What does "appraisal" mean?

The act or process of developing an opinion of value.

Appraisal

Common synonyms include: assessment, estimate, estimation, adjudication, analyzing, apply judgment.

/əˈpɹeɪzəl/ noun

noun ·Moderate ·High school level

Noun

1
The act or process of developing an opinion of value. countable, uncountable
"She hated that silent appraisal, watching someone compare her to a version that she might have been."
2
an expert estimation of the quality, quantity, and other characteristics of someone or something wordnet
3
A judgment or assessment of the value of something, especially a formal one. countable, uncountable
4
the classification of someone or something with respect to its worth wordnet
5
a document appraising the value of something (as for insurance or taxation) wordnet

"Tom generally makes good decisions based on a realistic appraisal of the situation he's faced with."

From appraise + -al.