Engineering activities have in some sense reached a mature level. It is, however, well recognized that the results have not satisfied the corporate strategy that was determined in advance. This is probably due to the lack of another context for reflecting on the corporate strategy in engineering activities, and this may lead to failure in the competitive global market. The present work intends to develop a conceptual framework for engineering activities, in particular, focusing on the process system synthesis and design that are most influential to the other activities and congruent with a corporate strategy. The new context for the process system synthesis and design emphasizes on value-added activities. The discussions are based on the well-known concept of Michael Porter's value chain and on the extensive application of Bellman's "the principle of optimality" in a modified form. Despite the need for ongoing strategic corporative operations to be successful, these two concepts are not combined in an explicit way. The author proposes a conceptual framework for process system synthesis and design by combining the value chain concept with the modified form of "the principle of optimality" to satisfy multiple objectives. There are two sequential problems: the first is to maximize the monetary value added, and the second is to have the Pareto optimum or compromised solutions. Both are discussed, and an illustrative application is described.