The aim of the paper is to present an approach for the multidisciplinary evaluation of alternative modular concepts in preliminary design with the intent of enhancing engineers’ capability to simulate alternative scenarios with different design configurations, so to derive decisions about the most valuable design concepts to further develop. The research contribution is novel in the way that it expands the Set-Based-Engineering approach by addressing the “servitization” challenge in two ways: firstly by the use of value models and sustainability models as decision making support, making possible a preliminary assessment of the value contribution and of the sustainability performances of a design concept;secondly, by the use of functional modelling modules and configurable systems elements for platform-based design, to manage the  complex relationships within and between parts of the platform throughout the lifecycle. The paper presents the main features of the approach and introduces an industrial case concerning the development of a module component for an aircraft engine in which the approach is applied for demonstration. The paper finally elaborates on the benefits and implications of the approach in the design process.