ITIL- IT Service Management

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The ITIL Service Lifecycle
The entire framework of ITIL is divided into five broad components/categories:


- ITIL Service Strategy
- ITIL Service Design
- ITIL Service Transition
- ITIL Service Operation
- ITIL Continual Service Improvement
ITIL Key Concepts: Processes, Functions
The five broad components of the ITIL Service Lifecycle cover various other sub-categories/aspects, including Demand Management, Capacity Management, Release Management, Incident Management, Event Management, and so on. These are aspects that are meant to cover all areas of ITSM (IT Service Management).

Each of the sub-categories/aspects of the five components of the ITIL framework may be labelled either as a 'Process' or as a 'Function'.

Here's a diagram that better explains the sub-categories/aspects of the five broader components, classifying them as either a process or as a function.

ITIL Core Component: Service Strategy
The purpose of Service Strategy is to provide a strategy for the service lifecycle. The strategy should be in sync with the customer's business objectives as well as to manage services, and therein lies its scope. The objective of Service Strategy is, therefore, to provide a definition of strategy and governance control.

The utility and warranty of this component are designed to ensure that the service is fit for purpose and fit for use, respectively. Ensuring this is important as these two components are what add value in the delivery of services to customers.

Service Strategy Process
The Service Strategy process is concerned with the development of service concepts in preparation for the selection of services to be provided.

Service Portfolio Management Process:
The Service Portfolio is the entire set of services under management by a Service Provider. It consists of three major parts: Service Pipeline, Service Catalog and Retired Services.

The Service Portfolio Management process is concerned with management of services that concern information in the Service Portfolio. Service Portfolio Management organizes the process by which services are identified, described, evaluated, selected, and chartered.

Demand Management Process:
The Demand Management process is concerned with understanding and influencing customer demand. Demand Management models demand in terms of:
- User Profiles, which characterize different typical groups of users for a given service.
- Patterns of Business Activity, which represent the way users in different user profiles access a service over the course of a given time period.
Financial Management Process:
IT Financial Management provides a means of understanding and managing costs and opportunities associated with services in financial terms. IT Financial Management includes three basic activities: -Accounting -- tracking how money is actually spent by a Service Provider
Budgeting – planning how money will be spent by a Service Provider
Charging – securing payment from customers for services provided

Strategy Operations:
Strategy Operations ensure that services like fulfilling user requests, resolving service failures, fixing problems as well as carrying out routine operational tasks, are performed efficiently and effectively.
source:simplilearn.com