Value can be different depending on the individual or group of individuals whose needs are to be satisfied. For example, let’s take a bottle of water and explore what needs it may be aiming to satisfy. For some it may be as basic as helping to sustain life, for others it might be to avoid contamination (for example in some countries where water supplies are not as safe), enabling portability, providing refreshment etc.
In terms of Value Management, the concept of Value is based on the relationship between satisfying needs and objectives and the resources required to achieve them, see subclause 3.1 in BS EN12973:2020 and Figure 2 therein. The aim of Value Management is to reconcile all stakeholders’ views and to achieve the best balance between satisfied needs and resources.