In fact, there are probably as many versions of the scientific method as there are scientists!
Depending on the results of the experiment, it might conclude that the prediction was correct, or if not, further experimentation may be needed to reach an accurate conclusion.
Parents and teachers can create opportunities for children to try this way of thinking in many circumstances.
Encourage your children to use other observations, experiences, and knowledge to try and guess or predict what will happen in a certain circumstance.
In this example, the child might remember seeing ants being attracted to honey in the kitchen and since the cereal is sweet, predict that the ants would eat the cereal. The child might pick two types of cereal, one sweetened and one non-sweetened and leave some out overnight in the kitchen where ants have been observed in the past.