Difference bwt default and value

Hello frnds
what is the difference between below two statements:
data : f(5) value 'sap',
         f(5)  default 'sap'.
thnks,
SUnny

Hi,
data: name type char10 value 'Hello'.
*data: name type char10 default 'Hello'. "it throws syntax error
parameters: p_name type char10 default 'Hello'.

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