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

CHAPTER TEN

The Journey Continues

IN SUMMARY, I LEAVE YOU with some parting thoughts, including

• A definition of credibility.
• The attributes of a credible opinion.
• The importance of an awareness of the decision-making process and the roles of stakeholders, apart from opining individuals.
• A note on generally accepted principles.
• A definition of the concept of “informed judgment.”
• Suggestions for assessing your own methodology via reasonable tests.
• Suggestions for enhancing the integrity of your opinion.

DEFINITION OF CREDIBILITY

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.

ATTRIBUTES ATTACHED TO A CREDIBLE OPINION

1. Replication. To be credible, your analytical work and any related developmental assumptions, conclusions, and summations must provide a path for others to follow, together with the means to replicate your work and obtain similar results. This approach to your foundational analysis should result in supportable conclusions that can be examined by anyone reviewing your work product.

2. Relevance. Relevance refers to the specific relationship of your analytical nexus to a particular methodology or procedure that is forming a supportive and ...