The question of value is being increasingly discussed in various disciplines in recent years. Value-Based Management and Value-Based Software Engineering (VBSE) have emerged as promising attempts for employing the value concept in generating information systems which satisfy the needs of all stakeholders. We analyzed several package software implementation projects for assessing applicability of value based approach and found that seldom sufficient value for stakeholders has been produced. VBSE might have helped to achieve better results, although the theory itself is not fully matured yet. We found that stressing the role of agency in value analysis by utilizing the life metaphor can significantly enhance the explanatory power of the theory. This facilitates understanding of many advanced qualities of systems and development of theoretical framework for transforming the enterprise together with its information system. Our analysis will be concluded with suggestions for conducting projects similar to those analyzed in this article