service is often determined by how much money a particular team, acting in an open competitive market, is willing to pay him or her. Limitations The soundness of the valuation depends wholly on the information, judgment, and impartiality of the bidder (Cascio 5). Expense model According to Mirvis and Mac (1976), this model focuses on attaching dollar estimates to the behavioral outcomes produced by working in an organization. Criteria such as absenteeism, turnover, and job performance are measured using traditional organizational tools, and then costs are estimated for each criterion. For example, in costing labor turnover, dollar figures are attached to separation costs, replacement costs, and training costs. Model on human resource accounting This model prescribes the human resource accounting approach for two categories of employees: Employees, who are at strategic, key decision-making positions such as MD, CEO Employees, who execute the decision taken by Top Executives (Vice President, Directors) Model arrives value of human resources as the sum of below-mentioned three parts: Real capital cost part Present value of future salary/wages payments Performance evaluation part Limitations Calculation process is lengthy and cumbersome. Lev and Schwartz valuation principles have been used at one point of time, so this model contains a weakness from the Lev and Schwartz model. Other limitations: Ravindra Tiwari has prescribed another approach to value human resources at the time of annual appraisal exercise, which suggests valuation of human resources on different appraisal parameters. Limitations Human resource accounting is the accounting methods, systems, and techniques, which coupled with special knowledge and ability, assist personnel management in the valuation of personnel in their knowledge, ability and motivation in the same organization as well as from organization to organization. It means that some employees become a liability instead of becoming a human resource. HRA facilitates decision making about the personnel, i.e. either to keep or to dispense with their services or to provide mega-training. There are many limitations that make the management reluctant to introduce HRA. Some of the attributes are: There are no clear cut and specific procedures or guidelines for finding costs and value of human resources of an organization. The systems that are being adopted all have certain drawbacks. The period of existence of human resources is uncertain and hence valuing them under uncertainty in the future seems to be unrealistic. The much needed empirical evidence is yet to be found to support the hypothesis that