Burgess COMMENTARY
I thought it was useful to see 'value' being given alternative definitions depending on the functional context ... but it is also problematic. I think it would be better to have a definition of something as important as value that flows through accounting, economics and marketing with the same essential meaning. This is central to what is being done in the development of TrueValueMetrics.
Peter Burgess

Definition of Value

The following is the definition for 'value' from the Internet based Business Dictionary

There are 4 Definitions given:

1. Accounting: The monetary worth of an asset, business entity, good sold, service rendered, or liability or obligation acquired.
2. Economics: The worth of all the benefits and rights arising from ownership. Two types of economic value are (1) the utility of a good or service, and (2) power of a good or service to command other goods, services, or money, in voluntary exchange.
3. Marketing: The extent to which a good or service is perceived by its customer to meet his or her needs or wants, measured by customer's willingness to pay for it. It commonly depends more on the customer's perception of the worth of the product than on its intrinsic value.
4. Mathematics: A magnitude or quantity represented by numbers.