Does ITIL explain the difference between an Alert and an Event?

Help me please. I'm thrashing around in the morass of Service Operation, trying to get crystal clear on the difference/relationship between an Alert and an Event. Anyone?

P.S. we did skirt around this discussion before

Event Management best practices

While we were all disappearing up our own philosophical orifices debating what is a customer and what is a service, reality came calling. In my mailbox I got this plea from the coalface for some Event Management best practices:

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