This core concept refers to how the value, worth, or importance of something within a specific context is perceived by the stakeholder.  When we look at the knowledge area of Business Analysis Planning and Monitoring, the concept of "value" is applied in terms of ensuring that the business analysis activities performed are of adequate value to the stakeholders involved.

Let's look at an example to bring this concept of "value" into the real world:

Let's say you are working on a project where you are documenting the operational processes for the current state in a retail environment using notation that is not well understood by the stakeholders. You will be perceived as doing something that is of limited value to your stakeholders. However, if you did the same activity using notation or a format that is well understood by your stakeholders, the value of what you are contributing to your business analysis activities would immediately increase. To you, the value might be the same but it is important to always consider the value of your activities through the eyes of your stakeholders.