Definitions

Question 1

cost

Answer 1

The amount of money spent on a specific activity or resource

Question 2

organization

Answer 2

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

Question 3

outcome

Answer 3

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

Question 4

output

Answer 4

A tangible or intangible deliverable of an activity.

Question 5

risk

Answer 5

A possible event that could cause harm or loss, or make it more difficult to achieve objectives. Can also be defined as uncertainty of outcome, and can be used in the context of measuring the probability of positive outcomes as well as negative outcomes.

Question 6

utility

Answer 6

The functionality offered by a product or service to meet a particular need. Utility can be summarized as ‘what the service does’ and can be used to determine whether a service is ‘fit for purpose’. To have utility, a service must either support the performance of the consumer or remove constraints from the consumer. Many services do both

Question 7

value

Answer 7

The perceived benefits, usefulness, and importance of something.

Question 8

warranty

Answer 8

Assurance that a product or service will meet agreed requirements. Warranty can be summarized as ‘how the service performs’ and can be used to determine whether a service is ‘fit for use’. Warranty often relates to service levels aligned with the needs of service consumers. This may be based on a formal agreement, or it may be a marketing message or brand image. Warranty typically addresses such areas as the availability of the service, its capacity, levels of security, and continuity. A service may be said to provide acceptable assurance, or ‘warranty’, if all defined and agreed conditions are met.

Question 9

change

Answer 9

The addition, modification, or removal of anything that could have a direct or indirect effect on services

Question 10

configuration item (CI)

Answer 10

Any component that needs to be managed in order to deliver an IT service

Question 11

event

Answer 11

Any change of state that has significance for the management of a service or other configuration item

Question 12

incident

Answer 12

An unplanned interruption to a service or reduction in the quality of a service.

Question 13

IT asset

Answer 13

Any financially valuable component that can contribute to the delivery of an IT product or service

Question 14

known error

Answer 14

A problem that has been analysed but has not been resolved

Question 15

problem

Answer 15

A cause, or potential cause, of one or more incidents.