How many key components are there in the ITIL 4 Service Value System (SVS)?

The ITIL 4 Service Value System (SVS) comprises five key components that work together to facilitate value co-creation through the delivery and management of services. These components include:

1. Guiding Principles: These are recommendations that guide an organization's actions and decisions, helping them to adapt and align IT services with their needs.

2. Governance: This component involves the framework and relationships that ensure that the organization's policies and direction are set, monitored, and adhered to in the management of services.

3. Service Value Chain: This is a set of interconnected activities that the organization undertakes to create value through services. It provides a flexible model that can be tailored to meet the needs of various organizational contexts.

4. Practices: These are the organizational resources designed for performing work or accomplishing an objective. ITIL defines practices that support various service management activities.

5. Continual Improvement: This component emphasizes the ongoing effort to enhance services, processes, and practices, ensuring that value is continually maximized.

These five components collectively enable organizations to create and manage value effectively, demonstrating the integrated and holistic approach of ITIL 4 in service management. Having a clear understanding of each of these components is crucial