I would say that significance means the way in which a study stands out in its field due to the nature of the findings, and its value is the contribution it makes.
I have never heard of the value of the study. It sounds like the old you say tomatoes and I say tomatos kind of argument since anything with significance will always add value. I am looking forward to hearing more on this topic though.
The signficance of the study refers to how your study will become significant to body of the literature, how will it stand out, to whom it would be relevant, whom it could help and how.
The contribution is what you did, the significance is the difference that makes. Depending on your field, your contribution might be the development of a new framework or algorithm, the experimental examination of a biological hypothesis, an in-depth survey on health-related behaviors, or whatever. The significance is, say, that the algorithm improves on the speed of known alternatives, that a particular open question is resolved, a new connection be diet and blood pressure is uncovered, and so forth.
Depending on your topic, you will be addressing a specific group by way of your problem statment, purpose statement and research questions. You will also be adding to someone else's work. Every university has different requirements so keep that in mind while you read my answer.
In this section you are going to talk about prior researchers that had a similar topic, your theoretical foundations or your conceptual frameworks and your gap statement to let the reader know why you are doing research on your chosen topic.
You are going to capture the interest of the reader by telling them how your study is going to address your problem statement and what the benefits of your study will be. More important you will talk about who your study will help and how this will be significant to their field.
For instance, my study was on the blind. I had to let the reader know why my study was important to my population (people you will be using) how it would be significant to the body of literature and the people it could benefit (the blind, teachers, administrators, employers, legislators, organization develepors, etc). You will talk about people who you believe your study would benefit (significance). It is not a very large section to write but it will be one of the most important because you want your reader to understand why your hard work is important. Once you do that, you will grab their attention just like the abstract will.
I wish you the best in your research, I send you positive vibrations, witty ideas and success. Try to enjoy the process. It can take away your joy.
The significance of the study in research usually is meant to highlight and bring out clearly those that stand to benefit from your work and how they will benefit. That is your concerned audience from the immediate to the broader, how will your work be useful to them in solving the problems that you the researcher raised in your research questions. (Note that your research questions will emanate from what you found was either lacking in or available to another group of audience through literature review or from physical observation or both). Mind you the little bits of other aspects of your work that doesn't necessarily directly link to research questions may also be useful to your targeted audience (in some cases the researcher may be part of the beneficiaries/audience of their work) . In summary significance of the study is used to articulate the importance of your work, to who, and how they can use your work to improve on the identified problems for progress and advancement in the aspect you studied (your variables).
Significance of a study means the extent to which the study becomes important from various aspects to points of view. For an example, the extent to which the study can be a base for initiating another study and the extent to which the study become meaningful to different segments of readers, scholars, users and other related members.
Contribution of a study is that the extent to which the study can add values to something to bring it to the next level. For example, if your study acts as a base (significance of your study) to initiate the next level of another study (contribution of your study). If your study becomes a matter to solve a problem (significance of the study), the solved problem and the subsequent outcomes become the contribution or value of your study.
Hope this will help you to understand the difference.
La Verne A Davis Thank you for your answer above. It helps me to better understand the differences between them. What do you think if we are comparing the significance part in the research proposal and research paper?
Contribution represents a new finding originating from a knowledge gap in literature review. It could be in the form of conceptual framework or design of study in contrast to existing one. The significance is about the benefits of the new finding to the academia , professional bodies and the larger society. In other words, who will benefit from the innovative work or findings and how.