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 Requirements Life Cycle Management, the concept of value is applied in terms of ensuring that the requirements are maintained as far as possible for potential reuse beyond the current initiative.

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

Let's say you have completed all the requirements analysis work and identified that all the usability requirements relating to the user interface of the online portal will also apply to any other online initiative that is undertaken by the company. Other teams can, therefore, reuse these requirements in the future and therefore it will be of great value in terms of saving time and effort as well as promoting consistency in user interface requirements. 

Looking at this example, it is clear to see how Requirements Life Cycle Management can add a lot of value in terms of future reuse of requirements.