<abstract xmlns="http://www.w3.org/1999/xhtml">

<p>Variance in the cost method of valuation as caused by certain variables is objectionable in the profession of estate surveying and valuation at both local and international best practices. The study aimed at determining the variables for the variance in the application of the cost method of valuation for estate surveying and valuation practice in Uyo. The sample of the population used for the research comprised 110 estate surveyors in Uyo. The survey method was used for the research. The sampling technique was purposive sampling. The data were analyzed using standard deviation and analysis of variance (ANOVA). The findings showed that depreciation rates of σ2 =113.974 and σ = 10.676 were over 60% of the total variance of values among estate surveyors and valuers. The construction rates and errors in manual measurements and computation of areas, volumes and dimensions showed σ2 = 6.004 and σ = 2.4503, which accounted for 15% of total variance. The study recommends the use of a regional-based scientific approach to measure depreciation for consistency and high precision. Automated techniques, such as GPS, AutoCAD, Google Earth pro, are recommended to minimize variance in measurements.</p>
</abstract>

Variance in the cost method of valuation as caused by certain variables is objectionable in the profession of estate surveying and valuation at both local and international best practices. The study aimed at determining the variables for the variance in the application of the cost method of valuation for estate surveying and valuation practice in Uyo. The sample of the population used for the research comprised 110 estate surveyors in Uyo. The survey method was used for the research. The sampling technique was purposive sampling. The data were analyzed using standard deviation and analysis of variance (ANOVA). The findings showed that depreciation rates of σ2 =113.974 and σ = 10.676 were over 60% of the total variance of values among estate surveyors and valuers. The construction rates and errors in manual measurements and computation of areas, volumes and dimensions showed σ2 = 6.004 and σ = 2.4503, which accounted for 15% of total variance. The study recommends the use of a regional-based scientific approach to measure depreciation for consistency and high precision. Automated techniques, such as GPS, AutoCAD, Google Earth pro, are recommended to minimize variance in measurements.

Determinants of Variance in Cost Method of Valuation in Uyo, Nigeria

Real Estate Management and Valuation

This work is licensed under the Creative Commons Attribution 4.0 International License.

{"article-title":"Determinants of Variance in Cost Method of Valuation in Uyo, Nigeria"}

Variance in the cost method of valuation as caused by certain variables is objectionable in the profession of estate surveying and valuation at both local and...

Determinants of Variance in Cost Method of Valuation in Uyo, Nigeria

Published Online: Aug 13, 2021

Page range: 77 - 86

DOI: https://doi.org/10.2478/remav-2021-0023

Keywords
analysis of variance, capital value, cost method, valuation, variance

© 2021 Paul C. Anih et al., published by Sciendo

This work is licensed under the Creative Commons Attribution 4.0 International License.

Determinants of Variance in Cost Method of Valuation in Uyo, Nigeria

Published Online: Aug 13, 2021

Page range: 77 - 86

DOI: https://doi.org/10.2478/remav-2021-0023

Keywordsanalysis of variance, capital value, cost method, valuation, variance

© 2021 Paul C. Anih et al., published by Sciendo

This work is licensed under the Creative Commons Attribution 4.0 International License.

Keywords
analysis of variance, capital value, cost method, valuation, variance