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Deepak, not sure how to answer your question as the answer is obvious! Is there a reason you are asking this question? Please be more specific.
First of all the organization must define what value is. And to define it what does mean "client" or "customer" must be defined first. All this stuff is in the context of quality theory. Just to put this in terms of the PMI take look to PMI´s Benefit Realization standard.
Value Generation: is the process of turning effort into something that meets someone's needs. - about as simple as one can get.
For this process you need to understand the need which is essentially establishing what is "of value" and apply effort to deliver that value. From that understanding one has to determine the most effective way to apply that effort so as to maximize the delivered value.
Sergio is totally right, the term value is ambiguous and used in different ways by different people. Once you specify for yourself what value is, it is much easier to think about ways to generate it.
Value is always subjective, in the eye of the beholder (a stakeholder). This can be a customer or the owners of an organisation. Both will perceive value of operations differently, the customer as a high quality product, the owner as profits. And value may have different dimensions: for example short/long term, high/low side-effects (staff burnout vs. sustainability) or narrow/wide impact (project vs organisation vs society). The value of a project is mostly achieving its stated goals, the value of a program creating the expected benefits, the value of an for-profit organisation is creating customers, the value of NGOs to get closer to their purpose. Here you see there are indeed a wide range of value generation means.
It is a little bit unclear and depends on the literature that you are working on. However, I think it may refer to creating value for the organization.
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