ALL ABOUT SERVICES

Question 1

A Service is ?

Answer 1

“A service is a means of enabling value co-creation, by facilitating outcomes that customers want to achieve, without the customer having to manage specific costs and risks.”

Question 2

A product is ?

Answer 2

“A product is a configuration of an organization’s resources designed to offer value for a consumer.”

Question 3

Output

Answer 3

“An output is a tangible or intangible deliverable of an activity.”

Question 4

Outcome

Answer 4

“An outcome is a result for a stakeholder enabled by one or more outputs.”

Question 5

Cost is ?

Answer 5

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

Question 6

Risk is ?

Answer 6

“a possible event that could cause harm or loss or make it difficult to achieve objectives. Risk can also be defined as uncertainty of outcome and can be used in the context of measuring the probability of positive outcomes as well as negative outcomes.”

Question 7

Utility

Answer 7

“Utility is the functionality offered by a product or service to meet a particular need.” This describes what the service does, and whether it is fit for purpose. A service can provide utility by removing constraints from the consumer or supporting their performance, or both.

Question 8

warranty

Answer 8

“Warranty is the assurance that a product or service will meet agreed requirements.” Warranty describes how a service performs and whether it is fit for use. Warranty covers areas like availability, capacity, security and continuity; the service must meet the levels required by the consumer.