Value Creation and Service Relationships Key Concepts

Front

The perceived benefits, usefulness, and importance of something.

Back

What is value in the context of services?

Front

A tangible or intangible deliverable of an activity.

Back

Define output in service management.

Front

A result for a stakeholder enabled by one or more outputs.

Back

What is an outcome?

Front

The amount of money spent on a specific activity or resource.

Back

How is cost defined in service management?

Front

A possible event that could cause harm or loss, or make it more difficult to achieve objectives; it can also be defined as uncertainty of outcome.

Back

What does risk refer to in service management?

Front

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

Back

What is an organization in the context of services?

Front

A formal description of one or more services, designed to address the needs of a target consumer group.

Back

What is a service offering?

Front

Joint activities performed by a service provider and a service consumer to ensure continual value co-creation based on agreed and available service offerings.

Back

What does service relationship management involve?

Front

Activities performed by an organization to provide services, including management of resources, ensuring access, fulfillment of service actions, service level management, and continual improvement.

Back

Define service provision.

Front

Activities performed by an organization to consume services, including management of resources needed to use the service and service actions performed by users.

Back

What is service consumption?