What is Production value?
Let's look at this question more deeply, the production value is more than having a large camera and big lights. It's all these elements that are at play that your not aware of.
Behind the scenes of a movie set is an army of people to make things look great. You have your lighting department, makeup, set decorator, location scout.
This list is long and the key take away from this is that production value is basically when you pay attention to each element that goes into filmmaking to make it look like it was a natural event.