Larry Kwang insists that the costs of his school’s fund-raising project should be determined after the project is complete. He argues that only after the project is complete can its costs be determined accurately and that it is a waste of time to try to estimate future costs. Georgia Sundum counters that waiting until the project is complete will not provide timely information for planning expenditures. How would you arbitrate this discussion? Explain the tradeoffs between accuracy and timeliness.
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