The research by Ericsson and colleagues (1980) examined the ability of a college student to achieve amazing feats of memory by having him remember strings of random digits that were recited to him. They found that this student used his experience with running times to help him retain these strings of numbers. The significance of this finding was that:

Chunking requires knowledge of familiar pattern and concept.

Explanation: Chunking simply refers to the ability of an individual to produce meaningful information by combing smaller bits of information called chunks, such that the individual is able to remember more information as a result of these combination. This could be achieved by combining this information using patterns and concept familiar to the individual.

The process of Chunking that is combining or joining these smaller and separate pieces of information aids the retention and also the activation or remembrance of such information from memory.

In the scenario above, the student employed the concept of runing time in which he is familiar about to combine the digits which aided his memory recall capability.

the question deals with financial planning and the answer is that dan did not stay on budget due to the fact that this guy needs to start decreasing his discretionary spending. according to the financial plan, he needed to balance his expenses and resources.