*LEARNING OBJECTIVE 1.2: Describe the concepts of cost, value, organization, outcome of risk, utility, and warranty

Question 1

Describe the concept of Cost

Answer 1

Is the amount of money spent on a specific activity or resource

Question 2

Describe the concept of Value

Answer 2

Is the perceived benefits, usefulness, and importance of something

Question 3

Describe the concept of Organization

Answer 3

Is a person or group of people that has its own functions with responsibilities, authorities, and relationships to achieve its objectives

Question 4

Describe the concept of Outcome

Answer 4

Is a result for a stakeholder enabled by one or more outputs

Question 5

Describe the concept of Utility

Answer 5

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

Question 6

Describe the concept of Warranty

Answer 6

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