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ITIL 4 Foundations for WGU Questions and
Verified Answers
Service Management
Ans: Is a set of specialized organizational capabilities for providing value to
customers in the form of services
Product
Ans: A configuration of an organization's resources designed to offer value
for a consumer
Service Offering
Ans: A formal description of one or more services, that are aggregated,
designed to address the needs of a target consumer group
Service Relationships
Ans: cooperation between a service provider and service consumer
Value
Ans: The perceived benefits, usefulness, and importance of something, is
co-created
Output
Ans: A tangible or intangible deliverable of an activity, generally tangible or
measurable
Outcome
Ans: A result for a stakeholder enabled by one or more outputs, generally
intangible, results based
Costs
Ans: the amount of money spend on a specific activity or resource
Risk
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Ans: A possible event that could cause harm or loss or make it more
difficult to achieve objectives
Risk Avoidance
Ans: risk is avoided or removed
Risk transfer
Ans: risk cannot be avoided but is transferred to a different party, ex:
playing a small insurance fee to transfer risk of vehicle damage to the
insurance company
Risk mitigation
Ans: when a risk is identified, finding a solution to counter it
Risk acceptance
Ans: when a risk cannot be avoided, transferred, or mitigated you are
prepared for the consequences.
Organization
Ans: A person or a group of people that has its own functions with
responsibilities, authorities, and relationships to achieve its objectives
Customer
Ans: A person who defines the requirements for a service and takes
responsibility for the outcomes of service consumption
Sponsor
Ans: A person who authorizes budget for service consumption
User
Ans: A person who uses services, leveraging them for a job that needs to be
done, provides feedback on service
Utility
Ans: the functionality offered by a product or a service to meet a particular
need - fit for purpose
Warranty
ITIL 4 Foundations for WGU Questions and
Verified Answers
Service Management
Ans: Is a set of specialized organizational capabilities for providing value to
customers in the form of services
Product
Ans: A configuration of an organization's resources designed to offer value
for a consumer
Service Offering
Ans: A formal description of one or more services, that are aggregated,
designed to address the needs of a target consumer group
Service Relationships
Ans: cooperation between a service provider and service consumer
Value
Ans: The perceived benefits, usefulness, and importance of something, is
co-created
Output
Ans: A tangible or intangible deliverable of an activity, generally tangible or
measurable
Outcome
Ans: A result for a stakeholder enabled by one or more outputs, generally
intangible, results based
Costs
Ans: the amount of money spend on a specific activity or resource
Risk
, Page | 2
Ans: A possible event that could cause harm or loss or make it more
difficult to achieve objectives
Risk Avoidance
Ans: risk is avoided or removed
Risk transfer
Ans: risk cannot be avoided but is transferred to a different party, ex:
playing a small insurance fee to transfer risk of vehicle damage to the
insurance company
Risk mitigation
Ans: when a risk is identified, finding a solution to counter it
Risk acceptance
Ans: when a risk cannot be avoided, transferred, or mitigated you are
prepared for the consequences.
Organization
Ans: A person or a group of people that has its own functions with
responsibilities, authorities, and relationships to achieve its objectives
Customer
Ans: A person who defines the requirements for a service and takes
responsibility for the outcomes of service consumption
Sponsor
Ans: A person who authorizes budget for service consumption
User
Ans: A person who uses services, leveraging them for a job that needs to be
done, provides feedback on service
Utility
Ans: the functionality offered by a product or a service to meet a particular
need - fit for purpose
Warranty
