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Explain competence-based pay including its advantages and disadvantages. Include in your discussion the practice of broadbanding.
Residual Value
The anticipated residual value of an asset when it reaches the end of its functionality period.
Estimated Value
A valuation measure based on an appraisal, cost, or pricing models to determine the likely selling price or value of an asset.
Fixed Asset
An asset with long-term use or value, such as land, buildings, and machinery, typically not easily converted into cash within a year.
Appraisal Value
The estimated money value of a property, as determined by a qualified appraiser.
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