Double regulating valves and two-way valves are essential in chilled water systems for controlling flow and pressure to air handling units (AHUs). A double regulating valve helps balance the system by adjusting flow rates, while a two-way valve acts as a control valve to regulate the flow of chilled water. Understanding these components is crucial for effective system operation; improper functioning can lead to inefficient cooling or system failures. The discussion emphasizes the importance of self-learning and analytical skills in engineering, suggesting that hands-on experience and research are vital for understanding HVAC systems. Engaging with professionals or taking courses is recommended for those lacking foundational knowledge.