Statistics is a necessary part of modernized valuation, and it is very much misunderstood. The main problem with statistics is words! First, let’s get one word out of the way – A parameter is a summary number of any data set, such as mean, median, maximum, minimum, range, quantile, or variation (standard deviation). We use […]
Is the science of Logic in art? Is there art in the science of data? Ask any musician or artist. We have perspective, the golden ratio, octaves, and even measurable human body and brain responses to music, visuals, and other sensual inputs. I have never read or heard a data scientist say there is no […]
If you pick comps the old way, you may be violating USPAP every day! The old way of selecting data worked well for the old days. Gather seven or eight that look good, go look at them, make a couple of phone calls, and pick four or five for your report. That was the way […]
Tools for work, tools for life. This time of the year for many is a time of reflection and hope. My reflection today is how some principles of our profession may be principles of a successful life; what those principles may be, and how they’ve contributed to my joy and sense of satisfaction and service. Integrity […]
“Progress Slow on Robot Takeover” Appraiser This is the headline from an article in the San Diego Union Tribune this morning. The article went on to say, “Data complexities, trust issues, and the persistent need for human input restrain scaled-up automation.” No Turbo Charged Appraiser Yet. As a brand-new appraiser trainee, I was in awe […]