Be able to differentiate between the purpose, objectives, and scope for the service strategy phase of the lifecycle. The purpose is to provide the strategy for the service lifecycle. The objectives include the definition of the strategy and governance control. The scope covers defining a strategy to meet a customer’s business outcomes and defining a strategy for managing those services.

Understand the terms utility and warranty. Utility ensures that the service is fit for the purpose, and warranty ensures that the service is fit for use. Both of these should be ensured to deliver value to customers.

Be able to differentiate between resources and capabilities. Resources are items that could be used to assist in the delivery of a service, such as financial capital. Capabilities are the assets that represent the organization’s ability to do something to achieve value, such as processes.

Understand the role of governance in the service lifecycle. Governance is a key part of service management throughout the lifecycle. It provides structure and standardization for the management of services and unites the IT service provider approach with that of the organization.

Understand the role of risk management in the service lifecycle. Risk management is the approach adopted to identify, document, analyze, and mitigate against the likelihood of potential impact to a project or service. Developing a consistent corporate approach to risk management will ensure a repeatable and manageable process.

Understand the importance of patterns of business activity in the management of services. Patterns of business activity (PBA) are important in understanding the strategic and tactical approaches you take to the management of resources and capabilities. You need to be aware how you are going to meet the requirements of the business, and capturing, recording, and utilizing PBA will enable you to manage your service provision more efficiently and cost-effectively.