This study was aimed at examining volatility level of development variables. Data were sourced from Building and Engineering Price Books, Central Bank of Nigeria annual reports and estate surveyors and valuers in Uyo. Price index and linear regression analysis was adopted to analyse the gathered data. The indices constructed for the four variables showed that the variables were constantly changing. Construction costs and rent were constantly changing, though in a consistent upward manner. Lending rates and yields were also constantly changing but in a very inconsistent manner. The study found that construction cost and rent are functions of year and the estimated trend equation can be used to project the desired value and that interest rate and yield are not functions of the year. Therefore, appraisers in modelling interest rate and yield in risk model should be more cautious on their application and analysis.

This study examined the practice of feasibility and viability studies in Uyo through a survey of a cross-section of thirty-six estate surveying and valuation firms in the area using structure questionnaire. The data gathered were analysed using frequency distribution and relative importance index. The study found that twenty-six development project failed out of the thirty-nine development projects examined. The findings also showed that development appraisal practice was not common in Uyo, since twenty-nine of the firms did not engage in the exercise frequently. It among other issues recommended mass enlightenment of the public on the benefit of development appraisal to increase the level of practice.

Variables considered in development appraisal sometimes assume character and behavioural distortions and magnitude. Thus, this study was aimed at examining whether there is significant difference between predicted variable values as used by appraisers and actual values on the execution of the project. In attempt to achieve this, the study surveyed a cross section of 36 estate surveying and valuation firms' reports and their clients in Uyo. Analysis of Variance (ANOVA) at 5% level of significant was used to confirm the difference. The study found that there is significant difference between the estimated variable values as adopted by development appraisers in their reports and the actual or realised values of such variables on execution/completion of the projects. It further revealed that development period had the highest difference between the estimated and actual period followed by interest rate adopted and cost of construction. It was suggested that henceforth, appraisers should provide their clients with an understanding of fluctuation in these variables and point out that development appraisals were prepared on assumptions of economic stability.