According to activity theory, activities are at the center of human behavior. Extensive attention has been given in literature to the success and effectiveness of online learning programs. Value theory suggests that human perceived value is a critical construct in investigating what is important to individuals. However, very limited attention has been given in literature to the role of users' perceived value of learning activities in educational settings. Scholars suggest that additional studies on learning activities are needed in order to progress the current knowledge of the use of information systems in education. Therefore, this study investigated issues related to learners' perceived value by uncovering the critical value factors (CVFs) of online learning activities. Participants in this study included 209 graduate students attending an online learning program. This study extended the first phase done in a prior research to uncover the CVFs of online learning activities. Results of this research study produced five reliable CVFs: (a) collaborative, social, and passive learning activities; (b) formal communication activities; (c) formal learning activities; (d) logistic activities; and (e) printing activities. (Contains 3 tables and 5 figures.)