Utility
Utility is the level of satisfaction or pleasure that people receive from their choices.
Definitions
According to Principles of Economics by Timothy Taylor (3rd edition),
- Utility. The level of satisfaction or pleasure that people receive from their choices.
According to Macroeconomics by Mankiw (7th edition),
- Utility. A measure of household satisfaction.
According to the ITIL Foundation 4e by Axelos,
- Utility. The functionality offered by a product or service to meet a particular need. Utility can be summarized as ‘what the service does' and can be used to determine whether a service is ‘fit for purpose'. To have utility, a service must either support the performance of the consumer or remove constraints from the consumer. Many services do both.