ITIL 4 Foundation Practice Exam

Which practice focuses on ensuring the effective use of financial resources within an organization?

1. Service catalog management

2. Change management

3. Service financial management

4. Incident management

The correct answer is: Service financial management

The practice that focuses on ensuring the effective use of financial resources within an organization is service financial management. This practice is crucial because it allows organizations to plan, control, and monitor their financial resources effectively, ensuring that they can provide services that meet both customer needs and organizational goals while remaining within budget constraints. Service financial management encompasses activities such as budgeting, accounting, and charging for services, which are essential for maintaining a sustainable financial model. By enabling organizations to make informed decisions about investments in services and resources, this practice helps to maximize the value derived from financial assets and ensure that financial management aligns with strategic objectives. In contrast, service catalog management is primarily focused on maintaining a comprehensive list of services offered to customers, change management deals with managing changes to services and minimizing disruptions, and incident management aims to restore normal service operation as quickly as possible while minimizing the impact on the business. These practices, while essential to overall service management, do not specifically target the financial aspects of resource management in the way that service financial management does.