Value will initialize values in variables at the time of declaration.

Whereas in Initialize value get initialize in procedure division. Initialize spaces in alphabhetic & in alphanumeric. Zeros in numeric.

value clause is used to initialize working storage variable.

initialize clause is used in procedure division to initialize record since its not possible to initilalize them at fd level.

value clause is used to initialize variables in the working-storage section.

initialize is also used to initialize the variables.its more efficient to use initialize clause for initialising some variables such as file-status etc.

bcoz whenever an operation is performed related to files (such as file opening reading a file..) we check for the status variable to know whether that step is performed successfully or not.

if these variable is initialized with initialize clase each time when a new record is going to be read the file status varible is initializd with the initial value.which is not possible with value clause.

value--- value is used to initialize data item in working storage section

where as

intialize----is used to initialize data item in procedure division