Which Of These Statements Represents An Objective Of Service Portfolio Management?

Service portfolio management is the governance process of the service portfolio. The process is one by which a service provider tin manage their investments beyond the service lifecycle by taking into business relationship every service in terms of the business value provided by it.

A service provider makes use of service portfolio direction to control the entry of any service into the service portfolio by tracking whatever investment in services through its unabridged lifecycle starting from the development to the delivery and retired stages.

Purpose of Service Portfolio Management

• The main purpose of service portfolio management is to make sure that the service provider has a proper mix of services to run into their overall service strategy .
• Service portfolio direction ensures that the entry or exit of service from any phase is dependent on the approval of funding. Information technology also required an appropriate fiscal plan to recover the costs or to generate a required level of profit, depending on the nature of the service provider's organization.

The Objective of Service Portfolio Management

The objectives of service portfolio direction are:

• To enable a service provider to investigate and make decisions regarding which services need to exist provided and which of them demand to be retired. This is based on chance analysis and the potential return which can be obtained.
• To document every service planned and operated past the service provider for futurity reference.
• To manage a definite service portfolio that includes a articulate articulation of the business needs that are addressed past each service and the business needs it supports.
• To run every new service through a prepare of activities and procedures which are standardized to ensure that the relevant information for direction, service delivery, and back up is documented and provided to the advisable management processes.
• To evaluate the degree to which each and every service of theirs enables the service provider to reach their service strategy.
• To command the services being offered under dissimilar conditions and investments.
• To review each service under the Continual Service Comeback Process.
• To provide an data base for a service itemize through the service portfolio.
• To track every investment in service throughout each service's lifecycle.

Scope of Service Portfolio Management

The scope of service portfolio direction encompasses the following:

For an internal service provider, their execution of service portfolio management requires them to work closely with each business unit of measurement in the system to assess the service investment and returns.

For an external service provider, their execution of service portfolio management required them to be able to evaluate each service more overtly as each service should generate profit directly or support the services which are generating profit.

Portfolio Management Roles and Functions

Static Process Roles

• Service Portfolio Process Manager
  The service portfolio process managing director has to manage the unabridged process and is responsible for its effectiveness and efficiency.
• Service Portfolio Process Possessor
  The service portfolio process owner is the process initiator and is accountable for defining the strategic goals of the process and allocating all the resources required for the procedure
• Service Portfolio Management Team
  The service portfolio direction team is the team associated with the service portfolio direction process.

Dynamic Process Roles

• Service Agent
  The Service Amanuensis attribute of each service tape consists of the part which is responsible for the present action within the procedure of Service Portfolio Management. The Service Agent can be changed by a functional escalation if the rules permit it.
• Service Owner
  The Service Possessor aspect of each service record consists of the part which is soon accountable for the service.
• Service Sponsor
  The Service Sponsor is the person or board responsible for the upkeep and specific costs related to the service.
• Requirements Requestor
  The requirements requestor consists of a person or a grouping of people who are expressing the new demands which need to be fulfilled by the Information technology service provider.
• Service Design Team
  The service pattern team is the one associated with all the tasks in the context of designing a service.

Portfolio Management Value

The following benefits are offered by Service Portfolio Management:

• It allows the concern to make the right decisions with regard to investment and de-investment in services, thus ensuring that such decisions are made on the basis of a stiff business concern case.
• The portfolio management provides a meaningful and price-effective alignment between the IT services and strategic goals for the business.
• It provides a shift in mental attitude towards IT, which is now viewed as a value-generating component instead of beingness considered as an inevitable expense.
• It leads to an increment in the power of the visitor to cater to the end-users.
• The organization is provided with an insight into the departure that the IT service would create and the impact it would take on the concern.
• Information technology helps to give increased attention and focus to the services which are the most valuable and profitable, thereby increasing the productivity of employees.

Portfolio Direction Principles

The chief principle of service portfolio management is to enable a service provider to understand the following:

• The services provided past service portfolio management
• The investments made in those services
• The strategy and objectives of each service in terms of business value .

With this agreement, the service provider can control and manage decisions near its service throughout the service lifecycle.

Service Portfolio Management Process Activities

At that place are 4 major phases of activeness in service portfolio management:

• Ascertain
  This stage involves the collection and validation of the entire inventory consisting of all the existing and proposed services, including their business cases.
• Analyze
  During the analyzing phase, the services which are required for the service provider to attain its strategy are identified. In addition to that, identification of how well the existing service portfolio meets these and how to prioritize and balance supply and need is also made.
• Approve
  Each service in the service portfolio forth with the level of investment associated with information technology needs to be canonical. All changes made to services in the service portfolio as well need approval. Even when services are being retired, approval is required.
• Lease
  In order to qualify each project to build, enhance or retire a service, a charter is required. The purpose of the lease is to document the scope of the projection and the terms of reference in addition to the approval decisions related to agreed changes to the service portfolio.

Service Portfolio Management Risks & Challenges

The following challenges can be encountered past service portfolio direction:

• A lack of access to information is required for concern.
• Absenteeism of formal projection direction or alter management.
• A service portfolio that is focused just on the service provider's aspect of its services.
• Absence of a project or customer portfolio.

Some of the risks faced are as follows:

• Customer pressure tin lead to ill-informed decisions regarding which services to offer and invest in.
• The services being offered cannot exist measured adequately.

Determination

Overall the service portfolio direction ensures enterprises accept right decisions in the form of investment, justifying the business example, and having a clear agreement of expected ROI. Service portfolio management analyzes all the critical aspects required to provide high-quality It services to the customers and investments required to build, operate and deliver the same. Give yourself a run a risk to grow in your Service Management career with theITIL four Foundation certification preparation, and gain useful skills and all-time practices.

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Source: https://www.invensislearning.com/blog/service-portfolio-management/

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