Meaning and measurement of value in logistics and supply chains.

Author(s)
Wilson, D.
Year
Abstract

In transport today we discuss the "value chain". A careful review of the literature shows that although the word, value, is frequently used in transport and logistics it is not defined. This is a problem because the word is used in mission statements and key management objectives but what does it mean? Is there such a thing as "intrinsic value"? Is value relative or could it be absolute? Is value market driven, derived from individual use or some combination of use and exchange? The l8th and 19th century economists had much to say about these questions and they laid the foundations for a theory of value. This paper discusses the meaning and measurement of the term, value, in transport and logistics. The paper examines the relationship between value, utility, cost and profit in order to understand what the authors could mean by value. Although the paper is in part philosophical, it uses cases in cost-benefit analysis, the value of time and environmental damage to propose an explanation of the meaning of "value" in transport and how it might be measured. (a) For the covering entry of this conference, please see ITRD abstract no. E211903.

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Publication

Library number
C 33932 (In: C 33911 CD-ROM) /10 /15 / ITRD E211940
Source

In: CAITR-2004 : [proceedings of the] 26th Conference of the Australian Institutes of Transport Research “Committing to research and development for the next generation”, Melbourne, Australia, 8-10 December 2004, 7 p., 16 ref.

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