Financial management is a key process in the service lifecycle, and applies whether the organization is commercial or not for profit.
All service providers should be aware of the need to provide a breakdown of costs associated to the services they deliver. The service cost model provides a simple breakdown, based on understanding individual costs for service components, and how they are allocated.
By developing a cost model, the service provider can demonstrate a sound financial understanding and professional approach. Types of cost model include:
– Service cost model
– Cost by customer
– Cost by location
– Hybrid cost model
In this ITIL poster we look in detail at the “cost by service” model, one of the more commonly used approaches.
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