The Methods Used to Estimate the Cost of a Project

question 12

True/False

The methods used to estimate the cost of a project during the selection phase are generally slower and consume more resources than those used to create detailed estimates in later phases.

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Definitions:

Government Decision Making

The process by which governments choose between different policies, actions, or strategies to address specific public issues or problems.

Rent-Seeking Behavior

The actions by persons, firms, or unions to gain special benefits from government at the taxpayers’ or someone else’s expense.

Public Choice Theory

An economic theory that applies principles of economics to political science, analyzing how public decisions are made and the behaviors of voters, politicians, and bureaucrats.

Government Decision Making

Government decision making involves the processes and actions through which governments set policies, allocate resources, and address societal needs and challenges.