valuation approach

Valuation approaches are higher level assumptions, ideas or beliefs that underpin methods. They translate key decisions on how a method is to be applied or how the information generated by methods is to be interpreted. For each approach there are often multiple accepted methods that adhere to the basic assumptions and ideas of the given approach. Valuation approaches can also be manifested as “traditions” or widely accepted and expected protocols for undertaking valuation. Valuation traditions are heavily informed and influenced by the cultural context and/or epistemological worldviews.