Customer perceptions and business outcomes help lo define what?

ITIL defines value as the perceived benefits, usefulness, and importance of a service from the customer's perspective, not as an objective financial figure set by the provider. Customer perceptions determine whether a service is useful and fit for purpose, while business outcomes confirm whether the service delivers the results customers need. Together, these two inputs are the defining measure of service value.

Governance refers to the policies and accountability frameworks used to direct and control an organization, not a measure shaped by customer perceptions or outcomes.

Total cost of ownership (TCO) is a financial calculation of the total lifecycle cost of a service, which is provider-centric and not defined by customer perceptions.

Key performance indicators (KPIs) are quantitative metrics used to track performance against targets, not something defined by customer perceptions or business outcomes.