Although the term underfunding is essentially a value judgment, there is evidence that UK spending is lower (as a proportion of gross domestic product) than that of other countries we like to compare ourselves with.British
value chain
nounthe process or activities by which a company adds value to an article, including production, marketing, and the provision of after-sales serviceExamplesMeanwhile, Thailand will continue to struggle with an education system inadequate for moving up the value chain.North AmericanCaptives of global firms are also moving up the value chain.North AmericanFor a start, the suffering of technology firms depends on how high up they are in the value chain.BritishThe solution lies in either adopting the new technology, or moving to a different part of the value chain.North American
value proposition
noun(in marketing) an innovation, service, or feature intended to make a company or product attractive to customersExamplesEven in the allegedly unrelated areas like finance the business needs to live out the value proposition.North AmericanThe MacBook Air could see a minor refresh to increase its value proposition.North AmericanYou get two lines to explain your value proposition.North AmericanSometimes they completely miss out on the power of a value proposition.North American
added value
nounanother term for value addedExamplesThe problem has always been one of finding targets that are affordable and which can be acquired at a price that is sensible from a shareholder added-value point of view.IrishClients actually need more added-value services and advice in a downturn than they do in a good market.IrishOnly added-value product benefits will provide insulation from the vagaries of the ongoing price wars.North AmericanObviously, this is beneficial to the farmers who did not invest in the added-value project, because they're receiving a higher corn price with no additional investment.North AmericanBeware of potential conflicts of interest that can arise in an added-value venture if your cooperative takes on investor-owned firms as partners.North AmericanInstinctively they followed the added-value route, developing a new product and also taking it down-stream!British
nuisance value
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UK //noun (mass noun) the significance of a person or thing arising from their capacity to cause inconvenience or annoyancehis potential nuisance value as a dissident minority shareholderExamplesThe nonchalance with which that episode is recounted lends a surrealistic edge that is all the more pronounced because Richards declines to tell us anything of his feelings about his disability, except to complain of its nuisance value.BritishIt was strange, because before that injured players who could still walk were left out on a wing for nuisance value.BritishBut that is churlish and does not do justice to the magnificent Australian defence, the great running lines and talent of their backs and aggressive nuisance value of Justin Harrison.BritishHe may be Ireland's best striker of the moment but that he struggles against the best defences is a fact further bolstered by the evidence of last night where Keane's best contribution was as nuisance value.British
snob value
noun (mass noun) value attached to something for its power to indicate supposed social superioritythe ‘Lancashire’ coffin was more expensive and carried snob valueExamplesThe snob value attached to these types of gatherings attracts people as well.East AsianThere are talented young artists all over the city, but nobody pays any attention to them because what buyers want now is just a tag for snob value.IndianNew evidence reported today in the Sunday Herald shows that it is not just the convenience of cars that appeals, but their snob value.BritishNow the urbanite could as well be imagining the white, dimpled orb used to play the game once associated with snob value: golf.Indian
surplus value
noun (mass noun) (Economics) (in Marxist theory) the excess of value produced by the labour of workers over the wages they are paidExamplesAt a certain point it is confronted with the fact that it is a claim on surplus value and this surplus value has to be actually extracted from the working class.Out of the growing mass of surplus value, capitalist governments were able to finance social welfare spending and other concessions to the working class.Surplus labour creates surplus value, and on Marx's analysis, surplus value is the source of all profit.BritishTypically they argued that capitalists obtain surplus value by purchasing labour for less than the value of its products.North American
survival value
noun (mass noun) the property of an ability, faculty, or characteristic that makes individuals possessing it more likely to survive, thrive, and reproduceeveryone knows that a bad smell is of survival value to the skunkExamplesEvolutionary naturalism assumes that our cognitive faculties developed as they did because they had some survival value or reproductive advantage.North AmericanWe did not consider an individual survival value to be significantly different from the mean if the confidence intervals overlapped the mean.British
value added
noun (mass noun) (Economics) 1. the amount by which the value of an article is increased at each stage of its production, exclusive of initial coststhe proportions of both total output and value added fell2. the addition of features to a basic line or model for which the buyer is prepared to pay extra(as modifier) value-added digital technology▪ (as modifier) (of a company) offering specialized or extended services in a commercial area
value analysis
noun (mass noun) the systematic and critical assessment by an organization of every feature of a product to ensure that its cost is no greater than is necessary to carry out its functionsExamplesHe tended to analyze problems using straightforward frameworks such as present value analysis and basic valuation models.North AmericanConcepts such as standardization, procurement, budgets, and value analysis can be difficult to learn outside of a formal education program.North AmericanThe value analysis team reviews all new products.North AmericanFurther the continuous contact during quality meetings, audits, value analysis projects and project meetings ensures a high quality level and competitive prices.North American
value engineering
noun (mass noun) the modification of designs and systems according to value analysisExamplesOften, however, designs undergo shortsighted value engineering to keep costs down.North AmericanThe firm says it has saved the state about $85 million by reducing change orders, implementing more efficient scheduling and using value engineering and other total quality management efforts.North AmericanAn effective approach to value engineering asks how buildings can be designed to cost-effectively meet design and functional goals.North AmericanAnother $1.7-million spike came during value engineering when government engineers opted to clad the building in stone, rather than its proposed stucco finish.North AmericanOnce the design has been approved, it is important that essential elements not be compromised during value engineering or construction.North American
value received
noun (mass noun) (Finance) used on a bill of exchange to indicate that the bill is a means of paying for goods or services to the value of the billExamplesThe issue of bonus shares is not regarded as value received if the individual shareholding is not increased.IrishAt some point, the industry will arrive at a more rational basis for charging for software, one that truly reflects customers' actual usage and value received.North AmericanHe submits that value received may be looked at as the 2,409 hours of the plaintiff's time multiplied by her consultation fee rate, as determined in her previous business, of $75.00 per hour.CanadianAnd, of course, one needs to ensure that in giving credit for value received that one is dealing with the same interest.Australian
value-free
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UK //adjectivefree from criteria imposed by subjective values or standards; purely objectivereal science could and should be value-freeExamplesPerhaps a researcher can also shield herself from sorrow by attempting to conduct objective value-free research on subjective emotion-drenched issues.North AmericanThese assumptions have meant that science since the seventeenth century has been widely considered to be objective, value-free, context-free knowledge of the external world.AustralianBut most sociologists of religion still tend to do ethnography the traditional way, one that purports to be objective and therefore value-free.North AmericanWe believe that these cases illustrate the principle that interpretations of clinical trial results are often neither objective nor value-free.British
value-laden
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UK //adjectivepresupposing the acceptance of a particular set of valuesrisk assessments are value-ladenExamplesOne by one, each of these oppressed groups has thrown off the yoke of value-laden discrimination, and has won civil rights, cultural acceptance, and greater involvement in the life of the nation.North AmericanInstead of using the value-laden term ‘secular’, its resolutions referred to the ‘non-use of religion in politics.’North AmericanNote that none of these terms is meant to be value-laden.North AmericanUnderlying this gamble is a broader, more value-laden question.North American
value-neutral
adjectivenot presupposing the acceptance of any particular valuesExamplesMorality involves value judgments, and I want my intelligences to be value-neutral.BritishFor that reason, the state should always be value-neutral in framing laws which restrict speech.BritishAn attempt at a hands-off, entirely value-neutral science education is doomed, either to fail, or to accomplish an entirely pointless success.North AmericanSome believe that technology itself is value-neutral.North AmericanIt does not invalidate the central propositions of my paper, one of which is that ultimately it is impossible to conduct value-neutral research.North American
value for money
value noun (British English) used in reference to something that is well worth the money spent on itthis camera is really good value for moneyExamplesProjects had to be sustainable, give value for money and demonstrate how the public would benefit.BritishIt is about keeping the fans entertained and giving them value for money.BritishWe have always offered customers good value for money and have been content with reasonable margins.BritishIt's all down to customer service, fast response, attention to detail and value for money.British
value added tax
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UK /ˌvaljuː adɪd ˈtaks/abbreviation VATnoun (mass noun) a tax on the amount by which the value of an article has been increased at each stage of its production or distributionExamplesThe French and German governments have prepared a paper for the convention on the future of Europe which proposes to harmonise corporation tax and value added tax to improve the single market.IrishAn alternative would be to allocate a proportion of value added tax directly to local authorities.IrishTaxes for big business and the rich are to be lowered even further, while the broad population will be subjected to a 2 percent increase in value added tax.IrishThe Government should consider lowering the value added tax to 10 per cent and spread it more extensively to cover all areas of goods and services in order to broaden the tax base.South African
rateable value
noun(in the UK) a value ascribed to a domestic or commercial building based on its size, location, and other factors, used to determine the rates payable by its ownerExamplesAnd instead of paying a flat fee of £15 the clubs now face charges based on their rateable values.BritishWhere she was not right was in justifying the higher rate poundage on lower rateable values in Scotland.BritishIt works out subscription fees for 30,000 UK pubs and clubs based on their rateable value.BritishIf it were installed in the Tate Modern, the building would probably be worth more than the rateable value of Coney Street.British
absolute value
noun1. (Mathematics) the magnitude of a real number without regard to its signAlso called modulusThe absolute value of a complex number a + ib is the positive square root of a2+ b2ExamplesIgnoring minus signs, thereby taking the absolute value, gives a two-part curve.North AmericanIn general, we say that the second component winds monotonically about the first, unknotted, component if the number of maximum points on the diagram equals the absolute value of the linking number.North American2. (technical) the actual magnitude of a numerical value or measurement, irrespective of its relation to other valuesExamplesTo obtain relative values absolute values were divided by germination percentages obtained in water, and the result was multiplied by 100.BritishWe use dBm to express absolute values of power relative to a milliwatt.North American
book value
nounthe value of a security or asset as entered in a firm's booksOften contrasted with market valueExamplesBy comparing the company's market value to its book value, investors can in part determine whether a stock is under or over-priced.North AmericanOr a fixed formula can be used - for example, the book value or fair market value of the shares.CanadianAs in previous research, firm size is measured as the book value of a firm's total assets.CanadianThe bank expects to write off massive amounts of money as bad debt from its loan book value and shrink its asset base after correct recalculation of the loans.South African
boundary value
noun (Mathematics) a value specified by a boundary conditionExamplesThe measurement process may cause a large number of values to take the boundary value.North AmericanHe introduced the concept of a well-posed initial value and boundary value problem.BritishHis work on boundary value problems on differential equations is remembered because of what is called today Sturm Liouville theory which is used in solving integral equations.BritishHe also worked on conformal mappings and potential theory, and he was led to study boundary value problems for partial differential equations and the theory of various functionals connected with them.BritishThe boundary value problem was solved numerically and is displayed in Fig.6.North American
calorific value
nounthe energy contained in a fuel or food, determined by measuring the heat produced by the complete combustion of a specified quantity of it. This is now usually expressed in joules per kilogramdouble the calorific value of coalExamplesThis has kick started an increased interest in calorific values in food and has started him calorie counting.BritishIt was in this role that he worked for many years to improve the instruments used to measure the calorific value of gas.British
core value
nouna principle or belief that a person or organization views as being of central importancethe editor wants to attract more young readers to the paper while maintaining its core valuesExamplesEvery small business should decide for itself what its core values are.North AmericanDiversity is a globally recognized core value in our organization that spans over 90 countries worldwide.North AmericanOnce we've defined our core values, we need to communicate them to hundreds of people throughout our organization.North AmericanWe are working to restore public trust in our profession and demonstrate the integrity that is a core value of our firm.North American
expected value
noun (Mathematics) a predicted value of a variable, calculated as the sum of all possible values each multiplied by the probability of its occurrenceExamplesThe fact that the problem is stochastic means that the airline needs to work with expected values and probability distributions, which makes the optimisation harder to solve.BritishNow, it is well known in probability theory that the expected value of a uniformly distributed variable on a finite interval is the center of that interval.North AmericanThe premium will represent the expected value of these losses plus a small profit.BritishThe prediction isn't nearly as accurate, as seen in the plot of differences between the real and expected values.North American
face value
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UK /ˈfeɪs valjuː/noun1. the value printed or depicted on a coin, banknote, postage stamp, ticket, etc., especially when less than the actual valuetouts offer tickets priced at many times their face value(count noun) the coins are traded for the metal they contain, rather than their face values2. the apparent worth or implication of somethingher lie was unconvincing, but he took it at face value
food value
noun (mass noun) the nutritional value of a foodstuffdon't peel potatoes—the skins seal in flavour and food value(count noun) vegetables can lose their food values during storageExamplesAlready I could tell the difference in food value between a green grape and a purple one, between a Twinkie and a Snowball.North AmericanOnce a patch has been discovered, it is exploited by on average 1.58 individuals, for 8.40 s, during which time 59.13% of its food value is consumed.North AmericanIt was often enlivened, both for flavour and food value, with green herbs such as daisy, tansy, dandelion, nettles, kale, etc.BritishCasters, hemp and a few maggots are also added to give a bit of added food value.British
hash value
noun (Computing) a numeric or alphanumeric string obtained by applying a hash function to a piece of datathere are no two files in the entire universe that have the same hash value
marginal value
noun (mass noun) (Economics) the value gained from either consuming or producing one additional unit of a product or servicethe marginal value to him of an extra acre would be less than its priceyou can add smart people to a team to get increased output, although at decreasing marginal values
market value
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UK /ˌmɑːkɪt ˈvaljuː/nounthe amount for which something can be sold on a given marketOften contrasted with book valueinsurance may only cover the current market value of your carExamplesI accept that the invoiced amount represents the fair market value of the goods sold.CanadianThe payment is equal to the market value, which is lower than the income tax payable on the share option gain.IrishAny fruit not indigenous to your village will fetch a higher market value when sold.North AmericanThe price of houses in the surrounding area can affect the market value of your home.North American
nominal value
noun (Economics) 1. the value that is stated on a coin or note; face valueExamplesFixing the value of money depended upon correlating the quantity of precious metal in the coin with its nominal value.North AmericanThe nominal value of the coin is 1.95583 leva, the exact equivalent of one euro according to the fixed exchange rate under the currency board arrangement.North AmericanTwo commemorative gold and silver coins, with a nominal value of CHF 20 and 50, will be specially issued by the Federal Mint.IrishThe nominal value of each note was £25M and each note was redeemable on 15 December 1995.British2. the price of a share, bond, or stock when it was issued, rather than its current market valueExamplesThe shareholders decided to split the stock, changing the nominal value of each share from 35 leva to 1 lev, thus increasing the number of shares from 8.25 million to 288.76 million.The company will offer 150 000 shares with a nominal value of 10 leva and an issue price of 30 leva each.Maltby argues that the general fall in nominal values of shares, combined with a declining use of uncalled capital, had a significant impact during the last third of the 19th century.North AmericanIt will cut the nominal value of each consolidated share from HK $5 to HK $0.01 by cancelling HK $4.99 from the paid-up capital on each consolidated share.East Asian
place value
nounthe numerical value that a digit has by virtue of its position in a numberExamplesThe ingenious method of expressing every possible number using a set of ten symbols (each symbol having a place value and an absolute value) emerged in India.BritishYet without zero we could not assign a place value to the digits.IndianPut it another way: the place value of the left 1 depends on base b.North AmericanExpress the number of objects in the heaps in binary and see to it that after your move the total number of non zero digits in any place value is even.North AmericanThe aim of the first part is to introduce the Hindu numerals, to explain a place value system and to describe addition, multiplication and other arithmetic operations on integers and fractions in both decimal and sexagesimal notation.BritishEarlier a place value notation number system had evolved over a lengthy period with a number base of 60.British
replay value
noun (mass noun) (especially with reference to a video game) the quality or fact of being suitable for or worth playing more than oncethe visuals and sound effects were great but that doesn't make up for the lack of replay valuemultiple levels of difficulty make the replay value high and educational value greatthe album's replay value is average, at best
sentimental value
nounthe value of an object deriving from personal or emotional associations rather than material worthshe lost several pieces of jewellery which were of sentimental valueExamplesHe even contacted some of his victims to tell them which pawn shops were holding items of sentimental value.BritishFritz Kreisler's arrangment of Mozart's Rondo in D Major, K. 382, is of sentimental value to Ms.North AmericanA woman mugged on her way home from work has appealed to the thieves to return items of sentimental value.BritishFor a fairly large variety of reasons, April Gertler's work has some sentimental value for myself.North American
street value
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UK //nounthe price for which something, especially an amount of drugs, that is illegal or has been obtained illicitly can be solddetectives seized drugs with a street value of £300,000ExamplesAs a guesstimate the street value of illegal drugs sold in the US in 2000 exceeded US $62 billion.South AfricanPolice found hard drugs with a street value of almost £2,000 and a stash of cash after following a car in the early hours, a jury heard.BritishThe very thought that in one operation alone in this town of ours they could seize drugs with a street value of €60,000 is a frightening thought.IrishHe said the street value of the drug would be less, perhaps between £1,000 and £1,500, if it was sold in larger quantities.British
surrender value
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UK //nounthe amount payable to a person who surrenders a life insurance policyExamplesBecause of the poor return on surrendering endowment policies, there is now a market for selling endowment policies - usually at a better price than the surrender value under the policy.BritishThe assured is then paid the surrender value of the policy, which is calculated by an actuary on the basis of the amounts paid to date.BritishThis means that there may be a tax liability if the cash surrender value exceeds the adjusted cost base of the policy, although the donation credit will likely outweigh this.CanadianHe made a particularly important contribution by proposing an elegant mathematical formula to determine the surrender value of a life insurance policy.BritishJust before his first child entered the school, when he sought a surrender value several years into the 14-year policy, he found that the plan was worth only £7,500.IrishIf distributed, the policy's value for income and gift tax purposes also would be its cash surrender value.North American
truth value
noun (Logic) the attribute assigned to a proposition in respect of its truth or falsehood, which in classical logic has only two possible values (true or false)ExamplesThe examples you gave are both imprecise statements, the first more so than the second, but if you fully qualified them then it could be possible to assign a binary truth value to each.BritishIt lacks a classical truth value as does the odd sentence ‘The present king of France is bald.’North AmericanFor example, the truth value of a proposition symbolized as p & q depends upon the truth-values of p and of q taken separately.BritishIf it was true, then its truth was a fact about the past; if the past is now unchangeable, then so is the truth value of that past utterance.North American
p-value
noun (Statistics) the probability that a particular statistical measure, such as the mean or standard deviation, of an assumed probability distribution will be greater than or equal to (or less than or equal to in some instances) observed resultsThe p-value is used to indicate how likely it is that an assumed probability distribution adequately accounts for observed results. In biomedical research, for instance, p < 0.05 is a commonly used level for concluding that there is evidence against the hypothesis being tested
word origin
1930s: p from probability
labour theory of value
noun (mass noun) the Marxist theory that the value of a commodity should be determined by the amount of human labour used in its productionExamplesFor this reason, many pro-capitalist economists say that the labour theory of value is nonsense.IrishCapitalists have been vehemently opposed to the labour theory of value for good reason.BritishMarx inherited the labour theory of value from the classical school.BritishThis discussion was to lead to a very tricky problem in the labor theory of value, but no-one would know that until later.North American
present value
also net present valuenoun (Finance) the value in the present of a sum of money, in contrast to some future value it will have when it has been invested at compound interest£110 due in 12 months' time has a present value of £100 today, if invested at an annual rate of 10 per centExamplesThe fundamental value of a stock is of course in theory the present value of all future cash flows received by the owner of the stock.Oil stocks are normally valued on the basis of the net present value of future cashflows.Irish
values voter
also value voternoun (US English) a voter motivated primarily by an interest in upholding conservative social valueshis message has been connecting with evangelicals and values voters
loan-to-value
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UK /ˌləʊntəˈvaljuː/abbreviation LTVadjectivedenoting the ratio of the amount of a loan (especially a mortgage) to the value of the assetborrowers should aim for a loan-to-value ratio of 75 per cent or lowernounthe ratio of the amount of a loan (especially a mortgage) to the value of the assetthe higher the loan-to-value, the more costly the insurance
net book value
noun (Finance) the value of an asset, taking into account diminutions, depreciations, and other accounting charges, as recorded in the accounts of its owner
family values
plural nounvalues supposedly learned within a traditional family unit, typically those of high moral standards and disciplinehe emphasized family values in his campaignExamplesSociety has lost family values, morals, values, Christianity, order and structure.BritishThat party campaigned vigorously on such moral issues as traditional family values.New ZealandHe was a close personal friend whom I have always looked up to for his strong moral and family values.AustralianWho are the Conservatives to tell me what God, family values and social morals are?Canadian
countervalue
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UK /ˈkaʊntəvaljuː/noun (British English) an equivalent or equal, especially in military strategy(as modifier) countervalue weaponsExamplesGiven what the author assumes will be the ICBM force's problems with accuracy, he recommends a countervalue strategy that he deems sufficient to deter U.S. intervention in the country's affairs.North AmericanThe country envisioned retaliation against strategic and tactical attacks and would probably strike countervalue rather than counterforce targets.North AmericanAs for targeting strategy, finally, it appears that the country is developing a modified countervalue approach - putting an adversary's civilian assets at risk.North AmericanIn other words, axiological targeting sees nonmilitary centers of gravity as more strategic and countervalue targets as more important than counterforce targets.North American
undervalue
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UK /ˌʌndəˈvaljuː/verbWord forms: undervalues, undervaluing, undervalued (with object) 1. rate (something) insufficiently highly; fail to appreciatethrough overfamiliarity, it is easy to undervalue this concerto2. underestimate the financial value of (something)the company's assets were undervalued in its balance sheetnouna price below the real valuehis truck was sold at an undervalue
derivatives
undervaluation
overvalue
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UK /ˌəʊvəˈvaljuː/verbWord forms: overvalues, overvaluing, overvalued (with object) 1. overestimate the importance ofintelligence can be overvaluedExamplesMaybe I overvalued the importance of Internet life, but I like the pleasure of browsing the Internet on my own.East AsianThe narrator has overvalued the importance of this tiny insect.North American2. fix the value of (something, especially a currency) at too high a levelsterling was overvalued against the dollarExamplesThe main reason for this is that by artificially undervaluing its own currency, and therefore overvaluing the dollar, China artificially stimulates its manufacturing exports.North AmericanTrue, the dollar is undoubtedly overvalued against the euro.North American
derivatives
overvaluation
revalue
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UK /ˌriːˈvaljuː/verbWord forms: revalues, revaluing, revalued (with object) 1. assess the value of (something) againwe should revalue our land and buildings at least once every five yearsExamplesTo escape the budget syndrome, we need to reassert core values and revalue faculty expertise and participation.North AmericanMr Rose is also revaluing M & S's property portfolio in advance of a possible sale-and-leaseback deal that could release cash.Irish2. (Economics) adjust the value of (a currency) in relation to other currenciesHungary revalued the forint against the roubleExamplesAnd China shows no signs of significantly revaluing its currency or loosening its fiscal policy - steps that some experts believe would be the best way for it to boost domestic demand.