-Valuation variance, one of the valuation errors,
has been explored by researchers all over the world in
relation to valuation of land and buildings; however, there
is dearth of this research on plant and machinery. This
research is in a bid to harmonizing values of these assets
amongst estate valuers particularly at this propitious time
when the Financial Reporting Act of 2011 has paved way
for more enforceable statutory valuations in Nigeria. This
study as against most arbitrary placed margin of errors is in
furtherance to an earlier pedagogic work that entailed the
review of related literatures from where an allowable range
of ±5% error was permisible and an interval estimate of an
appropriate depreciated value at a 95% confidence level
was adopted from basic statistics to give a reasonable ±9.8%
margin of error. The researchers hereby opine that
adherence to thie result in practice will help in capacity
development of Estate Valuers who have the statutory
preserve to undertake valuations of all asset
