1. Understand the Key Concepts of Service Management -1.2 Describe the key concepts of creating value with Services

Question 1

Cost

Answer 1

Is the amount of money spent on a specific activity or resource.

Question 2

Value

Answer 2

Is the perceived benefits, usefulness, and importance of something.

Question 3

Organization

Answer 3

Is a person or group of people that has its own functions with responsibilities, authorities, and relationships to achieve its objectives.

Question 4

Outcome

Answer 4

An outcome is a result of a stakeholder enabled by one or more outputs.

Question 5

Output

Answer 5

An output is a tangible of intangible deliverable of an activity

Question 6

Risk

Answer 6

Is a possible event that could cause harm or loss, or make it more difficult to achieve objectives (uncertainty of outcome)

Question 7

Utility

Answer 7

Is the functionality offered by a product or service to meet a particular need.
What a service does (fit for purpose)

Question 8

Warranty

Answer 8

Is the assurance that a product or service will meet agreed requirements.
How a service performs (fit for use)