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

CHAPTER THREE

The Credibility Pyramid and the Importance of a Well-Defined Analytical Process

A WELL-DEFINED ANALYTICAL PROCESS MAY WELL be the differentiating trait between an expert and a lay individual.

THE IMPORTANCE OF PROCESS

The above sentence is not intended to be dismissive of the utility that lay testimony may have in many different venues and occasions; it is simply intended to highlight the requirement underpinning the processes of opining individuals.

In doing so, I want to turn your attention to the importance of “process” as part of the credibility framework that we are developing.

So here is a definition of process:

Process is a well-defined set of methods and procedures, subject to replication, applied with intellectual rigor and honesty, with the objective of seeking a resolution to a set of facts and circumstances, requiring a decision to be made.

The above definition may be very helpful when you are trying to explain to others what you did and how you did it in pursuit of your proffered opinion.

There are two important considerations to keep in mind:

1. The process must be clearly articulated.

2. The scope of the process must be identified and addressed throughout all phases of the analytical work undertaken.

Another proposition in this book is that process, as defined here, is part of the foundational framework that is required for one to be ultimately credible. ...