Cost Model Analysis

Navigate: ClosedValuation > Analysis > Cost Model Analysis

Description

Cost Model Analysis allows you to analyze value estimates against sales information to determine the statistical accuracy of the cost model computed value and valid market prices in a study group.

NOTE: Cost Model Analysis does not alter any data associated with sales or its associated appraisal sites and revenue objects.

Steps

  1. On the Cost Model Analysis Summary screen, click on an item in the Cost Model Analysis Summary panel.

  2. On the Cost Model Analysis - Existing Group screen, enter a name.
    • Status drop-down list
    • Cost Model field

    • Select the Use Current checkbox to compute land values based on the land model associated with the cost model assigned to the neighborhood.

      To select a different land model, clear the Use Current checkbox and enter the desired land model in the Use Specific field.

    • Land Abstraction checkbox
    • Feature Abstraction checkbox
    • Cost Model Group Description text box

  3. In the Cost Model Analysis Group Task panel, click on an item to view its analysis details on the Cost Model Analysis - Existing Report screen.

    4. OR

    Click Add New to open the Cost Model Analysis - New Report screen.

    • Enter or select the criteria for the new cost model analysis task report and click Save.
    • Click Group Dashboard to return to the Cost Model Analysis - Existing Group screen.

  4. Click Save.

    • Click Refresh to clear all selections and refresh the page.

    • Click Close to end the task.

New Group

  1. On the Cost Model Analysis Summary screen, click Add New in the panel's title bar.

  2. On the Cost Model Analysis - New Group screen, enter a Name and Description for the new Cost Model Group.

  3. Select the Status of the new Cost Model Group.

  4. Select the Cost Model to be used for the analysis.

  5. Select the Land Model to be used for the analysis.

  6. Optionally select to abstract the calculated land and/or calculated feature values from the indicated sale price to compare only the building values in the analysis by selecting the Land Abstraction and/or Feature Abstraction checkboxes.

  7. Click Save.

  8. Click Group Summary to return to the Cost Model Analysis Summary screen.

    • Click Refresh to clear all selections and refresh the page.

    • Click Close to end the task.