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What is the relationship between value outcomes, costs, risks?

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ITIL®4 Foundation Certificate in IT Service Management
What is a service?

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Well when we're considering value, I suppose there's several elements that we've got to consider ultimately in that conversation about what does value mean to you or me as young consumers? And really we boil that down really into three main things: what's the outcome? As in like Paul said before what's the end result we're trying to achieve. What's the cost incurred? Also, I suppose, what's the risk? Often the risk that is being removed from me by actually having that service enabled to me and I suppose, you know, just thinking of an example last year I actually wanted to produce a calendar that I could give to some friends showing what activities we'd done over the whole year and some of the shared experiences that we'd had. And I decided to use an online calendaring service where I could go about creating the actual calendar content. Now ultimately to me the outcome was that I could give that to my friends and therefore we could reflect off our shared experiences and hopefully see some of the good things and the fun things we've been up to over the year through a set of nicely formatted images and we could reflect off that over the year. That was the outcome I was trying to achieve but obviously within that I had to actually pay to access that online calendaring service and ultimately not just the actual production of the physical calendars but the actual being able to use their online editing tools so I could produce the calendar and also get it published so I could receive it but ultimately by doing that, and okay that incurred cost to me, I didn't have to buy my own desktop publishing software, I didn't have to have the risk exposed to being around how I had to learn that software because the interface was very intuitive that I used online and ultimately the actual online experience of that service was very slick and probably meant that I could produce the calendar so much more colorful, so much more accurate compared to me tying to go and do my own calendaring service in the first place and that to me therefore was truly value because I received those calendars and I was able to give them to my friends and we all looked at it and thought "yeah that's excellent what we did last year".

About the Author

Martin is a professionally qualified and experienced IT Professional with over 25 years of experience in the IT industry. He has held a number of senior roles and has experience of large-scale IT Service Management implementation programs both in public and private sectors. He has over 15 years of experience working for QA as both a Senior principal lecturer/consultant and as Head of Service Management Product Development. Martin has delivered training to a wide variety of audiences, both UK and internationally, to consistently high levels of customer satisfaction.

His main role at QA is acting as a Head of Service Management Product Development to enable QA to deliver high quality, interactive training in the following areas:

  • Delivering a wide range of public ITIL, SIAM, and BRM courses
  • Delivering onsite ITIL and SIAM courses
  • Developing high-quality QA authored Service Management courses and courseware across all delivery mechanisms including classroom, e-learning, and virtual
  • Working with Industry partners to develop new curricula and courses – Recent examples include ITIL Practitioner and the BCS EXIN SIAM Foundation qualifications