Everyone has their own values. In the world of competitive business domain “Value” is often defined by customers that respond to products and services with patronage and brand loyalty. Value Creation & Delivery (VCD) as a process, is affected by cost and competition. So, it can be enhanced through Value assessment, Value analysis, Value Engineering, etc. Yet, it is of vital importance to understand the “what, which and how” aspects of Value else the whole process could be futile. One may be tempted to define Value, after a glance through standard dictionaries, in terms of - Desirability; Importance or Preciousness; Economic worth or Usefulness etc., with respect to something tangible or otherwise. However, many of the inventions, ideas, and discoveries; that have had the greatest impact on our lives were not recognized for their values at the time of their inception. There is an inherent risk associated with any attempt for creation of something valuable. Hence, to identify the right definition of Value for any group managing VCD, certain amount of reflection and research are needed.