The term "production values" refers to the overall quality and standards applied during the production process of a film, television show or stage play. This includes elements such as set design, costumes, lighting, sound, special effects, acting, direction, writing, editing, cinematography, and music composition. Production values are important because they help create an immersive experience for audiences, and can greatly influence the overall quality of a project. High production values typically indicate a higher level of care and attention to detail, which can result in a more engaging and professional-looking final product.