At the moment and from the examples given I do not support a handicap system. Not surprising I know
The situation Karen is in is an exception as we don't have any women to create a Womens division. Karen is going to have to adopt the 'Harden the F up' handicap system until we find more female sailors.
A PB handicap system has so many variables. Most people with high PB's have put in a lot of hours and travelling to achieve them. Most high PB's have been earned in exceptional conditions. Everyone has the opportunity to achieve high PB's but only some have chosen to chase them, these people should not be handicapped for their efforts.
Where this can be a problem is that the competition conditions normally do not match the conditions that people gained their high PB's. An example is at Dorans. A typical high 2 sec at Dorans could be between 34 and 38(roughly) Perks has a PB of about 46.15, Russ has a PB of 41.44. AT Dorans Russ is dam hard to match for 2 sec and its the place he sails regularly. Straight away Russ is guaranteed of beating Perks and most other people with a higher 2sec PB simply because he hasn't attended the same speed days as Perks or others.(sorry to use you as the example Russ

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This is not a handicap but an unfair advantage as Doran is near impossible for Perks to get anywhere near his PB or possibly even match Russ at the location.(sorry Perks)
Same goes for Alpha. Izaak has a record he recorded at Lake George, there is no way in hell that Izaak is going to get near that if he goes in a comp held at Dorans. Yet the guys that sail there all the time and gybe really well in the conditions may out gybe him on the day and they may only have 24 knot PB's.
A handicap system based on PB's would make the guys with high PB's not bother attending any events as they would not be competitive in the given conditions and it is these guys that want to compete and want to be competitive.
The only way a PB system would work is if we used the persons PB that is specific to the location the comp is being held. This is not possible!!!
As far as swimming goes, PB's are attained in a stationary body of water, there are a few variables from one pool to another but certainly not the variables there are in windsurfing. Absolutely no comparison between a speed strip in 40 knots and an ocean in 18 knots. Or a flat lake with 35 knots and a churned up estuary with 50 knots.
Yachting handicap is based on the class of vessel. Different scenario all together.
Golfing handicaps are created from, firstly identify the player?s most recent 20 scores, then a whole lot of other stuff then on. Not a sailors one off PB.
Browns river Kayak race handicap is calculated after they run a time trial first up, then they stagger the fleet from slowest to fastest.
Car racing handicap is based on lap times for the track they are racing on, calculated from several trial laps.
I don't think it would be possible or even very productive to send everyone out for an hour then collect all the results and calculate everyone's handicap for each of the categories before we even start an event.
The other thing to remember is all of the examples given are for a race situation, a start to finish one off result. GPS sailing is in a situation that is looking for 5 results(or six) from one set duration, things are a little more complicated in this setting.
A competition is about challenging yourself to rise to the challenge. Unfortunately in Aus we have a big problem with people not being involved in competition because they don't think they are good enough to be at the front. WTF, yes competition is about finding who is the best in the given conditions but it is so much more. It gives you the opportunity to gauge yourself, take stock and find ways to improve and challenge yourself. It doesn't matter if your battling it out with Joe Blow in the Middle of the field or out in front. The most rewarding and inspiring thing is when you finally work out why you arer stuck in the middle of the pack and suddenly leave Joe Blow behind to find someone new to challenge on the way to the top.
I'm always willing to change my view of course! I realise there's more to the handicap systems I've listed, just thought I'd keep it simple.