ITIL framework is a source of good practice in service management. ITIL is used by organizations worldwide to establish and improve capabilities in service management.
ITIL, Information Technology Infrastructure Library available from June 2007 in the third version (ITIL v3) aims to descrive how to manage the ICT Service lifecycle in order to improve the ICT Service quality in agreement with costs and constraints. The Service Lifecycle turns around the concepts of Value, Service, IT Service Management.

In ITIL v3 Value has two dimensions:
Utility (or fitness for purpose) is what the client perceived as the positive effect of the service over the performance of the activities associated with the required outcomes. The Removal or reduction of constraints on performance is also perceived as a positive effect.
Warranty (or fitness for use) is derived from the positive effect (given from utility), being available when needed, in sufficient capacity or magnitude, and dependably in terms of continuity and security.
The IT Services are a mean to always provide value to the customers, making easier the accomplishments of the objectives and avoiding customers own costs and relevant risks.
The IT Service Management  is a set of organizational capabilities specialized in Providing Value to the customers in the form of IT services (and … a set of Functions and Processes for managing Services over their Lifecycle).
ITIL v3 (2007) Lifecycle Approach has the following components:

• Service Strategy
• Service Design
• Service Transition
• Service Operation
• Continual Service Improvement