Lifecycle   The various stages in the life of an IT Service, Configuration Item, Incident, Problem, Change etc. The Lifecycle defines the Categories for Status and the Status transitions that are permitted. For example:

The Lifecycle of an Application includes Requirements, Design, Build, Deploy, Operate, Optimize.

The Expanded Incident Lifecycle includes Detect, Respond, Diagnose, Repair, Recover, Restore.

The lifecycle of a Server may include: Ordered, Received, In Test, Live, Disposed etc. 
       
Line of Service (LOS)   (Service Strategy) A Core Service or Supporting Service that has multiple Service Level Packages. A line of Service is managed by a Product Manager and each Service Level Package is designed to support a particular market segment.
       

Live   (Service Transition) Refers to an IT Service or Configuration Item that is being used to deliver Service to a Customer.
       
Live Environment   (Service Transition) A controlled Environment containing Live Configuration Items used to deliver IT Services to Customers.
       
LOS   Line of Service

M

Maintainability   (Service Design) A measure of how quickly and Effectively a Configuration Item or IT Service can be restored to normal working after a Failure. Maintainability is often measured and reported as MTRS. Maintainability is also used in the context of Software or IT Service Development to mean ability to be Changed or Repaired easily.
       
Major Incident   (Service Operation) The highest Category of Impact for an Incident. A Major Incident results in significant disruption to the Business.
       
Managed Services   A perspective on IT Services which emphasizes the fact that they are managed. The term Managed Services is also used as a synonym for Outsourced IT Services.
       
Management Information   Information that is used to support decision making by managers. Management Information is often generated automatically by tools supporting the various IT Service Management Processes. Management Information often includes the values of KPIs such as "Percentage of Changes leading to Incidents", or "first time fix rate".
       
Management of Risk (MoR)   The OGC methodology for managing Risks. MoR includes all the Activities required to identify and Control the exposure to Risk which may have an impact on the achievement of an Organization’s Business Objectives.

See http://www.m-o-r.org/ for more details.
        
Management System   The framework of Policy, Processes and Functions that ensures an Organization can achieve its Objectives.
       
Manual Workaround   A Workaround that requires manual intervention. Manual Workaround is also used as the name of a Recovery Option in which The Business Process Operates without the use of IT Services. This is a temporary measure and is usually combined with another Recovery Option.
       
Marginal Cost   (Service Strategy) The Cost of continuing to provide the IT Service. Marginal Cost does not include investment already made, for example the cost of developing new software and delivering training.
       
Market Space   (Service Strategy) All opportunities that an IT Service Provider could exploit to meet business needs of Customers. The Market Space identifies the possible IT Services that an IT Service Provider may wish to consider delivering.
       
Maturity   (Continual Service Improvement) A measure of the Reliability, Efficiency and Effectiveness of a Process, Function, Organization etc. The most mature Processes and Functions are formally aligned to Business Objectives and Strategy, and are supported by a framework for continual improvement.
       
Maturity Level   A named level in a Maturity model such as the Carnegie Mellon Capability Maturity Model Integration.
       
Mean Time Between Failures (MTBF)   (Service Design) A Metric for measuring and reporting Reliability. MTBF is the average time that a Configuration Item or IT Service can perform its agreed Function without interruption. This is measured from when the CI or IT Service starts working, until it next fails.
       
Mean Time Between Service Incidents (MTBSI)   (Service Design) A Metric used for measuring and reporting Reliability. MTBSI is the mean time from when a System or IT Service fails, until it next fails. MTBSI is equal to MTBF + MTRS.
       
Mean Time To Repair (MTTR)   The average time taken to repair a Configuration Item or IT Service after a Failure. MTTR is measured from when the CI or IT Service fails until it is Repaired. MTTR does not include the time required to Recover or Restore. MTTR is sometimes incorrectly used to mean Mean Time to Restore Service.
       
Mean Time to Restore Service (MTRS)   The average time taken to Restore a Configuration Item or IT Service after a Failure. MTRS is measured from when the CI or IT Service fails until it is fully Restored and delivering its normal functionality.

See Maintainability, Mean Time to Repair.
        
Metric   (Continual Service Improvement) Something that is measured and reported to help manage a Process, IT Service or Activity.

See KPI.
        
Middleware   (Service Design) Software that connects two or more software Components or Applications. Middleware is usually purchased from a Supplier, rather than developed within the IT Service Provider.

See Off the Shelf.
        
Mission Statement   The Mission Statement of an Organization is a short but complete description of the overall purpose and intentions of that Organization It states what is to be achieved, but not how this should be done.
       
Model   A representation of a System, Process, IT Service, Configuration Item etc. that is used to help understand or predict future behavior.
       
Modeling   A technique that is used to predict the future behavior. of a System, Process, IT Service, Configuration Item etc. Modeling is commonly used in Financial Management, Capacity Management and Availability Management.
       
Monitor Control Loop   (Service Operation) Monitoring the output of a Task, Process, IT Service or Configuration Item; comparing this output to a predefined norm; and taking appropriate action based on this comparison.
       
Monitoring   (Service Operation) Repeated observation of a Configuration Item, IT Service or Process to detect Events and to ensure that the current status is known.
       
MoR   Management of Risk
       
MTBF   Mean Time Between Failures
       
MTBSI   Mean Time Between Service Incidents
       
MTRS   Mean Time to Restore Service
       
MTTR   Mean Time to Repair

N

Near-Shore   (Service Strategy) Provision of Services from a country near the country where the Customer is based. This can be the provision of an IT Service, or of supporting Functions such as Service Desk. See On-shore, Off-shore.
       
Net Present Value (NPV)   (Service Strategy) A technique used to help make decisions about Capital Expenditure. NPV compares cash inflows to cash outflows. Positive NPV indicates that an investment is worthwhile.

See Internal Rate of Return, Return on Investment.
        
Notional Charging   (Service Strategy) An approach to Charging for IT Services. Charges to Customers are calculated and Customers are informed of the charge, but no money is actually transferred. Notional Charging is sometimes introduced to ensure that Customers are aware of the Costs they incur, or as a stage during the introduction of real Charging.
       
NPV   Net Present Value

O

Objective   The defined purpose or aim of a Process, an Activity or an Organization as a whole. Objectives are usually expressed as measurable targets. The term Objective is also informally used to mean a Requirement.

See Outcome.
       
Off the Shelf   Synonym for Commercial Off the Shelf.
       
Office of Government Commerce (OGC)   OGC owns the ITIL brand (copyright and trademark). OGC is a UK Government department that supports the delivery of the government's procurement agenda through its work in collaborative procurement and in raising levels of procurement skills and capability with departments. It also provides support for complex public sector projects.
       
Office of Public Sector Information (OPSI)   OPSI license the Crown Copyright material used in the ITIL publications. They are a UK Government department who provide online access to UK legislation, license the re-use of Crown copyright material, manage the Information Fair Trader Scheme, maintain the Government’s Information Asset Register and provide advice and guidance on official publishing and Crown copyright.
       
Off-shore   (Service Strategy) Provision of Services from a location outside the country where the Customer is based, often in a different continent. This can be the provision of an IT Service, or of supporting Functions such as Service Desk.

See On-shore, Near-shore.
        
OGC   Office of Government Commerce
       
OLA   Operational Level Agreement
       
On-shore   (Service Strategy) Provision of Services from a location within the country where the Customer is based.

See Off-shore, Near-shore.
        
Operate   To perform as expected. A Process or Configuration Item is said to Operate if it is delivering the Required outputs. Operate also means to perform one or more Operations. For example, to Operate a computer is to do the day-to-day Operations needed for it to perform as expected.
       
Operation   (Service Operation) Day-to-day management of an IT Service, System, or other Configuration Item. Operation is also used to mean any pre-defined Activity or Transaction. For example loading a magnetic tape, accepting money at a point of sale, or reading data from a disk drive.
       
Operational   The lowest of three levels of Planning and delivery (Strategic, Tactical, Operational). Operational Activities include the day-to-day or short term Planning or delivery of a Business Process or IT Service Management Process. The term Operational is also a synonym for Live.
       
Operational Cost   Cost resulting from running the IT Services. Often repeating payments. For example staff costs, hardware maintenance and electricity (also known as "current expenditure" or "revenue expenditure").

See Capital Expenditure.
       
Operational Expenditure (OPEX)   Synonym for Operational Cost.
       
Operational Level Agreement (OLA)   (Service Design) (Continual Service Improvement) An Agreement between an IT Service Provider and another part of the same Organization An OLA supports the IT Service Provider's delivery of IT Services to Customers. The OLA defines the goods or Services to be provided and the responsibilities of both parties. For example there could be an OLA between the IT Service Provider and a procurement department to obtain hardware in agreed times between the Service Desk and a Support Group to provide Incident Resolution in agreed times.

See Service Level Agreement.
        
Operations Bridge   (Service Operation) A physical location where IT Services and IT Infrastructure are monitored and managed.
       
Operations Control   Synonym for IT Operations Control.
       
Operations Management   Synonym for IT Operations Management.
       
OPEX   Operational Expenditure
       
Opportunity Cost   (Service Strategy) A Cost that is used in deciding between investment choices. Opportunity Cost represents the revenue that would have been generated by using the Resources in a different way. For example the Opportunity Cost of purchasing a new Server may include not carrying out a Service Improvement activity that the money could have been spent on. Opportunity cost analysis is used as part of a decision making processes, but is not treated as an actual Cost in any financial statement.
       
OPSI   Office of Public Sector Information
       
Optimize   Review, Plan and request Changes, in order to obtain the maximum Efficiency and Effectiveness from a Process, Configuration Item, Application etc.
       
Organization   A company, legal entity or other institution. Examples of Organizations that are not companies include International Standards Organization or itSMF. The term Organization is sometimes used to refer to any entity which has People, Resources and Budgets. For example a Project or Business Unit.
       
Outcome   The result of carrying out an Activity; following a Process; delivering an IT Service etc. The term Outcome is used to refer to intended results, as well as to actual results.

See Objective.
        
Outsourcing   (Service Strategy) Using an External Service Provider to manage IT Services.

See Service Sourcing, Type III Service Provider.
       
Overhead   Synonym for Indirect cost