Describe the four major ways to calculate lost profits.
The four major ways to calculate lost profits are:
Before and after method, take sales or sales growth before the act and compare to the
comparable figures afterward. The theory is that the business would have stayed with the
same level of revenues and profits after the event as it did before that event. Other factors
that can affect the level of revenues are also justified, such as the possible future
repercussions of the courses in revenue in place before the event.
Yardstick (or benchmark) approach. “Under this approach, the expert utilizes a
“yardstick” to estimate what the revenues and profits of the affected business would have
been. Examples of potential yardsticks that could be used include comparing the revenue
trends and results of the business to a similar business; comparing to other unharmed
locations of the business; utilizing the actual experience versus budgeted results or
industry averages” (Serrano, 2017).
But-for” method. It is based on a forecast of post-incident transactions based on what
should have occurred during the time of loss, which shows how the damage is affecting
the business and what should have occurred against what actually happened.
Direct method. Any agreement may indicate how to calculate lost profits. In some
situations, the expert can refer to a specific agreement that may set the terms that define
forecasted revenue levels.
Combination method. May use a combination of methods.
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