Value (Product, Process, Asset, Function) - Baldrige Glossary Definition

(Baldrige Glossary for Business, Government (Public Sector) and other Nonprofit

The term 'Value' was first introduced in the Baldrige Glossary in 1999.

Value (Product, Process, Asset, Function)

The term value refers to the perceived worth of a product, process, asset, or function relative to cost and to possible alternatives.

Organizations frequently use value considerations to determine the benefits of various options relative to their costs, such as the value of various product and service combinations to customers. Organizations need to understand what different stakeholder groups value and then deliver value to each group. This frequently requires balancing value for customers and other stakeholders, such as your workforce and the community.

Note: Blue words above are hyperlinks to other Integrated Glossary terms.

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Baldrige Glossary - Value