Values are formulated in principles to frame and encourage ideal behaviour. Principles are rules derived from values. For example, honesty is a value that governs behaviour through principles such as: tell the truth, don’t lie, be honest, don’t cheat. Thus, values give rise to principles expressed in the form of do’s and don'ts.
A principle is, in general, a guideline applied within an organization or in our personal lives. The principles, based on logical reflection, justify our “actions” in our eyes and in the eyes of others.