The practice of private equity valuation is an inherently subjective and a somewhat nebulous process.  A valuation professional is expected to lend an element of creditability, reliability and clarity to the valuation process and as a result enhance the quality of the valuation result.  The valuation process is best described in terms of a series of tasks performed in the course of developing and expressing an independent opinion of value.  The process begins when the valuator begins to define the valuation problem and ends when the work product has been reviewed with the client and approved for final release.