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You took me thinking @Adeel and I did some research to find if there really exists any scientific approach or model but could not find one. The external internal equity approach seems to be a kind of scietific approach, isn’t it? That is taken care of by grade range and other research-oriented approach one can take. It might not be a plug-and-play kind of approach, though. Any thoughts on this?
Please let us know if you come across any such standardised approach.