What is a Value Proposition?
A value proposition states why someone should choose this — the specific benefit, for a specific audience, versus the alternatives (including doing nothing). For projects it's the business case's beating heart in one or two sentences; for products it's the promise every feature must serve.
The test of a real one: it names who, what improvement, and compared to what. "A modern platform leveraging synergies" fails the test; "cuts claim settlement from 12 days to 3 for retail policyholders" passes it.
Worked example
An internal tooling team pitches: "For site engineers, our inspection app cuts daily reporting from 90 minutes of evening paperwork to 15 minutes done on the spot — versus the current forms and the two commercial apps that don't work offline." Funding approved in one meeting, because every word is checkable — and eight months later, the benefits review checks exactly those words.