In ITIL 4, what does the term 'value' primarily refer to?

In ITIL 4, the term 'value' primarily refers to the benefits received by the stakeholder. This concept emphasizes that value is not just about the outputs of a service or product but is fundamentally about the positive effects those outputs have on the stakeholders involved. It recognizes that different stakeholders may perceive value differently based on their individual needs, expectations, and experiences.

This perspective aligns with the principle of co-creation of value, which highlights that value is created through the collaboration between service providers and consumers. By focusing on the benefits stakeholders receive, ITIL 4 promotes a more holistic view of service delivery that goes beyond merely providing services to ensuring those services meet the intended needs and contribute positively to the stakeholders' goals.

Understanding value in this way encourages organizations to prioritize stakeholder engagement and feedback, fostering a service environment that continuously adapts to meet the evolving expectations and requirements of its stakeholders.