Final answer:
Cost estimation is a tactic used by appraisers to estimate the reproduction cost of a property by calculating the cost of producing and installing each component. Mathematical models are used to estimate costs for different approaches and alternative solutions. This process helps to analyze the relationship between scientific techniques and costs of materials, fabrication, operation, and maintenance.
Step-by-step explanation:
Cost estimation is a tactic used by appraisers to estimate the reproduction cost of a property by calculating the cost of producing and installing each component. This method involves generating mathematical models to estimate costs for different approaches and alternative solutions. The aim is to analyze the relationship between the scientific techniques required and the associated costs of materials, fabrication, operation, and maintenance. It is a crucial step in determining the cost per unit of the property.