Value

Value

A measure of the worth of a thing. As in, "What would that be worth to you?"

Note that in this discussion we will use the accepted definition:

Benefits - Costs = Value

It can be expressed in money terms and varies from person to person. Different people set different values on the same thing.

There are, nonetheless, commonly agreed measures for some non-financial benefits which have defined money values. For example:

• QALY (Quality Adjusted Life Year)
• Reduced Fatalities (road deaths)

These accepted quantified values are often used in making policy decisions.