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

CHAPTER FOUR

Pyramids, Not Castles

CREDIBLE OPINIONS DON’T NEED TO be defensible. They can stand and survive the challenges of others on their own terms and foundations, without the need for any protective measures taken by those proffering them.

I view the process of climbing the Credibility Pyramid as an open and rigorous endeavor demonstrating the professional care undertaken by an opining individual that also points to the application of intellectual rigor to the effort involved.

Consequently, every time I hear the term defensible used in connection with opining, I pause and wonder whether the person I am listening to comprehends the inferences drawn by stakeholders and users of the opined work product when listening to the arguments and establishing the defensibility of a given position. It is difficult, if not impossible, to construct any type of foundational approach when you have to worry about being “defensible.” The term defensible opinion may be found in many venues, from engineering to health care, accounting, law, and many others. You may run into some of the following variations:

• Defensible opinion of value.
• Defensible business valuations.
• How to make sure that your report is defensible.
• Ways to make your opinion defensible.
• How to make your arguments defensible.

There are many others. Now I would like you to think outside the box of an opining individual and paint in your mind’s eye a picture of the term defensible. What do you see?

When I hear the word defensible ...