The goal is to provide a better service to business customers by providing a set of environments they can use in a streamlined development lifecycle. The approach taken is to create a set of environments based on the LIC (Larg's Internet Cluster).
The LIC may hold a couple of large sites capturing complex business logic or a thousand small sites dealing with simple transactions. Lower value business deals require a less expensive service lifecycle. the LIC provides cheaper hosting environments to support a low-price lifecycle.
The LIC owner is responsible for providing adequate infrastructure to its customers. ITIL v3 provides a framework for providing a good IT service. It is split into these four stages.
It does not describe project delivery. There has to be some way of delivering solutions for customers.