Obsolescence is when a product or service is no longer useful due to changes in the marketplace. Technological obsolescence occurs when better technology is available, and planned obsolescence is a business strategy to promote high sales volume. Obsolescence is important to consider in costs and accounting, insurance policies, inventory management, and training. Obsolescence is a […]
Economic obsolescence refers to a decrease in property value due to external factors beyond the property itself, such as recession, construction of other structures, or natural disasters. It is important to consider these factors when evaluating a property to avoid potential losses. Economic obsolescence is a word used in appraisal or valuation of property. The […]
Obsolescence refers to products or services that are no longer useful due to changes in the market, such as technological advancements or shifts in social norms. Planned obsolescence is a business strategy used to drive sales. Obsolescence is important to consider in costing, accounting, insurance, and inventory management. It can also affect employability and training […]
