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Determination of Value: Guidance on Developing and Supporting a Credible Opinions by Frank Rosillo

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CHAPTER TWO

The Solution

CREDIBILITY IS AN INFERENCE DRAWN by decision makers, resulting from an understanding of a well-defined process applied to a set of facts and circumstances under consideration.

73491.jpg TOWARD A DEFINITION OF CREDIBILITY

Let us examine the implications of the above definition of credibility.

“Credibility is an inference . . .”

Credibility should be looked on as a state of mind resulting from the application of logical reasoning derived from factual knowledge or information.

This perspective implies that in order to set the basic premise of credibility, a logical conclusion drawn from factual knowledge is necessary.

Later on, you will see that this factual knowledge must be derived via the application of relevant analytical procedures to a given set of facts and circumstances to be set forth.

“. . . drawn by decision makers,”

This part of the definition emphasizes the importance of the stakeholders or the decision makers as the ultimate purveyors of truth. It reminds us that credibility, in order to be an attribute of the work performed, must also be believed by the decision makers.

“. . . resulting from an understanding of a well-defined process . . .”

To be credible, one must be able to clearly articulate the process that was used to conduct the analysis. Later on, I will introduce another underlying premise to this aspect of the definition of credibility, namely, ...

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