It Is Not Always Possible to Avoid All Mistakes and Frauds

question 67

True/False

It is not always possible to avoid all mistakes and frauds because there will always be human error, human nature, and it is not always cost-effective to close all the holes.

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Definitions:

Sunk Costs

Outlays already made that cannot be refunded or retrieved.

Project Value

The total worth of a project, calculated by evaluating all incoming and outgoing cash flows to determine its overall financial benefit.

Cost Reduction

Refers to strategies and actions a company undertakes to decrease its total expenses and improve profitability.