Mitchell (1993) advocated that the appraisal process should incorporate the use of spreadsheet
analysis in the generation of DCF valuations. He argued that simply relying on single point estimates
using direct capitalization was dated and failed to reflect the true range of possible market values.i He
noted that almost all college graduates had some experience with spreadsheets and leveraging this
knowledge into the appraisal process would benefit the profession. Although Mitchell didn‘t totally
advocate dropping direct capitalization techniques, he acknowledged that the advances in technology
and its widespread adoption were a compelling justification for greater usage of income analysis
through spreadsheet DCF based modeling.