TERM

DEFINITION

Value Chain

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.

Value for Money

An informal measure of Cost Effectiveness. Value for Money is often based on a comparison with the Cost of alternatives.

Variable Cost

(Financial Management) A Cost that depends on how much the IT Service is used, how many products are produced, or something else that cannot be fixed in advance.

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.

Variant

(Configuration Management) A Configuration Item that is identical to another CI except for specific Attributes. Variants are used to group similar CIs together for analysis. For example it may be necessary to identify all Users with a particular model of laptop, even though that laptop has a number of Variants.

Vendor-Managed Use

(Software Asset Management) The management of licenses by the Supplier of the software. Licenses may also be managed by the Customer or the IT Service Provider.

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.

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 Vulnerability.