ITIL 4 Foundation Practice Exam

Which practice ensures effective use of an organization's financial resources for service management?

1. Service Level Management Practice

2. Service Financial Management Practice

3. Service Desk Practice

4. Service Offering Management Practice

The correct answer is: Service Financial Management Practice

The Service Financial Management Practice is focused specifically on managing an organization's financial resources in relation to service management. This practice encompasses the processes required to plan, budget, and account for expenditures, ensuring that the organization can effectively allocate funds and resources to support its services. Service Financial Management plays a critical role in enabling organizations to assess the cost of services, define financial targets, manage financial risks, and ensure that investment decisions align with strategic objectives. This ensures that all financial operations support the overall goals and sustainability of service delivery. In contrast, the other practices mentioned do have their specific purposes but do not focus primarily on the financial aspect of service management. Service Level Management is concerned with defining and managing service levels to meet customer expectations. The Service Desk Practice is centered on providing a point of contact for users to report issues and request services. Lastly, Service Offering Management deals with defining and managing the offerings provided to customers but does not directly manage financial resources.