What does ITIL term as 'Value'?

In ITIL, 'Value' is defined as the perceived benefits, usefulness, and importance of a service as understood by a stakeholder. This definition emphasizes the subjective nature of value, highlighting that it is not solely determined by objective measures such as cost or efficiency, but rather how the service is perceived by those who are impacted by it. Stakeholders, which can include customers, users, and even internal teams, assess value based on their own experiences and needs. Therefore, a service might be seen as highly valuable to one group while being regarded differently by another.

Understanding value is crucial for service management, as it guides organizations in delivering services that align with stakeholder expectations and can lead to higher satisfaction and effectiveness. This aligns with ITIL’s focus on delivering services that are not only efficient but also meaningful to those who use them. Thus, appreciating and managing stakeholder perceptions of value is essential for successful service management practices.