The key to making use of your property portfolio data is data validation. Data visualization provided by this validation tool provides an entirely new way to determine if your data is valid.
We all make mistakes. Well - maybe not you - but other people do. So how can you spot the mistakes that all those other people make?
Easy. Use PocketSurvey's Statistical Validator.
Statistical Validator is a tool that enables you to view masses of data in a concise way and, by using statistical methods, exposes anomalies.
Applications in the Built Environment
Once you have made an overall assessment based on your entire stock you can then use your Schedule of Rates (SoR) to zoom in and pinpoint specific areas of interest.
The Statistical Validator works In conjunction with the database and reporting system and can quickly produce views of data and reports that would otherwise take hours to recognise and isolate by eye.
The graph below shows a cumulative analysis based on items from the Schedule of Rates (SoR). By selecting a cost that lies on the 90% line we can see that the highest 10 percentile comprises replacement items costing more than £25,740. Similarly we see that half of the stock (<50%) have replacement costs below £6,000.
The graph below is based on a particular view of data, in this case the complete database. It shows the spread of remaining life-spans for all items. The curved line represents the idealised normal distribution. By highlighting in red the items that lie beyond 2 Standard Deviations we can immediately see there are two items that may need further scrutiny. Because the Statistical Validator works in close conjunction with database & reporting system we can use it to generate a tabulated view showing the items concerned in greater detail.
From this you can see that the expected replacement lifecycle (taken from the SoR) is well below the remaining life entered during inspection. So you may need to qualify this with additional remarks in any subsequent reports.