What is the term for assessing the worth of something that has economic or monetary value?

The term for assessing the worth of something that has economic or monetary value is 'valuation.' Valuation is a comprehensive process that involves determining the current worth of an asset or a company based on various factors such as market conditions, earning potential, and tangible and intangible assets. This concept is crucial in finance and accounting as it helps stakeholders make informed decisions regarding buying, selling, or investing in assets.

While 'appraisal' refers to a systematic valuation process often associated with real estate or personal property, 'valuation' is a broader term that encompasses various methodologies, including appraisals. 'Estimation' implies a rough calculation or judgment about value but does not carry the precision or formal recognition of valuation. 'Calculation' refers generally to the process of determining a numerical value rather than specifically addressing the worth of something. Therefore, 'valuation' is the most appropriate term in this context, encapsulating the professional assessment of economic worth.