Value Assignment Process (VAP): Establishing Value of Software Through a New Definition of Value

With rapid developments in the field of software products and services, it has assumed vital significance to define "Value" in a new perspective. With advent of new software engineering approaches like value based software engineering, this has become really relevant to look at value from specific perspective. We have proposed a new definition of value after briefly summarizing the earlier work to justify this proposal. A discussion on potential advantages and limitations of this new development is also made part of this work. We have presented a new approach for assigning value to software products or services which applies this new definition of value.