Contrast the Tangible and Intangible Benefits of a Proposed Information

question 49

Short Answer

Contrast the tangible and intangible benefits of a proposed information system.
Section reference 1: Planning for and Justifying IT Applications

Grasp the principle of mitigating damages and the victim’s duties.

Understand the application of equitable and legal remedies in case of breach.

Analyze the legal ramifications of refusing tendered payment.

Identify contract performance standards and partial performance consequences.

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Definitions:

Profits

The financial gain obtained when the revenue from business activities exceeds the expenses, taxes, and costs associated with maintaining the business.

Marginal Cost

The investment needed to manufacture an extra unit of a product or service.

Marginal Revenue

Enhanced revenue from the sale of an incremental unit of a product or service.

Variable Costs

Expenses that change in proportion to the activity of a business, such as costs for raw materials or production.