• Shuffle
    Toggle On
    Toggle Off
  • Alphabetize
    Toggle On
    Toggle Off
  • Front First
    Toggle On
    Toggle Off
  • Both Sides
    Toggle On
    Toggle Off
  • Read
    Toggle On
    Toggle Off
Reading...
Front

Card Range To Study

through

image

Play button

image

Play button

image

Progress

1/25

Click to flip

Use LEFT and RIGHT arrow keys to navigate between flashcards;

Use UP and DOWN arrow keys to flip the card;

H to show hint;

A reads text to speech;

25 Cards in this Set

  • Front
  • Back
What are the 3 main processes of financial management?
*budgeting
*IT accounting
*charging
What are the benefits of financial management?
*organization will make sound IT investments
*increased confidence in setting & managing budgets
*balance between quantity of IT services and customer resources/needs
What is budgeting?
predicting and controlling expenditures
What is IT accounting?
tracking how much money is spent
What is charging?
billing the customer for services rendered
What cost types are associated with financial management?
*hardware
*software
*people
*accommodation
*external services
*transfer
What are the cost classifications of financial management?
*direct costs
*indirect costs
*fixed costs
*variable costs
*operational costs
*capital costs
What are the 3 methods of assessing depreciation?
*reducing-balance method (% decrease/year)
*straight-line method (equal amount written off/year)
*by-usage method
What are the 3 methods of charging?
*differential: rewards particular usage patterns
*notional: bills & invoices supplied without actual charges
*full: recovers full revenue
What are 4 factors to consider with budgeting?
*level of expenditure required
*desire to influence customer & user behavior
*ability to recover costs according to usage
*control of internal market
What is pricing?
setting agreed-upon rates for charging customers
What is charging?
billing customers for delivered services
What are the 5 pricing methods?
*cost
*cost-plus
*going rate
*market price
*fixed price
What budgeting output goes to IT managers?
budget conformance information
How does budgeting interact with customers?
It assists customers in preparing budgets
What accounting output goes to senior management?
IT cost effectiveness data
What are the responsibilities of accounting?
*advise senior management on IT cost-effectiveness
*defines cost elements
*selects tools & processes for gathering cost data
*agrees on accounting policies
What 3 groups does IT financial management have close relations with?
*service level management
*capacity management
*configuration management
What are 4 problems associated with implementing financial management?
*lack of management commitment
*difficulty quantifying indirect costs
*dependence on other ITSM processes
*finding a skilled finance manager
*lack of cost documentation
What are the 2 main costs of iplementing financial management?
*tools
*administration & organization
What 3 services does security management provide?
*confidentiality
*integrity
*availability
What are the 2 objectives of security management?
*meet security requirements of SLA's
*meet internal security requirements
What 3 processes interact closely with security management?
*service level management
*availability management
*service continuity
What are 3 common problems with security management?
*lack of commitment
*lack of communication
*lack of due diligence
What are 3 common costs of security management?
*personnel
*maintenence
*failure to secure IT infrastructure