Final answer:
The statement 'The rough order-of-magnitude budget is also known as a ballpark estimate' is True. A ballpark estimate or rough order-of-magnitude budget is an approximation made using prior experience and sound reasoning. It is commonly used in finance, engineering, and project management to quickly assess the feasibility of a project.
Step-by-step explanation:
The statement "The rough order-of-magnitude budget is also known as a ballpark estimate" is True.
A ballpark estimate or rough order-of-magnitude budget is an approximation of a value or quantity that is made using prior experience and sound reasoning, rather than precise calculations. It is commonly used in various fields including finance, engineering, and project management to get a rough idea of the scale or magnitude of a budget.
For example, when planning a construction project, a ballpark estimate can help determine if the available funds are sufficient or if additional financing is required. It allows decision-makers to quickly assess the feasibility of a project and make informed choices.