ITIL Updated ITIL-4-Foundation Exam Questions and Answers by aariz

Each activity contributes to the value chain by transforming specific inputs into outputs. The inputs could be demand from outside the value chain, or outputs of other activities, while the transformation is facilitated by ITIL practices, undertaken using internal or third-party resources, processes, skills, and competencies.

https://www.bmc.com/blogs/itil-service-value-chain/

Sponsor: A person who authorizes budget for service consumption; e.g., the Finance Manager

https://www.bmc.com/blogs/itil-key-concepts-service-management/#:~:text=Sponsor%3A%20A %20person%20who%20authorizes,%3B%20e.g.%2C%20the%20Finance%20Manager.

The ITIL guiding principle ‘keep it simple and practical’ advises organizations to use the minimum number of steps and resources needed to accomplish an objective1. A good way to apply this principle is to adopt a practice which is easy to follow, understand, and communicate2. This helps to avoid unnecessary complexity, bureaucracy, and duplication3. References: ITIL Foundation - ITIL 4 Edition, page 7; ITIL® 4 – A Pocket Guide, page 25; ITIL® 4 Practice Guide: Keep It Simple and Practical, page 9.

Service relationship management is the joint activities performed by a service provider and a service consumer to ensure continual value co-creation1. It involves establishing, maintaining, and optimizing the service relationship throughout the service lifecycle2. Service relationship management ensures that service providers and service consumers continue to create value together by aligning their objectives, expectations, and capabilities3. References: ITIL Foundation - ITIL 4 Edition, page 5; ITIL® 4 – A Pocket Guide, page 16; ITIL® 4 Practice Guide: Service Relationship Management, page 7.