VALUATION PROCEDURE Definition

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VALUATION PROCEDURE is the act, manner, and technique of performing the steps of an appraisal method.

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MARGINAL BENEFIT takes into account the fact that the more an entity has or devotes to something, the less benefit that is likely to be derived from the additional units applied, e.g. additional labor hours expended to complete a task can be of questionable benefit if parts, tools, or machines cannot optimally absorb the additional labor applied, i.e. the additional hours devoted would be of marginal benefit.

ROYALTY is the share of the product, or of the proceeds realized from the product, reserved by an owner for permitting another entity to exploit and use that entity's property, i.e. it is the rental paid to the original owner of property based upon a percentage of sales, profit or production. Royalty can involve literary works, inventions, and other intellectual property, as well as mining leases and conveyances.

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