Valuation of Machinery and Equipment: Is it Inter-disciplinary, Multi-disciplinary or Collaborative?

Abstract

Property valuation as a professional exercise occupies a unique position different from related concepts of ‘valuation’, ‘assessment’, ‘evaluation’ and ‘measurements’ that are pervasive in accounting, engineering, quantity surveying and medicine, among others. This paper therefore reflects on the lingering feud between estate surveyors and valuers (ESV) and engineers in Nigeria on issues that borders on competence for professional valuation of assets in the nature plant, equipment and machinery (PEM). Through a perspective discourse that analyses required inputs for property valuation and the strengths and weaknesses of each group, the paper found that ESV could neither maintain monopoly for the exercise nor are engineers capable of usurping the practice based on their subsisting academic and practice focus. It therefore concludes that ultimately, holistic property valuation need evolve as an interdisciplinary field independent of real estate discipline while in the interim, collaboration of multiple disciplines involving ESV, engineers and other allied professionals should be adopted for PEM valuation. The paper is aimed at disabusing the mind of both parties and concentrates on required objectivity that would improve professionalism in the valuation of all strands of property assets.