According to the Text, 1) Read the Contract, 2) Understand

question 1

True/False

According to the text, 1) read the contract, 2) understand the requirement, and 3) invoice for completed work are the three most important phases of Contract Administration

---

Definitions:

Posterior Probabilities

Revised probabilities of events based on additional information.

Independent Events

Two events A and B where P(A ∣ B) = P(A) or P(B ∣ A) = P(B); that is, the events have no influence on each other.

Probabilities

The quantification of an event's occurrence likelihood, represented as a figure from 0 to 1.

Intersection

The set that contains all elements that are common to two or more sets.