The Concept Of Value
Many folks talk about value. I have a distinct suspicion that few have any clear idea of what they themselves mean by the term. And of those few, I suspect each might have a different meaning in mind. I myself attempted to define the term some years ago.
This post doesn’t try to define “value”, but it does suggest how we might broaden and bring about a more shared understanding of the term. Please do suggest how this particular quantification (see below) might be improved.
Quantification As A Means To Shared Understanding
Tom Gilb suggests that to better understand a thing, we might choose to quantify various characteristics of that thing.
Example: Quality
Quality is characterized by these traits:
- Quality describes ‘how well’ a function is done.
- Quality describes the partial effectiveness of a function (as do all other performance attributes).
- Quality is valued to some degree by some stakeholders of the system
- More quality is generally valued by stakeholders; especially if the increase is free, or lower cost, than the value of the increase.
- Quality attributes can be articulated independently of the particular means (designs) used for reaching a specific quality level – even though all quality levels depend on the particular designs used to achieve them.
- A particular quality can be a described in terms of a complex concept, consisting of multiple elementary quality concepts.
- Quality is variable (along a definable scale of measure: as are all scalar attributes).
- Quality levels are capable of being specified quantitatively (as are all scalar attributes).
- Quality levels can be measured in practice.
- Quality levels can be traded off to some degree; with other system attributes valued more by stakeholders.
- Quality can never be perfect (100%), in the real world.
- There are some levels of a particular quality that may be outside the state of the art; at a defined time and circumstance.
- When quality levels increase towards perfection, the resources needed to support thoselevels tend towards infinity.
The Concept Of Value
Value: the concept, the noun.
[Note: the Planguage/Competitive Engineering concepts glossary has an entry for Value (*269)]
A ‘value’ is
– A scalar attribute
– reflecting a need
– someone has
Value is characterized by these traits:
- Value implies the meeting of ‘a need’ someone has (generally, a someone that matters).
- Value is theoretical, at least until someone has something tangible in their hands and can try it out to see if it does, indeed, meet their proposed need, or not.
- Value is time-sensitive. What meets someone’s need on a given day may not meet their need a week before, or a week after.
- Value attributes (the characteristics of a given need) can be articulated independently of the particular means (designs) used for reaching a specific value level – even though the meeting of each need depends on the particular designs – or strategies – used.
- A particular value can be a described in terms of a complex concept, consisting of multiple elementary value concepts.
- Value is variable (along one or more definable scales of measure: as are all scalar attributes).
- Value levels are capable of being specified quantitatively (as are all scalar attributes).
- Value levels can be measured in practice.
- Value levels can be traded off to some degree; with other value levels.
- Value can never be perfect (100%), in the real world.
- There are some levels of a particular value that may be outside the state of the art; at a defined time and circumstance.
- When value levels increase towards perfection, the resources needed to support those levels tend increase geometrically.
– Bob