Through the late 70‘s and early 80‘s computerized decision support system (DSS) continued to
advance, especially those focused on financial modeling. Woffard‘s (1978) work called Computerized
Real Estate Appraisal System or CREAS, addressed some of the concerns during that time, such as
single point DCF valuation estimates used by real estate appraisers. Continuing earlier technological
advancements in DCF modeling by Graaskamp (1969) and Pyhrr (1973), Woffard‘s 32-variable model
allowed appraisers to use computerized models to simulate market-based appraisals using probabilistic
inputs. Although successful in its overall objective, Woffard acknowledged that input parameter
distributions inherently reflect the subjective views of the appraiser. The outcome of such modeling
culminated in a range of possible valuation metrics reflecting the appraiser‘s perception of the market.