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Estimation notes: Estimation purpose and estimate judgment

Estimation notes: Estimation purpose and estimate judgment


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Purpose of the estimate

Among the many definitions of this discipline, the one given by Medici seems to us to be the most complete: "we can say that the appraisal teaches to express judgments about the sum of money that can be attributed, to any economic good object of estimate, to satisfy certain practical needs”.
With the rapid change of the needs and requirements of society, the scope of the appraisal has also adapted by expanding the interest and study in addition to economic assets in the private sphere also to those of collective or public interest.
The economic judgments that are expressed in the indication of a quantum money related to issues of particular interest are typical of the traditional estimate, which can be called a private estimate or microestimo. The assessments of public goods, territorial and environmental goods, of public projects (for example, the Environmental Impact Assessment), instead fall within the public estimate or macroestimo. In these notes we will deal exclusively with the wide and articulated case studies related to the microestimate.

Evaluation judgment

In order to make adequate estimates, the expert must have the following professional knowledge:

  • technical knowledge of the good;
  • economic knowledge of the market;
  • knowledge of the legal rules relating to the assets being estimated.

The estimation method, i.e. the logical process to be followed to make an estimate, is essentially based on comparison. The methods of practical application of the estimation method can be different: hence the synthetic and analytical procedures.
Any estimate is characterized by the following phases:

  1. A person feels the need to solve a complex problem that requires specific skills. He therefore turns to an expert and asks a question.
  2. The expert interprets the question, asking the customer for clarification, in order to clarify the practical need for the estimate.
  3. From the knowledge of the purpose, the expert identifies the economic aspect to be assessed, i.e. the estimation criterion that best answers the purpose of the question.
  4. The expert chooses the estimation procedure, initiating investigations, surveys and reworkings.
  5. The result of the estimate, i.e. the final judgment, duly motivated and documented, is exposed to the customer, possibly in writing (technical report), with the attached parcel in which the expert lists expenses and fees.


Video: Duration Estimation Types, Inputs, Methods, Parametric Estimation (July 2022).


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