in the problem-solving process. It emphasizes teamwork, communication, and shared decision-making to arrive at effective solutions.

The framing effect is a cognitive bias that highlights how individuals react to the context or presentation of information rather than the information itself. The framing of a decision can influence people's perceptions, judgments, and choices. This concept has significant implications for decision-making in various areas, such as finance, health, and public policy.

Status quo bias is a psychological inclination where individuals exhibit a preference for maintaining the current state of affairs, often resisting changes even when objectively advantageous alterations are available. It manifests as a tendency to favor familiarity and comfort over potential improvements.

The Endowment Effect is a psychological phenomenon in behavioral economics where people tend to assign higher value to items simply because they own them. In other words, individuals tend to overvalue objects in their possession compared to the same objects not owned. This can influence decision-making in various contexts, such as buying, selling, or trading goods.

The Daily Spending Limit Method is a budgeting approach where individuals or households set a maximum amount of money they can spend each day. This method helps in managing expenses by imposing a strict limit on daily spending, encouraging individuals to be more conscious of their financial choices and prioritize their purchases accordingly. By adhering to this limit, individuals can better control their finances and avoid overspending.

Mental accounting is a psychological concept where individuals categorize and treat their money differently based on subjective criteria rather than seeing it as a unified pool of funds. Understanding this concept is crucial because it influences how people make financial decisions and allocate their resources.

Loss aversion is a concept in behavioral economics that describes the tendency for people to strongly prefer avoiding losses over acquiring equivalent gains. Essentially, the emotional impact of losing something is felt more strongly than the pleasure derived from gaining something of equal value.

Hyperbolic Discounting is a concept from behavioral economics that describes how people tend to prefer smaller, immediate rewards over larger, delayed rewards, but their preferences change depending on the time frame. Understanding hyperbolic discounting can help individuals make more informed decisions about balancing immediate rewards with long-term benefits. By recognizing this bias, people can implement strategies to mitigate its effects and make choices that align better with their long-term goals.