ITIL 4 Exam questions with correct answers

What is IT Service Management? - Answer A set of specialized organizational capabilities for enabling value to customers in the form of services. ITSM is the application of service management to IT. It is our discipline; how we all work together Organization - Answer A person or a group of people that has its own functions with responsibilities, authorities, and relationships to achieve its objectives Value - Answer The perceived benefits, usefulness, and importance of something. The outcome of the SVS. Dimensions of value: (need to be balanced) - cost - quality - speed Cost - Answer The amount of money spent on a specific activity or resource. Measures against how much the customer is willing to pay. Services need to be affordable to the customer and profitable or within budget for the provider. Quality - Answer Customer requirements and the warranty around service delivery Speed - Answer A growing demand for increased time to market and time to value. Quality and cost demands may be met but this may not be sufficient if the service takes too long to deliver