Which of the following statements is CORRECT? (1) The only phase of the Service Management Lifecycle where value can be measured is Service Operation (2) All of the phases of the lifecycle are…

Statement 1 is false because value measurement is not limited to Service Operation, so selecting both statements as correct is wrong.

Statement 2 is factually correct, so 'neither' is an incorrect choice.

Statement 2 is correct because value creation, delivery, and measurement is a unifying concern across every phase of the ITIL Service Lifecycle. Service Strategy defines value to be delivered, Service Design ensures services are built to deliver that value, Service Transition safely deploys value, Service Operation delivers value daily, and CSI continuously improves value - making the claim in Statement 1 that only Service Operation measures value factually incorrect.

Statement 1 is incorrect because all lifecycle phases contribute to and are concerned with the value of IT services, not Service Operation exclusively.