Thanks. My thinking on this started when I first started using hotcopper.
People would post price targets with no justification of how they arrived at their figures. Some research reports are quite bad also - they completely obfuscate how they come up with their price targets (which makes it hard to determine if the targets are realistic).
I've done a lot of work where I have to estimate labour and materials for engineering projects. Basis of estimates have to be fully-justified so they can be both peer-reviewed and audited. So my approach just comes from what I am used to in my work.
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