An appraisal is the stated result of a estimation or an earnings forecast. Normally, an appraisal is based upon a synthesis of the conclusions of two or more of the procedures of a valuation, a cost estimation and an earnings forecast. “The word appraisal is thus a general term which includes valuation, cost estimation and earnings forecast” Accordingly, “it is correct to speak of an appraised value, an appraised cost and an appraised earning power.”