Principle 3: Value the things that matter

Standard on applying Principle 3

Making decisions about allocating resources between different options needs to recognise the values of stakeholders. Value refers to the relative importance of different outcomes. It is informed by stakeholders’ preferences.

This Standard sets Principle 3: Valuing the things that matter. This document outlines two options for understanding the relative importance of outcomes:

• Monetary valuation, where money is used to represent the value which stakeholders place on the outcomes they experience
• Non-monetary valuation, where weightings are used to represent the value which stakeholders place on the outcomes they experience