value-1 The number associated with something; for example, the value of a length. Commonly, the thing and its value are considered together and called a quantity; the number is then called the value of the quantity or thing. Two kinds of values are commonly distinguished: values determined by measurement and called values of observed quantities, measured values or observed values; and values determined by calculation and called calculated values. 2 The amount of money or its equivalent associated with something; the monetary worth of that thing. 3 The ratio of exchange of one commodity for another. For example, one bushel of wheat in terms of a given number of bushels of corn. Money is the common denominator by which value is measured. 4 Value is the present worth of future benefits arising out of ownership to typical users and investors. See also market value.

value, adjusted—See adjustment (definition 1).

value, market—See market value.

value, most probable—That value of a quantity which is mathematically determined from a series of observations and is more nearly free from the effects of blunders and errors than any other value that might be derived from the same series of observations.

value, observed—See observed value; value, most probable; adjustment (definition 1).

value, true—See true value.

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Source: NSPS “Definitions of Surveying and Related Terms“, used with permission.

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