Final answer:
The reuse and reworking of existing code for a new project describes the practice of software reuse, which is beneficial in saving time, reducing errors, and enhancing productivity.
Step-by-step explanation:
The reuse and reworking of existing code for a new project is the basis of software reuse. Software reuse is not only about reusing a single function or class; it encompasses various forms such as libraries, frameworks, components, and entire applications. By reusing code, developers can save time and resources, reduce the likelihood of errors and increase productivity. This concept is akin to recycling in environmental terms, emphasizing the economic and environmental benefits of not always starting from scratch.
In addition to reducing development time, code reuse can lead to more reliable software because the reused code has often been tested and used in different scenarios. However, it's important that the code being reused is well-written and thoroughly documented to ensure it can be safely and effectively integrated into the new project.