Lesson 4: Service Value System

Question 1

What is the purpose of the service value system?

Answer 1

Continuous co-creation of value with all stakeholders through the use and management of products and services.

Question 2

What are the five components of the service value system?

Answer 2

1. Guiding principles (Lesson 2)
2. Governance
3. Service value chain
4. Practices
5. Continual improvement

Question 3

What are the three governance activities?

Answer 3

1. Evaluate
2. Direct
3. Monitor

Question 4

What is a business case?

Answer 4

A justification for expenditure of organizational resources,
providing information about costs, benefits, options, risks, and
issues.

Question 5

What three things do an organization’s governing body evaluate?

Answer 5

1. Strategy
2. Portfolios (e.g. Service, Product, Project, or Supplier portfolios)
3. Relationships with other parties

Question 6

What are the six things included in a business case?

Answer 6

1. Justification for expenditure of organizational resources
2. Costs
3. Benefits
4. Options
5. Risks
6. Issues

Question 7

In which governance activity is the business case developed?

Answer 7

Evaluate

Question 8

What do policies establish?

Answer 8

The boundaries for behavior across the organization and with suppliers, partners, and other stakeholders (i.e. what is permitted and what is not permitted).

Question 9

In which governance activity are policies developed and implemented?

Answer 9

Direct

Question 10

What is the service value chain?

Answer 10

A set of interconnected activities that an organization performs to deliver a valuable product or service to its consumers and facilitate value realization.

Question 11

What is an operating model for service providers that covers all the key activities required to effectively manage products and services?

Answer 11

The service value chain.

Question 12

What are practices?

Answer 12

Sets of organizational resources designed for performing work or accomplishing an objective.