Why Your Multiple May Be Wrong: Forgotten Statistical Concepts and Their Invaluable Application
BVR's Webinar Series
Wednesday, November 19, 2014
10:00am-11:40am PT • 1:00pm-2:40pm ET
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In the November, 2014 issue of Business Valuation Update™, Robert Dohmeyer and Herbert Kierulff posited that "many appraisers have missed the statistical and causal subtleties inherent in both luck and skill, adhering to conventional wisdom that says 'companies with superior margins deserve a premium multiple.'"
In this live presentation of this and a subsequent article on the proper implementation of mean, median, and harmonic mean, Dohmeyer and Kierulff address how the nuances of statistical methods and measures are being overlooked at the expense of a sound and defensible conclusion of value.
- Statistical data errors and irregularities
- Mean, median, harmonic mean: are they biased?
- The low bias of the harmonic mean
- The case for the median
- Advanced central tendency
- Statistical irregularity in reversion to the mean
- Statistical error: Bias in the nature of the population
- Major implication for income approach
- Identify errors inherent in the use and application of basic statistical methods
- Define how these errors affect valuations and values
- Associate the implications of statistical selection and use errors with common business and valuation assumptions
- Define how to best prepare for, avoid, or account for errors inherent in these statistical methods
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