The service value system (SVS) is the ITIL 4 model describing how all the components and activities of an organization work together to enable value. Its components are the guiding principles, governance, the service value chain, practices, and continual improvement.
Service management is a set of specialized organizational capabilities for enabling value to customers in the form of services.
A service is a means of enabling value co-creation by facilitating outcomes that customers want to achieve, without the customer having to manage specific costs and risks.
Value is the perceived benefits, usefulness, and importance of something, and in ITIL 4 it is co-created through active collaboration between providers and consumers.
Utility is the functionality offered by a product or service to meet a particular need — in short, what the service does.
Warranty is the assurance that a product or service will meet agreed requirements — in short, how well the service performs.
The guiding principles are seven recommendations that guide an organization in all circumstances, regardless of changes in goals or management.
The four dimensions of service management are the perspectives that must all be considered for effective, holistic service management.
The service value system (SVS) is the ITIL 4 model describing how all the components and activities of an organization work together to enable value.
The service value chain is the central element of the service value system, an operating model of six interconnected activities.
A value stream is a series of steps an organization uses to create and deliver products and services to a consumer.
Change enablement is the ITIL practice whose purpose is to maximize the number of successful service and product changes by ensuring risks are assessed and changes are authorized.
Incident management is the ITIL practice that aims to minimize the negative impact of incidents by restoring normal service operation as quickly as possible.
Problem management is the ITIL practice that reduces the likelihood and impact of incidents by identifying their causes.
Service request management is the ITIL practice that supports the agreed quality of a service by handling all pre-defined, user-initiated service requests.
Service level management is the ITIL practice that sets clear business-based targets for service performance so delivery can be assessed against them.