What is a Convert time to decimal?

Convert a formatted time string (HH:MM:SS or HH:MM) into its decimal-hour equivalent. Hours can be any positive number, while minutes and seconds accept values from 0-59 and can be single or double digits (e.g., '12:5' or '12:05'). This function interprets hours, minutes, and seconds, then calculates the total duration as a single decimal value. It is useful for productivity tracking, payroll calculations, time-based billing, data analysis, or any workflow that requires converting human-readable time into a numerical format that can be easily summed, compared, or processed. For example, '03:26:00' becomes 3.43 hours, and '12:5' becomes 12.08 hours.