APPRAISAL COST Meaning and
Definition
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Appraisal cost refers to expenses incurred by a company or organization to evaluate and assess the quality and value of its products, services, or processes. It is a form of quality control cost that involves conducting inspections, tests, or audits, and using various measurement and evaluation techniques to determine the level of conformity, accuracy, or performance of the company's outputs.
These costs are typically associated with the activities performed to prevent defective products or services from reaching customers. Appraisal activities can include checking raw materials and components, conducting inspections at various stages of production, verifying products or services for compliance with specifications, and performing quality audits. The purpose of these appraisals is to identify and correct any errors, defects, or non-conformities before the products or services are delivered to customers.
Appraisal costs can also include the costs of specialized equipment, tools, or software used in the evaluation process, as well as the costs of training employees to conduct appraisals and interpret the results. Examples of appraisal costs may include inspection costs, testing costs, laboratory analysis costs, quality control personnel salaries, audits, and certifications.
By implementing appraisal activities, organizations aim to ensure that their products or services meet established quality standards and customer requirements, thereby enhancing customer satisfaction, minimizing customer complaints, improving product reliability, and ultimately reducing the overall cost of poor quality.
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Etymology of APPRAISAL COST
The word "appraisal" comes from the Middle English term "appraisen", which means "to set a value on" or "to assess". This derives from the Old French word "apreisier", meaning "to value" or "to appraise", which is a combination of "a-" (meaning "to") and "preisier" (meaning "to set a price"). In turn, "preisier" derives from the Late Latin word "pretiare", meaning "to value".
The term "cost" comes from the Latin word "costus", which means "expense" or "outlay". This Latin word is derived from the Old French word "coste", meaning "side" or "thing". Over time, the term "cost" developed to refer specifically to the monetary value or price of something.
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