1.2 Creating Value with Services

Question 1

What is cost?

Answer 1

Amount spent.

Question 2

Value

Answer 2

Percieved benefit, usefulness or importance. (Let customer know what they are getting, taut those things. W hat your going to from it. Recipeint determines the percieved value.

Question 3

Organization

Answer 3

Person or group with its own function. (a single person can be an organization.

Question 4

Output

Answer 4

Deliverable of an activity. (Example - match, if you never strike, what value does it have, ton of potenitlal but wont do anyhting unless striked. What your given -

Question 5

Outcome

Answer 5

Result for the stakeholder. What you do with it. Achieves results - you should care more about the outcome.

Question 6

Risk

Answer 6

Possible events that could cause harm or loss.

Question 7

Utility

Answer 7

Functionality to meet a need. What the service does to fit a need. Fit for purpose

Question 8

Warranty

Answer 8

Assurance that requirements will be met.

air conditioner is not big enough to cool entire room.