In September 2008 a milestone was reached with the approval of the ITIM Standard 516.03 (Word version). A major revision was approved in January 2017. The Code of Virginia, Section 2.2-2007. Powers of the CIO, has also been amended to include the following:
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:
ITIM is the Commonwealth's primary process for:
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 in the Commonwealth is based on:
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: