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Abstract Systems design methods should aim for systems creating value. The decision-making processes in system engineering struggle to optimize this objective; however, even though the traditional concept of system value as a purely economic metric is recognized as deficient, a well-defined and standard conceptualization of comprehensive system value is still lacking. This study set out to facilitate different stakeholders, involved in developing systems, with a broad perspective on value. We define the system value as the system's holistic impact, encompassing the multi-domain effects on processes, environments, and stakeholders. This inclusive view, to be used by practitioners designing systems and policies, is expected to update existing practices and enhance resulting systems. This paper renders an extensive review of value references in multiple domains, both in system engineering and external, non-engineering, disciplines, and sets the foundation for a revised framing of value in systems engineering. To enable future applications for systems optimization, system value is thoroughly characterized, including its dependency on internal and external factors. This research lays the groundwork for problem formulation of a system value measure, its application in system engineering methods, and further analysis of the subject, both for engineered and non-technical systems.
Lavi et al. (Thu,) studied this question.