What do customer perceptions and business outcomes help to define?

ITIL defines value as the perceived benefits, usefulness, and importance of something, and emphasizes that value is co-created between provider and customer. Customer perceptions determine whether a service is seen as beneficial, while business outcomes define whether the service supports organizational goals - together these two elements establish what value the service actually delivers.

Governance refers to the frameworks and policies by which an organization is directed and controlled, and is not defined by customer perceptions or service outcomes.

Total Cost of Ownership (TCO) is a financial metric covering all costs associated with a service over its lifetime, which is distinct from the subjective and outcome-based nature of service value.

Key Performance Indicators (KPIs) are measurable metrics used to evaluate process or service success, and are defined by management objectives rather than by customer perceptions.