Meaning and measurement of value in logistics and supply chains

In transport today we discuss the 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 relative or could it be absolute? Is 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 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.