ITIL 4 Exam questions with correct answers latest 2023

ITIL 4 Exam questions with correct answers latest 2023Service Management A set of specialized organizational capabilities for enabling value for customers in the form of services Service Management A set of specialized organizational capabilities for enabling value for customers in the form of services Output Tangible or intangible deliverable of an activity Outcome Result for a stakeholder produced by one or more outputs. Cost Amount or money spent on a specific activity or resource Risk Possible event that could cause harm or loss, of make it more difficult to achieve objectives Organization A person or a group of people that has its own functions & responsibilities, authorities & relationships to achieve its objectives Value Perceived benefits, usefulness, importance of something Service offering A description of one or more services, designed to address the needs of a target consumer group. A service offering may include goods, access to resources, and service actions. Service relationships A co-operation between a service provider and service consumer. Service relationships include service provision, service consumption and service relationship management Service relationship management Joint activities performed by a service provider and a service consumer to ensure continual value co-creation based on agreed and available service offerings. Service Provision Activities performed by an organization to provide services. Includes management of resources, configured to deliver the service, access to these resources for users, fulfilment of the agreed service actions, service performance management and continual improvement. It may also include the supply of goods. Service consumption Activities performed by an organization to consume services. Includes the management of the consumer's resources needed to use the service, service use actions performed by users, and may include the receiving (acquiring) of goods. Value stream A series of steps an organization undertakes to create & deliver products & services to consumers Process A set of interrelated or interacting activities that transform inputs into outputs. A process takes one or more defined inputs and turns them into defined outputs. Processes define the sequence of actions and their dependencies. Practice A set of organizational resources designed for performing work or accomplishing an objective. Continual improvement practice The practice of aligning an organization's practices and services with changing business needs through the ongoing identification and improvement of all elements involved in the effective management of products and services. Configuration item (CI) Any component that needs to be managed in order to deliver an IT service IT asset Any valuable component that can contribute to delivery of an IT product or service Utility The functionality offered by a product or service to meet a particular need Warranty Assurance that a product or service will meet agreed requirements