How should scoring chances be evaluated relative to production?
Thinking about it conceptually, production is largely influenced by randomness. Production is an end outcome which is caused by a sequence of events, some of which can be emulated to increase the probability of a similar outcome while others are random and fortuitous. Therefore while production offers a nice quantifiable metric to rank order players, making inferences about it can be misleading if the factor of randomness is not given sufficient consideration.
Alternatively, a scoring chance is one of those events that helps cause production, that can be emulated. Scoring chances can be ranked ordered from some qualitative stand point and there might be a way to associate more predictable probabilities about causing production with each type of scoring chance. As a result players could theoretically be rank ordered by the qualitative types of scoring chances they generate and the quantitative amount of them.
One issue that might arise is properly attributing whether a player caused a scoring chance or was a party to one. As players that cause them, or contributed more heavily to them, should be valued higher than those that are a party to them.
The point here is that if that knowledge was public, there would likely be some disparity between production and generation of scoring chances for any given prospect and relatively across them. Hypothetically one prospect might have superior production relative to another, but the other creates more scoring chances or better yet more scoring chances per game. The challenge becomes what kind of inference to make from that.
One argument would be that higher production relative to scoring chances generated is an indication of superior skill and it could be an indication that they need less chances to generate that production. An alternative argument would be that the outcome of production is influenced by randomness whereas the generation of scoring chances is a stronger indicator of the ability to potentially produce and that over time the ability to generate high quality scoring chances more frequently will lead to superior production in the long run.
Which side do you favor more? How would you evaluate scoring chances relative to production? How would you evaluate a player who is able to more frequently generate scoring chances (and high quality ones) relative to a player with superior production? What other variables do you think need to be given consideration here to make a proper evaluation and rank order those prospects properly?