VALUE CLAUSE:

The value clause defines the preliminary value of the data item.

Normally initialization will be completed just before the first statement in the procedure division is executed.

The syntax is:

VALUE is literal

The literal can be any of the numeric value, a nonnumeric string of characters involved within the quote (") or any figurative constant. 

Examples:

1)  01 a  pic value is 100

2)  01 compname pic x(15) value is "ABC Company"

3)  01 n pic 9(2) value is ZERO

4)  01 ans pic x value is space

5)  01 result pic x(4) value spaces. 

6)  For Group Data value specification

       01 test-entry  value is "123456".

       02  t1      pic 9(2).

       02  t2      pic 9(2).

       02  t3      pic 9(2).

                 Here t1=12, t2=34 & t3=56.