The BABOK® v3 Guide describes this term as follows:
“The worth, importance, or usefulness of something to a stakeholder within a context.”
The value has a relationship with the stakeholders' perspective, the change, and the solution. The value can be tangible or intangible and is often different based on a point of view.
In the payroll calculator example, the value, as seen by the payroll manager, will be reflected in the reduction of errors occurring and penalties that may now not be payable as a result of implementing this solution.