New Report - 20c target, page-214

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.