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Service Portfolio Management

Service Portfolio Management is the process in the Service Strategy phase of the Service Lifecycle that describes all the services that the organization offers. This is not just an explanation of the services; moreover, it is a deduction of the usefulness and benefits of each service. This approach is a dynamic way of controlling Service Management throughout the organization, including the managing of investments and assets in the company. The overall expectation of this process is to make the management of services itself a useful asset to business operations.

The main objectives of Service Portfolio Management are to evaluate the services provided to the clients and the company’s operational activities. This evaluation is done from the customer standpoint – why they should buy the service being offered and why they should choose that company to do business with. The pricing structure that is offered to clients is also assessed to determine suitability. The strengths, weaknesses, priorities, and risks of the business are also evaluated, and these all go towards improving the overall activities. In addition, the resources and capabilities of the company are observed to determine if they are being used efficiently.

Service Portfolio Management is a practical approach to administration across the Service Lifecycle which works to turn Service Management into a strategic asset.

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