Itrm Standard Cpm 516-02 Publication - Virginia Information Technologies Agency Page 6
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38Information Technology Investment Management Standard
ITRM Standard CPM 516-02
January 31, 2017
1. INTRODUCTION
1.1 Intent
The intent of the Information Technology Investment Management (ITIM) Standard
is to establish a methodology for the identification, selection, management, and
evaluation of information technology (IT) investments in order to maximize the
business value of those investments to the commonwealth. The ITIM methodology
uses a lifecycle approach and portfolio management process to minimize risks and
maximize the return on IT investments while supporting executive branch agency
decisions to maintain, migrate, improve, retire, or initiate IT investments. The
standard will define the ITIM methodology, describe the phases of the ITIM lifecycle,
establish the basis for measuring the value of an IT investment, identify the required
actions associated with each phase, position those actions within a portfolio
management process, and assign roles and responsibilities for those actions. Since
the commonwealth and agency IT strategic planning process embodies the ITIM
methodology, the standard also defines and describes related portions of that
process.
1.2 Organization of this standard
The ITIM methodology and lifecycle provide the organizational structure for this
standard. The following sections describe the components of the methodology, the
relation of ITIM to commonwealth and agency IT strategic planning, and the use of
portfolio management as the framework for executing ITIM activities. This standard
also identifies the stakeholders and their responsibilities:
•
IT Investment Management - describes the ITIM process and lifecycle,
commonwealth business needs, and relation to the IT governance process
Stakeholders – identifies the stakeholders in the ITIM process
•
Commonwealth IT Strategic Planning - describes the IT strategic planning
•
process, Commonwealth Technology Portfolio, and their relation to the ITIM
process
Measuring IT Investment Value - defines the value of an IT investment
•
ITIM Phases and Activities – identifies the four phases of the ITIM lifecycle
•
and the activities associated with each phase
•
ITIM Portfolio management –incorporates the activities into a portfolio
management process that executes the ITIM methodology
Stakeholder Responsibilities – states the stakeholder responsibilities in each
•
of the four ITIM phases
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