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Practical IT Service Management: A Concise Guide for Busy Executives by Thejendra BS

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CHAPTER 17: FINANCIAL MANAGEMENT

‘When I had youth I had no money; now I have the money I have no time; and when I get the time, if I ever do, I shall have no health to enjoy life.’

Louisa May Alcott

What is IT financial management?

Financial management is the process of budgeting, accounting and charging for IT services. The objective of the IT financial management process is the proper management of monetary resources to support the organisation’s IT goals. Financial management ensures that any solution proposed by IT services to meet the requirements defined in service level management is justified from a cost and budget standpoint. Financial data provides the costs associated with the business to make decisions regarding changes in the IT ...

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