The Information Technology Infrastructure Library v3 delivers a fundamental shift in the way an organisation will think about implementing ITIL. Now instead of focussing on two core books and the ten embedded processes, we are presented with a lifecycle approach that is outlined in five volumes.

Version 3 structure
ITIL v3 comprises a set of core texts supported by
additional complementary and web based materials.
ITIL v3 core volumes
Service Strategy
focuses on the identification of market opportunities for which
services could be developed in order to meet a requirement on the
part of internal or external customers. The output is a strategy for
the design, implementation, maintenance and continual improvement of
the service as an organizational capability and a strategic asset.
Key areas of this volume are Service Portfolio Management and
Financial Management.
Service Design focuses on the activities that take place in order to develop the
strategy into a design document which addresses all aspects of the
proposed service, as well as the processes intended to support it.
Key areas of this volume are Availability Management, Capacity
Management, Continuity Management and Security Management.
Service Transition focuses on the implementation of the output of the service design
activities and the creation of a production service or modification
of an existing service. There is an area of overlap between Service
Transition and Service Operation. Key areas of this volume are
Change Management, Release Management, Configuration Management and
Service Knowledge Management.
Service Operation focuses on the activities required to operate the services and
maintain their functionality as defined in the Service Level
Agreements with the customers. Key areas of this volume are Incident
Management, Problem Management and Request Fulfilment.
Continual Service Improvement focuses on the ability to deliver continual improvement to the
quality of the services that the IT organization delivers to the
business. Key areas of this volume are Service Reporting, Service
Measurement and Service Level Management.
The ITSMF has released a downloadable guide to v3. Get it here: Download 'An Introductory Overview of ITIL V3' Pocketbook
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