AIC23 RP - Statistics and Statistical Fallacies in Appraisal Practice

Session Description

The discipline of appraisal practice is promoted as more ART than science. If the ART of appraisal practice is rooted in professional judgment and intuitive reasoning, then the SCIENCE of appraisal practice is statistics. Professional periodicals, publications, and training materials have frequently institutionalized intrinsically flawed approaches to quantifying unknown values. A guess regarding an unknown value when premised on subjective or qualitative factors has infinite variability and is precise by random chance. "A judicious man uses statistics, not to get knowledge, but to save himself from having ignorance foisted upon him." [Thomas Carlyle During this presentation we will explore the common statistical measures applied in appraisal practice and the statistical fallacies resulting from their misuse and abuse.

Speaker

Mark W. Shirley, CPA/ABV/CFF, CVA, MAFF, CFE | Managing Partner | V & L Consultants, LLP

Continuing Education

Review of this session recording will award 1.5 CE hours. 

State CE and CPE credit are not awarded for this pre-recorded offering.