IT executives and their teams need a comprehensive and accurate view of IT services. A service catalog includes all relevant details about your services, including which service level agreements (SLAs) are associated with it, who is able to request it, how much it costs, and how to fulfill it. This paper describes the IT Infrastructure Library® (ITIL®) Version 3 (V3) approach to service portfolio management and examines the various components, such as the service catalog.