There was an event in the old "LGG game" called - DIPLO POKER or something.
Basically, CP (read: Germany) chose to forego the initial advantage of the 1st August Turn, this meant that France and Russia delivered War Declarations (all mobilised and Austria attacks Serbia).
Following declarations of War by the Franco-Russian Alliance, the Germans get an option to invest money and diplomacy into Italy, this leads to a good chance of Italian Neutrality and a small chance of Italian swinging pro-CP even without the "Austrian Concession".
If both- Diplo Poker and the investments are made and then Austria also offers concession, then almost always Italy joined CP.
Looking Back, just a few months before the War, the Italian General in charge of the armies- (sorry, i forget his name) - died.
This guy had an Austrian wife and Conrad (Austrian CoS) had an Italian Mistress, this commonality coupled with Moltke Jr. who was an incompetent General but decent diplomat meant that if he hadn't died and had Cadorna (who hated Austria) become the CoS there would have been a good chance of Italy joining the CP as the Royal Family was quite friendly with Germany and had several relations with the Hapsburgs and Hohenzollerns.
Rascals, would you live forever? - Frederick the Great.