There is No True Value

This principle is one of many in a series of principles taught by Marshall Thurber

Theory

• There is no true value of anything
• By what method is value measured?
• By what method is value observed?
• There is instead a figure that is produced by application of a master or ideal method of counting or measurement.
• Repetition of an experiment or of a count will exhibit variation.
• Law of Value: Your true worth is determined by how much more you give in value than what you take in payment.
• Adding value

Learning

• We need to set expectations about data.
• When a customer purchases something the product or service that I am ppurchasingis more valuable to me than the money I am exchanging for it.

Examples

• No true value of the number of inhabitants within the boundaries of Detroit.
• A count of the number of inhabitants of Detroid is dependent upon the application of arbitrary rules for carrying out the count.
• Change in the method of measuring the speed of light produces a new result.