utility

n. 1. The degree to which an object or event is valued by or gives happiness to an individual. 2. The degree to which a course of action or strategy results in gains rather than losses. 3. The character, fact, or quality of serving a purpose; for example, a nail has utility in holding boards together. 4. In biology, the effectiveness of a characteristic in the survival and/or procreation of an individual or species. 5. In industrial psychology, the increase or decrease in profit to the business from a program, decision, or other course of action. 6. An organization that provides a specific service or commodity to a community, such as a water company or a bus service.