Glossary 1265 – Information Technology Investment Management (ITIM) [PUBLIC]
Glossary of Terms
BLM Enterprise Architecture (BEA) – At its core, the BEA is about the work that the BLM does and the information that it uses to accomplish the work. It is a management framework that describes “what" needs to happen rather than "how" it should happen; the business rules and processes (including information and data) required to operate the organization that are independent of any specific organizational structure, technology, or existing systems; and the hardware and software needed in basic operations of the BLM.
Capital Planning and Investment Control (CPIC) – A systematic approach to selecting, managing, and evaluating information technology investments. CPIC is mandated by the Clinger Cohen Act of 1996 which requires Federal Agencies to focus more on the results achieved through IT investments while streamlining the federal IT procurement process.
Information Technology (IT) – The hardware and software that processes information to accomplish a function, regardless of the technology involved, whether computers, telecommunications, or others. It includes automatic data processing equipment as that term is defined in Section 111(a) (2) of the Federal Property and Administrative Services Act of 1949.
IT Investment – A managerial decision to expend resources to obtain IT or IT-related assets that produce organizational benefits (such as reducing costs, creating new benefits, reducing cycle time, etc.).
IT Investment Management – An integrated process that provides for continuous identification, selection, control, life-cycle management, and evaluation of IT investments.
IT Project – A managed organizational initiative that develops or produces IT or IT-related assets that should result in the expected organizational benefits.
Lifecycle – The entire useful life of a product or service, usually divided into phases including initiation, development, execution, operation and maintenance, and disposal or termination.
Project Lifecycle – Collection of general sequential phases that include the steps necessary to conceptualize, design, develop and deploy (but not operate or dispose of) the project’s performance deliverables.
Project Management – The application of knowledge, skills, tools, and techniques to plan and execute tasks that meet or exceed customer/stakeholder needs and expectations from a project.
Risk – A discrete, possible future occurrence that may affect a project for better or worse.
Risk Management – An integral part of project management that includes the processes required to identify, quantify, respond to, and control project risk.
Service-Level Agreement (SLA) – A negotiated agreement between two parties where one is the customer and the other is the service provider. The SLA records a common understanding about services, priorities, responsibilities, guarantees and warranties.
Rel. 1-1718 08/27/2009