Option 3, "Value Proposition," is the element of AI Canvas that relates to the tangible and intangible benefits an AI project offers to its users or customers. The value proposition outlines the value that the AI solution provides to its intended users, which may include aspects such as efficiency improvements, cost savings, enhanced user experience, or other specific benefits. This element helps define what makes the AI project valuable to its target audience and aligns the project with user needs and organizational goals.