ABSTRACT
Cost is a fact; it is a measure of the amount of money, time, labor, and any other expense necessary to obtain a requirement. Value, on the other hand, is a matter of opinion of the buyer or customer as to what the product is worth, based on what it does for him. The history of value goes back at least to the Greeks. There are references that give Aristotle credit for identifying seven types of value. The new term worth is defined as the quality of something that renders it desirable, useful, or valuable; the material or market value of something; the quality within a person that renders him deserving of respect. The American Heritage Dictionary qualifies the exchange by noting that they are largely interchangeable when the reference is monetary. In 1979 the American Can Company accepted the premise that quality sells, products can always be improved, and the customers will pay more if they perceive good value.
