An appraisal is a critical process in various fields such as real estate, finance, insurance, and employment. It provides a structured way to evaluate the worth, quality, or condition of an item or person. In real estate, appraisers are often employed to estimate the market value of properties, considering factors such as location, condition, and market trends.
In employment, appraisals are commonly used by companies to assess employee performance, set goals, and make decisions regarding promotions, raises, and job assignments. In the context of investments, appraisals help investors determine the value of stocks, bonds, or assets before making decisions.