COST CEILING Definition

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COST CEILING, in project management, is the sum of the Project Cost Target plus the projects Contingencies cost allowances.

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ACCEPTANCE SAMPLING is statistical sampling to determine whether internal control compliance is greater than or less than the tolerable deviation rate.

TAXABLE INCOME is that income that is reported to the government for the purposes of calculating income taxes. Taxable income normally is not aligned with the financial income reported within financial statements. See FINANCIAL INCOME.

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