Itrm Standard Cpm 516-02 Publication - Virginia Information Technologies Agency Page 10
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38Information Technology Investment Management Standard
ITRM Standard CPM 516-02
January 31, 2017
Figure 3: ITIM lifecycle phases and key questions addressed
ITIM in the commonwealth is based on:
• The recognition that the commonwealth strategic planning process drives
technology investment strategies;
• The need to support effective communication about technology investment
decisions;
• The concept that technology investments in the commonwealth support and
add value to the business of state government; and,
• The premise that technology investments should be prioritized, executed,
and measured based on how they achieve agency strategic goals and
objectives,
and
how
they
serve
the
critical
business
needs
of
the
commonwealth.
2.6 Relation to commonwealth IT governance
As the basis for the commonwealth’s approach to managing IT investments, ITIM is
the foundation for the broader commonwealth IT enterprise governance framework.
That framework establishes what types of IT investments can be made within the
commonwealth. The framework also directs how those investments should be
managed to ensure they yield business value. The Code of Virginia (§ 2-2-2007)
provides criteria for reviewing IT investments, while this standard establishes the
processes for applying the criteria during the review cycle. Put another way, the
Code of Virginia states the criteria and this standard describes the processes for
implementing the criteria.
The four ITIM lifecycle phases provide a logical framework for review activities of the
IT governance groups. ITIM documentation of potential and current IT investments,
particularly in the Pre-Select phase, is a key input to the IT governance group review
processes.
IT investments should be guided by the requirements and best practices established
by the IT governance groups. Those groups and their primary governance activity
are summarized below:
Page 5
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