Customer perceptions and business outcomes help lo define what?

In ITIL, value is not an intrinsic property of a service but is instead defined through the customer's perspective - specifically through utility (fit for purpose) and warranty (fit for use). Business outcomes achieved and customer perceptions of those outcomes are what collectively establish whether a service is valuable.

Governance is the framework of policies, roles, and oversight structures used to direct and control an organization, not a measure of customer perception.

Total cost of ownership is a financial metric summing all direct and indirect costs of a service, not a reflection of customer perceptions or outcomes.

Key performance indicators are specific measurable targets used to track process or service performance, and are not defined by customer perceptions.