A method for measuring total value towards designing goods and services

It has not been enough to include “quality dimensions” into a product or a service and expect the outcome to be world‐class. Total value signifies a set of multidimensional measures towards realizing a competitive product (goods or services) that the customers would like and are willing to pay a premium price for. A “quality dimensions” set is one of its (total value) multidimensional measures. Such multidimensional value considerations would be vital for a company in maintaining a competitive edge in today’s global and rapidly changing marketplace. The first question is why a “quality dimensions” set has not been enough? The second question is what are those multidimensional sets of measures that make‐up this total value content? The last question is how to determine a cumulative total value‐index that accounts for these sets of measures so that an organization could use this total value‐index to optimize its product realization process and thereby control its (an organization’s) degree of competitiveness. The paper attempts to answer these questions.

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