Determining Value Discounted Cash Flows, terminal values, weighted average cost of capital, working capital analysis, synergistic value drivers, and many other factors are often at the very core of a valuation assignment. Yet, one issue to consider beforehand is the selection of an appropriate standard of value. While all of the above would be given varying degrees of consideration under most determinations of value, the fact remains that the proper selection of the standard of value is one of the most important considerations that can ultimately lead to a credible valuation conclusion. Unfortunately, the selection of a standard of value often defaults to an improper application of what some define as "fair market value," without considering the purpose of the valuation.