What term refers to the amount of money spent on a specific activity or resource?

The correct term for the amount of money spent on a specific activity or resource is "Costs." In the context of ITIL and service management, costs represent the financial resources that are consumed when providing a service, managing an operation, or executing a particular project. Understanding costs is essential for effective budgeting, financial management, and resource allocation.

Costs are critical when evaluating the efficiency and value of IT services, as they directly impact the organization’s profitability and overall financial health. By accurately tracking and managing costs, organizations can identify areas for improvement and optimize their service offerings to ensure that they deliver value while remaining within budgetary constraints.

In contrast, outcomes refer to the results or impacts of the activities performed and how they meet the needs of stakeholders. Risks relate to potential negative events or conditions that could affect the achievement of objectives, and outputs are the tangible deliverables produced as a result of the activities performed. Each of these terms plays a different role within service management, but in the context of financial expenditures, costs is the term that accurately represents the amount of money spent.