ITIL Definitions: How can you define your business cases and risks?

You need to be an owner or head of an IT service provider company if you want to know the most important ITIL definitions. The ITIL foundation training definition of Risk and the ITIL business case definition are the most important ITIL definitions. These ITIL definitions, as well as the roles that business cases play in IT service management, are covered in ITIL courses to prepare for the ITIL foundation exam training.
This article will explain these ITIL definitions, and illustrate them with real-life examples.

Business Case
ITIL defines a business case as a justification for significant expenditures that will eventually lead to revenue or some other benefit for the company. If a competitor publishes a service that attracts young customers, you will need to publish a copy. This is why you need to create a new service that targets young customers.
Let’s look at another example from our lives. Imagine that you live in a small apartment with your wife and one child. Your wife and you are expecting a baby. You will need more space when the baby arrives. Your business will need more space to accommodate the baby. This is the reason you should spend money on a new home.
IT service managers involved in the ITIL Service Strategy phase of the ITIL ITIL lifecycle must be familiar with these ITIL definitions. It is useful for helping to develop business cases for new IT services and improving existing services. They should have a clear understanding of their customers’ needs, the competition and how they can meet them.

Risques
ITIL defines a risk as an event that could cause harm, loss, or impact the ability to achieve goals. Data servers could be affected by flooding in the area. If there is an earthquake at the company’s data center, it will cause outages in the ability to restore services from backups. The probability of a threat, vulnerability of the asset to that threat, and the potential impact of it if it occurs are the three components of a risk.
Let’s look at the two previously mentioned risks: earthquakes and floods. If these two risks occur, the actual impact of both risks is the same. It will cause an outage, and it will take a while to restore services. Floods are more likely than an earthquake to occur, so flood risks are more significant than earthquake risks.

IT service managers and owners must be aware of the potential risks that their services may face in order to manage IT services effectively. They must have contingency plans for the most likely risks and tools to detect the signs to mitigate the risk. Effective service management and risk prevention can be achieved if the possibility of the risk occurring is identified before it occurs.
Service Providers
ITIL defines three types of IT service providers. Each type will have its own business case and risks. These three types of IT service providers are defined in the ITIL library:
ITIL definitions: Internal Service Provider
The internal service provider is the first. The ITIL definitions state that an internal service provider is a part of the same company as the customer. Imagine that the IT department of the company stores employee information in a database, and the human resources department of a company uses services to g