Technology Management Research Paper

TECHNOLOGY MANAGEMENT

1.1.1. An Introduction

Technology:

Technology has been defined in a variety of ways. It is important to recognize these various approaches to the definition before we build one to focus on in this text. This range of definitions demonstrates that a variety of different perspectives on technology exist. A few of the major definitions of technology include:

_ the processes used to change inputs into outputs

_ The application of knowledge to perform work

_ The theoretical and practical knowledge, skills, and artifacts that can be used to develop products as well as their production and delivery system

_ The technical means people use to improve their surroundings

_ The application of science, especially to industrial

Some of the major limitations of neo-classical theory are:

• Only labor and capital are incorporated as factors of production. The inclusion of more factors, however, makes the application of the production function analytically more complicated.

• The presence of infinite techniques at a given level of technology is rather unrealistic. Real life situations often imply a choice between a restricted number of options.

• Only cost-reducing improvements can be described by the production function. Improvements in performance or the appearance of new services find no place in this theory.

• Though an efficient tool for equilibrium analysis of economic life, it is ill at ease when dealing with dynamic problems.

Marxist Theory

Karl Marx perceived technology as not self generating, but as a process directed by willful, conscious, active people and molded by historical forces. He held that technological change - the development of the productive forces - was the prime mover of history. The individual entrepreneur invests and innovates because it is rational for profit maximization or necessary for survival. Marx seemed to be under the spell that innovations simply must be

• Set time horizons for each of the R&D activities based on the time horizon of the firm’s strategy.

• Compilation of information on trends that might provide an opportunity or impose threat on the firm in the future.

• Evaluates the direction of the existing R&D strategy and suggests realignment, if necessary.

Technology strategy formulation has occupied centre-stage of long-range corporate planning owing to the emergence of technology as a competitive weapon and the need to grapple with global market forces through effective deployment of technologies in organizations. Indian Institute of Technology

1.1.4. THE IMPORTANCE OF MANAGING TECHNOLOGY

Now that we have defined technology and its management, what willnactually be needed to build an understanding of how to do these activities? The National Task Force on Technology has listed five specific reasons individuals and organizations should be concerned about thenmanagement of technology.11 These reasons are as