| All | A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W |
| Term |
Description |
| Validation |
(Service Transition) An Activity that ensures a new or changed IT Service, Process, Plan, or other Deliverable meets the needs of the Business. Validation ensures that Business Requirements are met even though these may have changed since the original Design.
See Verification, Acceptance, Qualification, Service Validation and Testing. |
| Value Chain |
(Service Strategy) A sequence of Processes that creates a product or Service that is of value to a Customer. Each step of the sequence builds on the previous steps and contributes to the overall product or Service.
See Value Network. |
| Value for Money |
An informal measure of Cost Effectiveness. Value for Money is often based on a comparison with the Cost of alternatives.
See Cost Benefit Analysis. |
| Value Network |
(Service Strategy) A complex set of Relationships between two or more groups or organisations. Value is generated through exchange of knowledge, information, goods or Services.
See Value Chain, Partnership. |
| Value on Investment |
(Continual Service Improvement) A measurement of the expected benefit of an investment. VOI considers both financial and intangible benefits.
See Return on Investment. |
| Variable Cost |
(Service Strategy) A Cost that depends on how much the IT Service is used, how many products are produced, the number and type of Users, or something else that cannot be fixed in advance. See Variable Cost Dynamics |
| Variable Cost Dynamics |
(Service Strategy) A technique used to understand how overall Costs are impacted by the many complex variable elements that contribute to the provision of IT Services. |
| Variance |
The difference between a planned value and the actual measured value. Commonly used in Financial Management, Capacity Management and Service Level Management, but could apply in any area where Plans are in place. |
| Verification |
(Service Transition) An Activity that ensures a new or changed IT Service, Process, Plan, or other Deliverable is complete, accurate, Reliable and matches its Design Specification.
See Validation, Acceptance, Service Validation and Testing. |
| Verification and Audit |
(Service Transition) The Activities responsible for ensuring that information in the CMDB is accurate and that all Configuration Items have been identified and recorded in the CMDB. Verification includes routine checks that are part of other Processes. For example, verifying the serial number of a desktop PC when a User logs an Incident. Audit is a periodic, formal check. |
| Version |
(Service Transition) A Version is used to identify a specific Baseline of a Configuration Item. Versions typically use a naming convention that enables the sequence or date of each Baseline to be identified. For example Payroll Application Version 3 contains updated functionality from Version 2. |
| Vision |
A description of what the Organisation intends to become in the future. A Vision is created by senior management and is used to help influence Culture and Strategic Planning. |
| Vital Business Function |
(Service Design) VBF, A Function of a Business Process which is critical to the success of the Business. Vital Business Functions are an important consideration of Business Continuity Management, IT Service Continuity Management and Availability Management. |
| Vulnerability |
A weakness that could be exploited by a Threat. For example an open firewall port, a password that is never changed, or a flammable carpet. A missing Control is also considered to be a Vulnerability. |
