Learning Objective 1.1 - Be able to Recall the Definition of Service, Utility, Warranty, user, Service Management and Sponsor

Question 1

*Definition of Service

Answer 1

*A Service is a means of enabling value of co-creation (how value is determine provider vs customer) by facilitating outcomes that customers want to achieve, (back to value to achieve objectives - a service provider can not achieve value!) without the customer having to manage specific costs and risks (why a customer hires a service provider in the first place).

Question 2

*Definition of Utility

Answer 2

Is the functionality offered by a product or service to meet a particular need.
What a service does (fit for purpose)

Question 3

*Definition of Warranty

Answer 3

Is the assurance that a product or service will meet agreed requirements.
How a service performs (fit for use)

Question 4

*Definition of User

Answer 4

The User is the role that uses services

Question 5

*Service Management

Answer 5

Is a set of specialized organizational capabilities for enabling VALUE for customers in the form of SERVICES.

Question 6

*Definition of Sponsor

Answer 6

Is the role that authorizes the budget for service consumption. The term is also used to describe an organization or individual that provides financial or other support for an initiative.