The Business Valuation Hierarchy relates to the prioritisation of the choice of valuation methods by valuers. As market information provides the best reference and comparable information (which are more objective) to valuers, methods under the market approach are the first preference. In the absence of observable data, methods under the cost approach rank second priority as cost of assets can be validated. In the absence of reliable cost information or in instances where the cost approach is not deemed most appropriate, valuers rely on operational and financial information from the subject business entity. This is where the methods under the income approach become relevant. Thus, the order of priority for the choice of valuation methods by business valuers is market methods, cost methods, and income methods.