What is included in the definition of 'value' in the context of Engineering?

In the context of engineering, 'value' is often viewed as a balanced consideration of both output and input. This perspective highlights that value is not just about the end result or the benefits derived from a product, but also encompasses the resources, time, and costs that contribute to achieving that result. When determining value, engineers must consider how efficiently and effectively inputs are transformed into outputs. This holistic view allows for a more comprehensive assessment of value, as it recognizes that maximizing output may not always be the most effective use of resources, and sometimes, optimizing input can lead to a more sustainable and beneficial outcome.

In contrast, while the ratio of quality to cost speaks to a certain aspect of value, it does not fully capture the balance between inputs and outputs. Benefits derived from the use of a product focus solely on the outcomes rather than the input that went into producing them. The worth of a product based on consumer demand is a more market-oriented perspective that emphasizes external perceptions of value, which may not adequately reflect the efficiency or effectiveness of resource utilization in the engineering process.