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Market value. Market value or OMV ( Open Market Valuation) is the price at which an asset would trade in a competitive auction setting. Market value is often used interchangeably with open market value, fair value or fair market value, although these terms have distinct definitions in different standards, and differ in some circumstances.
The fair market value is the price at which property would change hands between a willing buyer and a willing seller, neither being under any compulsion to buy or to sell and both having reasonable knowledge of relevant facts. United States v. Cartwright, 411 U. S. 546, 93 S. Ct. 1713, 1716-17, 36 L. Ed. 2d 528, 73-1 U.S. Tax Cas.
Proven reserves. Proven reserves (also called measured reserves, 1P, and reserves) is a measure of fossil fuel energy reserves, such as oil and gas reserves and coal reserves. It is defined as the " [q]uantity of energy sources estimated with reasonable certainty, from the analysis of geologic and engineering data, to be recoverable from well ...
Level of Repair Analysis ( LORA) is used as an analytical methodology used to determine where an item will be replaced, repaired, or discarded based on cost considerations and operational readiness requirements. For a complex engineering system containing thousands of assemblies, sub-assemblies, components, organized into several levels of ...
Resale price maintenance ( RPM) or, occasionally, retail price maintenance is the practice whereby a manufacturer and its distributors agree that the distributors will sell the manufacturer's product at certain prices (resale price maintenance), at or above a price floor (minimum resale price maintenance) or at or below a price ceiling (maximum ...
Liquidation value. Liquidation value is the likely price of an asset when it is allowed insufficient time to sell on the open market, thereby reducing its exposure to potential buyers. Liquidation value is typically lower than fair market value. [1] Unlike cash or other available liquid assets, certain illiquid assets, like real estate, often ...
The Appraisal Institute defines highest and best use as follows: The reasonably probable and legal use of vacant land or an improved property that is physically possible, appropriately supported, financially feasible, and that results in the highest value. The four criteria the highest and best use must meet are legal permissibility, physical ...
An oil or gas resource refers to known (discovered fields) or potential accumulations of oil and/or gas ( i.e undiscovered prospects and leads) in the subsurface of the Earth's crust. All reserve and resource estimates involve uncertainty in volume estimates (expressed below as Low, Mid or High uncertainty), as well as a risk or chance to exist ...