Difference between revisions of "Value"
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:[[Value]]. A customer's estimate of the extent to which a product or service can satisfy their needs. | :[[Value]]. A customer's estimate of the extent to which a product or service can satisfy their needs. | ||
| + | According to the [[ INCOSE Systems Engineering Handbook (4th edition)]], | ||
| + | :[[Value]]. A measure of worth (e.g., benefit divided by cost) of a specific product or service by a customer, and potentially other stakeholders and is a function of (i) the product’s usefulness in satisfying a customer need, (ii) the relative importance of the need being satisfied, (iii) the availability of the product relative to when it is needed, and (iv) the cost of ownership to the customer (mcmanus, 2004). | ||
| − | [[Category: Management]][[Category: Articles]][[Category: Business Analysis]] | + | [[Category: Management]][[Category: Articles]][[Category: Business Analysis]][[Category: Systems Engineering]] |
Revision as of 21:41, 20 July 2020
Value is the performance characteristics, features, and attributes, and any other aspects of goods and services for which customers are willing to give up resources.
Definition
According to Management by Robbins and Coulter (14th edition),
- Value. The performance characteristics, features, and attributes, and any other aspects of goods and services for which customers are willing to give up resources.
According to the BABOK Guide (3rd edition),
- Value (business analysis). The worth, importance, or usefulness of something to a stakeholder in a context.
According to the Marketing Communications by Fill (5th edition),
- Value. A customer's estimate of the extent to which a product or service can satisfy their needs.
According to the INCOSE Systems Engineering Handbook (4th edition),
- Value. A measure of worth (e.g., benefit divided by cost) of a specific product or service by a customer, and potentially other stakeholders and is a function of (i) the product’s usefulness in satisfying a customer need, (ii) the relative importance of the need being satisfied, (iii) the availability of the product relative to when it is needed, and (iv) the cost of ownership to the customer (mcmanus, 2004).
