ITIL-4 - Understand the key concepts of service management - Section 1.2

Describe the key concepts of creating value with services: cost, value, organization, outcome, output, risk, utility, and warranty.

Describe how cost, value, outcome, output, and risk combine when an organization and its consumers co-create value through services. Distinguish an output (a tangible deliverable) from an outcome (a result the user wants), and recognise that value is co-created rather than delivered one way from provider to consumer.

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