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IT Investment Management

The Technology Management Policy (TM Policy) was issued in September 2002 to establish a comprehensive and uniform policy for the management of technology investments in the Commonwealth of Virginia (COV). The basis for the commonwealth's approach to technology management, as approved in the TM Policy, is the principle of IT Investment Management (ITIM).

In September 2008 a milestone was reached with the approval of the ITIM Standard. A major revision was approved in January in 2017 and can be found here. The Code of Virginia, Section 2.2-2007. Powers of the CIO, has also been amended to include the following:

• Provide for the effective management of information technology investments through their entire life cycles, including identification, business case development, selection, procurement, implementation, operation, performance evaluation, and enhancement or retirement. Such policies, standards, and guidelines shall include, at a minimum, the periodic review by the CIO of agency Commonwealth information technology projects.
• Establish an Information Technology Investment Management Standard based on acceptable technology investment methods to ensure that all executive branch agency technology expenditures are an integral part of the Commonwealth's performance management system, produce value for the agency and the Commonwealth, and are aligned with (i) agency strategic plans, (ii) the Governor's policy objectives, and (iii) the long-term objectives of the Council on Virginia's Future.

ITIM . . . What is it?

Information Technology Investment Management (ITIM) is a management process that provides for the pre-selection (identification), selection, control, and evaluation of business need-driven Information Technology (IT) investments across the investment lifecycle. ITIM uses structured processes to minimize risks, maximize return on investments, and support commonwealth agency decisions to maintain, migrate, improve, retire, or obtain IT investments. In addition, ITIM establishes a common language for the commonwealth to:

  • Organize IT investments and define their business value;
  • Evaluate and prioritize the investments; and,
  • Effectively manage change.

The ITIM Process

ITIM is the commonwealth's primary process for:

  1. Identifying the potential business value in proposed IT investments;
  2. Selecting IT investments that best meet the business needs;
  3. Monitoring the performance of the initiatives for developing and placing the selected IT investments into operation; and,
  4. Determining if the selected IT investments are continuing to deliver the expected business value.

The ITIM process consists of four phases. The goal of the Pre-Select (Identify) phase is to identify, analyze, and document IT investments that support agency business needs. The goal of the Select phase is to decide from among the potential investments identified in the Pre-Select (Identify) phase which investments to undertake. The goal of the Control phase is to ensure that IT investments are developed and placed in operation using a disciplined, well-managed, and consistent process. The goal of the Evaluate phase is to compare the actual performance results and benefits of an investment to the range of target performance measures established for the investment. The ITIM process is repeated within the agency and the commonwealth on an annual basis and as part of the budget cycle.

ITIM Phases 

ITIM in the commonwealth is based on:

  • The recognition that the commonwealth strategic planning process drives technology investment strategies;
  • The need to support effective communication about technology investment;
  • The concept that technology investments in the commonwealth support and add value to the business of state government; and,
  • The premise that technology investments should be prioritized, executed, and measured based on how they achieve agency and enterprise-wide strategic goals and objectives, and how they serve the critical business needs of the commonwealth.

The ITIM Stakeholders

ITIM stakeholders are the groups or individuals who have responsibility for activities, decisions, or governance within the ITIM lifecycle. Each stakeholder has an important role in maximizing the business value of IT investments in the commonwealth. The ITIM stakeholders are the:

  • Secretary of Technology
  • Commonwealth Chief Information Officer (CIO)
  • Commonwealth Project Management Division (PMD)
  • Commonwealth Secretariats
  • Commonwealth Agencies
  • Commonwealth Programs

 

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