The work presented culminates in the development of a value model used in the conceptual phase of engineering design, with the preferences of more than one stakeholder addressed in the Multi-Stakeholder and Multi-Objective Optimization. The "value" of proposed solutions is assessed in an objective way both from performance and economic perspectives, while the optimal solution is identified based on the needs of the user and manufacturer, as major stakeholders. This novel value model for consistent value assessment synthesizes the multiattribute value/utility analysis with the Game Theory and Analytic Hierarchy Process (AHP) assessment methodologies. During the multi-criteria decision analysis, the deficiencies, introduced by the arbitrary numerical scales used in AHP to convert the linguistic preferences of the user between the various attributes to numerical values, are resolved. The preferences of a group of experts/decision makers are synthesized in the group value model through the extraction of weighting factors from the individuals' AHP pairwise comparison matrices. Moreover, Game Theory is used in a hybrid cooperative/bargaining, non-cooperative non-zero sum game between the stakeholders as players, identifying the optimal design through the simultaneous employment of the Nash bargaining solution and the Nash equilibrium.