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In an IT Service Management setting, current approaches to support Continual Service Improvement (CSI) suffer from many deficiencies, including lack of or weak visibility of business impacts, no modeling of uncertainty, difficulty in combining heterogeneous metrics, among others. The result is that CSI activities typically rely on unstructured procedures based on weak data. We offer a model to capture service quality and the business value delivered by a service; the model aims to solve or diminish these deficiencies. A case study was performed in a large bank with very promising results: although model completeness and complexity need to improve, a face validity exercise was performed during the case study and found that the model is sufficiently useful, trustworthy, reliable and accurate.