Key Concepts Of Creating Value with Services

Question 1

Cost

Answer 1

The amount of money spent or resources consumed in producing a service. Cost is a crucial factor in determining the overs value of a service

Question 2

Value

Answer 2

The perceived benefits, usefulness, or importance of a service to a customer. Value is subjective and varies depending on the customer’s needs and expectations

Question 3

Organisation

Answer 3

The entity responsible for creating and delivering services. This includes the people, processes, technology, and resources involved in service delivery

Question 4

Outcome

Answer 4

The result of effect of consuming a service. It represents the changes, benefits, or improvements achieved by the customer as a result of using the service

Question 5

Output

Answer 5

The tangible deliverables of products produced by a service. Outputs are the direct results of service activities and contribute to delivering the intended outcomes

Question 6

Risk

Answer 6

The possibility of an undesirable event or outcome that may impact the achievement of objectives. Risk management is essential in service delivery to identify, assess, and mitigate potential risks

Question 7

Utility

Answer 7

The functionality or capability provided by a service to meet a specific need. Utility is about what the service does and how it contributes to achieving desired outcomes

Question 8

Warranty

Answer 8

The assurance that a service will meet agreed-requirements and perform as expected. Warranty provides confidence to the customer that the service will be available when needed and will deliver the promised utility