Consider the function defined by the equation $$f(x) = 2x^2 - 4x + 1$$. Determine the value of $$x$$ for which the function has its minimum value. Subsequently, calculate the minimum value of the function.
To find the vertex of the parabola represented by the quadratic function, apply the formula for the x-coordinate of the vertex, given by $$x = -\f\frac{b}{2a}$$, where $$f(x) = ax^2 + bx + c$$.