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what a point is worth
A point is worth the expected operator cost of the reward it can obtain, not automatically its displayed cash equivalent. Define the redemption path, fulfilment cost, exclusions, and liability treatment before setting the rate.
## The mechanism
Define the qualifying event, value change, owner, correction path, and member explanation. Keep eligibility, liability, fulfilment, consent, and reversal as separate rules. The operating control must be testable from the ledger.
## Worked example
Illustrative arithmetic: 900 points redeemed for a reward with 9 dollars of fulfilment cost means an operator cost of 1 cent per point. A reward costing 4 dollars would value the same balance differently.
## Do it
State the rule in one sentence. Map the event that starts it, the event that changes value, the exception path, and the review action. Test ordinary, cancelled, duplicated, and disputed cases before release.
## Common mistakes
- Measuring activity instead of the target behaviour. Name the counterfactual. - Treating face value as operator cost. Price fulfilment and correction. - Hiding exclusions or expiry. Put the boundary beside the decision. - Automating an undefined rule. Resolve ownership before implementation.