The Accuracy of the Completion Estimate of Conversion Costs Depends

question 38

True/False

The accuracy of the completion estimate of conversion costs depends on the care, skill, and experience of the estimator and also the nature of the conversion process.

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Definitions:

Non-excludable

A property of a good or service that makes it impossible, or highly impractical, to prevent individuals from using the good or service once it is provided.

Public Goods

Goods that are non-excludable and non-rivalrous in consumption, meaning they can be consumed by everyone and one person's consumption does not reduce the availability for others.

Private Sector

The part of the economy that is owned and operated by individuals and companies for profit, as opposed to being owned by the government.

External Benefit

A positive effect or advantage that extends beyond the direct participants of an economic transaction to affect others who are not involved in the transaction.