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Transcript for Financial Management Activities:

There are three fundamental activities that are part of Financial Management of IT Services:
1. Budgeting
2. IT Accounting, and
3. Chargeback
Funding or budgeting is Predicting the expected future requirements for funds to deliver the agreed upon services and monitoring adherence to the defined budgets. This ensures that the required resources to fund IT are made available and can improve the business case for IT projects and initiatives.
IT Accounting Enables the IT organization to account fully for the way its money is spent. The definition of Cost Models can be used to identify costs by customer, by service, by activity or other logical groupings. IT accounting supports more accurate Budgeting and ensures that any charging method utilized is simple, fair and realistic.
Chargeback is charging customers for their use of IT Services. Charging can be implemented in a number of ways in order to encourage more efficient use of IT resources. Notional or ghost charging is one particular option, in which the costs of providing Services to customers are communicated but no actual payment is required.
Another activity which is actually a contribution of financial management process to demand management process is demand modeling. Financial Management works closely with the process of Demand Management to anticipate usage of services by the business and the associated financial implications of future service demand. This assists in identifying the funding requirements for services, as well as input into proposed pricing models, including any incentives and penalties used.