The positive effect that customers perceive a service can have on their business outcomes is referred to as what?

Utility is defined in ITIL as the functionality a service offers to meet a particular need, captured by the phrase 'fit for purpose.' It describes what the service does - the positive effect customers perceive on their business outcomes. Together with warranty ('fit for use'), utility forms the two components that determine whether a service creates value for the customer.

Warranty refers to assurance that a service meets agreed requirements for availability, capacity, and security - it describes how reliably a service performs, not the positive business effect it delivers.

Economic value is not a standard ITIL-defined term for this concept; ITIL specifically uses 'utility' to describe the positive functional effect on business outcomes.

Return on investment is a financial calculation measuring net benefit against cost, not the ITIL term for the perceived positive effect of a service on customer outcomes.