Appraising is a process essential to various fields, especially in real estate, insurance, finance, and human resources. The process typically involves an expert’s judgment or evaluation based on certain standards or criteria. In real estate, property appraisals help determine the market value of a property. In the workplace, performance appraisals provide feedback on employee performance, guiding decisions on promotions, raises, and development.
As appraisals often have significant implications, the process is generally carried out by certified professionals, such as appraisers or evaluators. Furthermore, appraising also takes place in fields such as art and collectibles, where the perceived value can fluctuate depending on market trends and subjective assessments.