Foundations Exam Flashcards
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.
Service
The perceived benefits, usefulness, and importance of something.
Value
A result for a stakeholder enabled by one or more outputs.
Outcome
Tangible or intangible deliverable of an activity.
Output
The amount of money spent on a specific activity or resource (can be expressed in non-monetary terms, such as time spent, people allocated, etc).
Cost
A possible event that could cause harm or loss or make it more difficult to achieve objectives.
Risk
Uncertainty of outcome and can be used in the context of measuring the probability of positive outcomes as well as negative outcomes.
Risk (alternate definition)
The functionality offered by a product or service to meet a particular need (Fit for purpose).
Utility
Assurance that a product or service will meet agreed requirements (Fit for use).
Warranty
A cooperation between a service provider and service consumer. Includes service provision, service consumption, and service relationship management.
Service Relationship
An organization that delivers services to consumers within its own organization or external to its own organization.
Service Provider
An organization that uses the services provided to them by another organization within their own organization or external to their organization.
Service Consumer
Activities performed by an organization to provide services and/or goods.
Service Provision
Activities performed by an organization to consume services and/or goods.
Service Consumption
Joint activities performed by a service provider and a service consumer to ensure continual value co-creation based on agreed and available service offerings.
Service Relationship Management
A person or group of people that has its own functions with responsibilities, authorities, and relationships to achieve its objectives.
Organization
