Robust Valuations: lessons from a quantum expert

Over the past few weeks, our articles explored the world of expert witness duties, valuation with limited information, and the role of assumptions and production rates when preparing valuations. These topics may sometimes feel far removed from the day-to-day work of a typical QS, but the principles behind them are timeless.

Whether you’re preparing a payment application, pricing a variation, or negotiating a final account, the same lessons apply. Preparing a robust valuation is not just for tribunals; it is what makes your valuations credible, your negotiations smoother, and your reputation stronger.

This article brings the series to a close by setting out the key takeaways every QS can apply in their everyday role.

1. Dont wait for perfect information

Projects move quickly. Designs change, instructions evolve, and information is rarely ‘complete’. It is the very nature of the industry in which we work, building bespoke, tailor-built assets.

Waiting for perfection is a mistake. Instead:

• Use the information available.
• Make reasonable assumptions where gaps exist.
• State those assumptions clearly so they can be updated later.

A valuation built on clear and credible assumptions is far more defensible than one that pretends the gaps don’t exist.

2. Treat assumptions as tools, not weaknesses

Assumptions are not something to shy away from. They are helping you prepare credible valuations that keep projects moving while making your work transparent.

The key is to:

• Explain why the assumption is reasonable.
• Highlight where it applies.
• Be prepared to adjust when facts change.

Handled this way, assumptions are not points of weakness, and they become a structured part of your valuation process.

3. Make production rates your friend

Production rates drive programme durations, labour costs, preliminaries, and overheads. Yet they are often the least considered part of a valuation.

Strengthen them by:

• Collaborating with planners and engineers.
• Using benchmark productivity data as a sense check.
• Testing assumptions against real project performance where possible.

Get production rates right, and you will strengthen your valuation at the core. If you get them wrong or if you don’t know them at all, then your valuation could crumble when it is tested.

4. Always adjust for context

A rate valid in Yorkshire may not reflect reality in central London. A cost valid today may not be valid in 9 months’ time. For your valuation to be robust, you will need to account for:

• Location factors (labour availability, logistics, regional pricing).
• Timing factors (inflation, market conditions, indices).

If you do not make these adjustments, then the credibility of your valuation will be undone with only a few simple questions.

5. Build for scrutiny

Expert witness reports are written knowing they will be tested under cross-examination. Everyday QS work is rarely tested so formally, but it is nearly always challenged.

Ask yourself:

• Could someone else follow my reasoning?
• Are the assumptions clear?
• Is the basis of each rate or allowance transparent?

If the answer is yes, your work is not just correct; it is credible.

Final reflections

Expert witness practice may feel like a specialist corner of the profession, but the underlying disciplines apply to most, if not all, valuation work undertaken by QSs.

• Clarity in assumptions.
• Transparency in methods.
• Evidence-based reasoning over advocacy.
• Preparedness for scrutiny at every step.

If you can apply these principles consistently in your everyday QS role, your valuations will carry more weight, your negotiations will run smoother, and your professional credibility will grow.

That’s how expert-level discipline becomes everyday best practice.

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