Standard

Standard is a carefully determined price, cost, or quantity that is used as a benchmark for judging performance. It is usually expressed on a per unit basis.

Definitions

According to Cost Accounting by Horngren, Datar, Rajan (14th edition),

Standard. A carefully determined price, cost, or quantity that is used as a benchmark for judging performance. It is usually expressed on a per unit basis.

According to the ASME EMBOK,

Standard. A description established by authority, custom, or general consent as a model of performance, quality, etc.; also, an established rule of measurement.

According to the ITIL Foundation 4e by Axelos,

Standard. A document, established by consensus and approved by a recognized body, that provides for common and repeated use, mandatory requirements, guidelines, or characteristics for its subject.

According to the ITIL Foundation 4e by Axelos,

Status. A description of the specific states an entity can have at a given time.

According to the ITIL Foundation 4e by Axelos,

Supplier. A stakeholder responsible for providing services that are used by an organization.

According to the ITIL Foundation 4e by Axelos,

System. A combination of interacting elements organized and maintained to achieve one or more stated purposes.

According to the ITIL Foundation 4e by Axelos,

Transaction. A unit of work consisting of an exchange between two or more participants or systems.

According to the ITIL Foundation 4e by Axelos,

Use case. A technique using realistic practical scenarios to define functional requirements and to design tests.

According to the ITIL Foundation 4e by Axelos,

User. A person who uses services.

According to the ITIL Foundation 4e by Axelos,

Utility. The functionality offered by a product or service to meet a particular need. Utility can be summarized as ‘what the service does' and can be used to determine whether a service is ‘fit for purpose'. To have utility, a service must either support the performance of the consumer or remove constraints from the consumer. Many services do both.

According to the ITIL Foundation 4e by Axelos,

Validation. Confirmation that the system, product, service, or other entity meets the agreed specification.

According to the ITIL Foundation 4e by Axelos,

Value. The perceived benefits, usefulness, and importance of something.

According to the ITIL Foundation 4e by Axelos,

Vision. A defined aspiration of what an organization would like to become in the future.

According to the ITIL Foundation 4e by Axelos,

Warranty. Assurance that a product or service will meet agreed requirements. Warranty can be summarized as ‘how the service performs' and can be used to determine whether a service is ‘fit for use'. Warranty often relates to service levels aligned with the needs of service consumers. This may be based on a formal agreement, or it may be a marketing message or brand image. Warranty typically addresses such areas as the availability of the service, its capacity, levels of security, and continuity. A service may be said to provide acceptable assurance, or 'warranty', if all defined and agreed conditions are met.

According to the ITIL Foundation 4e by Axelos,

Waterfall method. A development approach that is linear and sequential with distinct objectives for each phase of development.

According to the ITIL Foundation 4e by Axelos,

Workaround. A solution that reduces or eliminates the impact of an incident or problem for which a full resolution is not yet available. Some workarounds reduce the likelihood of incidents.