Ch.2 Flashcards
Cost
The amount of money spent on a specific activity or resource.
Organization
A person or group with its internal functions, and with its own set of responsibilities, authorities, and relationships necessary to achieve its objectives.
Outcome
A result as perceived by a stakeholder—that is enabled by one or more outputs.
Output
A tangible or intangible deliverable of an activity.
Risk
A possible event that could cause harm or loss, or make the achievement of objectives more difficult.
Service
A means of enabling value co-creation by facilitating outcomes desirable to customers—without their having to manage cost and risk.
Service consumer
A generic role an organization takes on when it receives services.
Service management
A set of specialized organizational capabilities for enabling value for customers in the form of services.
Service offering
A formal description of one or more services designed to address the needs of its target consumer, and include goods, access to resources, and service actions.
Sponsor
The person authorizing the budget for the consumed service.
Utility
A functionality offered by a product or service to meet a particular need.
Value
The perceived benefits, usefulness, and importance of something.
Warranty
An assurance that a product or service meets agreed-upon requirements.
