TECHNOLOGY MANAGEMENT ( T M )

It refers to the process of managing and utilizing technology to achieve organizational goals and
objectives. It involves the planning, design, development, implementation & maintenance of
technology solutions to support the business operations and strategies. •The primary goal of
technology management is to ensure that technology is aligned with the organization's needs
and goals, & is used in the most effective & efficient way possible. This requires a thorough
understanding of the current & future technology trends & the ability to identify & implement
solutions that meet the organization's needs. It requires close collaboration between technology
& business leaders to ensure that technology solutions support the organization's goals &
objectives. It also requires a deep understanding of the organization's operation processes &
workflows, as well as the ability to identify an implement solutions that meet the organization's
needs. CONCEPT : Managing and maintaining technology•Measuring the impact of technology•
Implementing technology solutions•Evaluating technology options•Identifying technology needs
KEY ELEMENTS: Strategic planning•Project management•Resource allocation•Technology
implementation:•Technology maintenance•Risk management
Positive Impacts of technology on society:
Improved Communication • Improved Education and learning process • Mechanized Agriculture
•Easy to access information
Negative Impacts of technology on society: Increase in unemployment•Increase in health
and mental concerns•Increase in pollution• Increase in cybercrimes
IMPACT OF TECHNOLOGY IN BUSINESS
Benefits :Improved communication and collaboration •Increased productivity •Enhanced
customer experience •New revenue streams •Increased competition
Disadvantages : Job displacement •Integration challenges •Security risks •Income inequality
•Data privacy •Addiction and mental health
ROLE AND SIGNIFICANCE TECHNOLOGY MANAGEMENT
1. Technology strategy development: This includes identifying the technology needs of the
organization, evaluating available technologies, and selecting those that will best support the
business objectives.2. Technology selection and implementation: This may involve working
with technology vendors, conducting pilot projects, and coordinating the training and support
required to ensure the successful adoption of new technologies.3. Technology operation and
maintenance. This includes ensuring that systems are secure and up-to-date, and responding
to issues and incidents as they arise.4. Technology innovation: They also work to ensure that
the organization has the necessary skills and resources to take advantage of new technologies
as they become available.5. Resource management: Technology managers are responsible
for managing the resources required to support technology, including budgets, personnel, and
equipment. They must also ensure that resources are allocated efficiently and effectively to
support the technology needs of the organization.
Enterprise Technology Management Importance: Risk management • Innovation and
competitiveness • Enhanced customer experience • Cost savings• Alignment with business
strategy • Improved efficiency and productivity • Better decision making.
TECHNOLOGY AND COMPETITION
Advantage: Consumer benefits•Economic growth•Globalization •Digitalization• Personalization
•Efficiency• Innovation. Disadvantages: Disruption of traditional industries •Inequality
•Privacy and security concerns •Dependence on technology •Short-term focus •Impact on
human interactions • Cost of entry and maintenance.
TECHNOLOGY INNOVATION
•It improves the quality of life by providing new & improved products and services. It allows
organizations to stay competitive in a rapidly changing business environment. It can lead to
increased productivity & efficiency. •It can enable new scientific & technological discoveries. •It
can help address societal challenges such as healthcare, energy & environmental protection. It
can foster entrepreneurship and small business growth. •It can promote the development of new
skills & capabilities. •It can improve communication & collaboration on a global scale. •It can
lead to more equitable access to information & resources.
KEY ISSUES IN MANAGING TECHNOLOGICAL INNOVATION
Balancing short-term & long-term goals •Embracing risk •Securing funding •Managing the
innovation pipeline •Building the right team •Keeping up with the pace of change •Ensuring
ethical considerations
Product Technology: It refers to the design, development & production of physical products
and systems. It involves the creation of new products/ improvement of existing products through
the use of new materials, components & manufacturing processes. The focus of product
technology is on creating products that are more functional, reliable & efficient. * Product
technology involves a wide range of activities, including research and development, design,
prototyping, testing, manufacturing, and marketing. *Once the research and development phase
is complete, product technology moves into the design phase. This is where engineers and
designers create detailed blueprints and specifications for the product, taking into account the
materials, components, and manufacturing processes that will be used. The design phase also
includes the creation of prototypes and mockups, which are used to test and refine the product
before it goes into production.

Process technology, on the other hand, refers to the design, development & implementation of
processes & systems that are used to produce goods & services. It involves the optimization of
production processes to make them more efficient, cost-effective & environmentally sustainable.
The focus of process technology is on improving the quality of the production process and
reducing waste. •Process technology including process design, process improvement &
process control. This includes the selection of the best manufacturing equipment, process flow,
and control systems to ensure that the process is efficient and cost-effective.In the process
improvement phase, process technology focuses on continuously improving the production
process to increase efficiency and reduce waste. Deployment of continuous improvement
methodologies such as Lean and Six Sigma to identify and eliminate inefficiencies in the
process.
TECHNOLOGY ACQUISITION
Technology acquisition refers to the process of acquiring new technologies to improve or
expand a business or organization This can include purchasing new equipment or software,
licensing technology from other companies, or developing new technology internally. Acquiring
technology is not always a straightforward process. It may involve a significant investment of
time and resources, and it's important to carefully evaluate the options and consider the
long-term benefits and costs. The process of technology acquisition can be broken down into
several steps: 1. Identifying the need for new technology: This step involves analyzing the
current technology used by the organization and determining if there are any gaps or areas for
improvement. 2. Researching potential solutions: Once the need for new technology has
been identified, research is conducted to find potential solutions that meet the organization's
requirements. 3. Evaluating the options: The potential solutions are evaluated based on
factors such as cost, performance & compatibility with existing systems. 4. Making a decision:
A decision is made on which technology to acquire & the necessary steps are taken to acquire
it.
5. Implementing the technology: The new technology is implemented and integrated into the
organization's systems & processes.
6. Monitoring and maintaining: Ongoing monitoring & maintenance is required to ensure the
technology continues to function properly & meet the organization's needs.
NEW TECHNOLOGY : Blockchain: A decentralized digital ledger that records transaction in a
secure, transparent & verifiable way.•Quantum Computing: A technology that uses the
properties of quantum mechanics to perform operations on data.•Artificial intelligence (AI)
•Internet of Things(IoT)• Robotics•5G technology•Virtual Reality(VR) & Augmented Reality(AR)
MANAGEMENT FOR ACQUIRED TECHNOLOGY
The management of acquired technology involves overseeing the integration & implementation
of technology that has been acquired through purchase, merger, or partnership. The process
includes the following steps: 1.Due Diligence: Before acquiring technology, it is important to
conduct due diligence to ensure that the technology aligns with the organization's goals and
objectives, and that there are no major risks or issues associated with the technology.
2. Integration: Once the technology has been acquired, it needs to be integrated into the
organization's existing systems and processes. This includes configuring and testing the
technology, as well as training employees on how to use it. 3. Implementation: After the
technology has been integrated, it needs to be implemented and deployed in the organization.
This includes setting up any necessary infrastructure, and ensuring that the technology is being
used effectively and efficiently. 4. Monitoring and Maintenance: Acquired technology needs to
be monitored to ensure that it is functioning as intended, and that it is meeting the organization's
needs. Regular maintenance is also necessary to keep the technology up-to-date and to
address any issues that may arise. 5. Evaluation and Optimization: The performance of the
acquired technology needs to be evaluated & optimized over time to ensure that it is meeting
the organization's goals & objectives. This includes monitoring performance metrics, gathering
feedback from users, and identifying areas for improvement. 6. Continual learning: it is
important for the organization to keep learning and updating their knowledge about the acquired
technology, its advancements and its potential improvements.
TECHNOLOGY FORECASTING
Technology forecasting is the process of predicting future technological developments and
trends. It helps organizations understand and prepare for future technological developments,
and make informed decisions about new product development, market analysis, strategic
planning, research and development, and investment decisions.
APPLICATION: New product development Market analysis. •Strategic planning •Research &
development Investment decisions. CHALLENGES: Lack of accurate data. •Uncertainty and
unpredictability of technological developments •Limited understanding of the technology
•Difficulty in identifying key trends. NEEDs : Rapid pace of technological changes. •Identifying
new opportunities•Staying competitive •Improving existing products and services•Identifying new
markets•Staying competitive. ROLES: Providing strategic understanding • Anticipating
technological changes •Improving existing products and services •Identifying new opportunities
•Developing plans for new markets
CHARACTERISTICS: 1. Proactivity: Technology forecasting is a proactive approach to
understanding and preparing for future technological developments. 2. Long-term perspective:
Technology forecasting typically focuses on long-term predictions. 3. Multidisciplinary: It often
involves the input and analysis of experts from various fields, such as engineering, computer
science, sociology economics, and management. 4. Data-driven: Technology forecasting relies
on the collection and analysis of data to make predictions. This includes data on past
technological development current trends, and expert opinions. 5. Iterative: Technology
forecasting is an iterative process with predictions and scenarios being updated and refined as
new data and information becomes available 6. Uncertainty: Technology forecasting can be
uncertain a it is difficult to predict the future and the future a technology is highly uncertain as
well. 7. Risk Management: Technology forecasting also help organizations understand potential
risks and opportunities associated with future technological developments and plan accordingly.
8. Flexibility: Technology forecasting should be flexible enough to adapt to new information and
changes in the technological landscape. 9. Decision making: Technology forecasting is used
as a tool to make strategic decisions in organizations. 10. Continuous process: as new
technologies and trends are constantly emerging, and it is important for organizations to stay up
to date with these developments in order to make informed decisions.
TECHNOLOGY FORECASTING PROCESS: steps
1.Defining the scope of the forecast : This includes determining the specific technology that
will be studied, the time frame for the forecast, and the level of detail that is required.
2. Identifying key drivers: These drivers may include economic,social, political & technological
factors that are likely to influence the development and adoption of new technologies
3. Collecting and analyzing data: 4.Developing scenarios: With the data collected and
analyzed, the next step is to develop scenarios that describe potential future states of the
technology. These scenarios should take into account the key drivers of change and the data
that has been collected. 5. Evaluating the scenarios: The final step in the technology
forecasting process is to evaluate the scenarios that have been developed. This may involve
assessing the feasibility and likelihood of each scenario, as well as the potential impact of each
scenario on the organization and industry.
PRINCIPLES OF TECHNOLOGY FORECASTING
Identifying key trends:•Identifying drivers and inhibitors•Identifying key stakeholders•
•Using multiple methods: Different methods forecasting, such as Delphi method, scenario build
and quantitative methods, can be used to provide a comprehensive and accurate view of future
technology developments.• Considering potential risks and uncertainty.•Regular review and
update • Considering the potential impact of the technology
TECHNOLOGY FORECASTING METHODS & TECHNIQUES: Expert judgment, Quantitative
forecasting, Patent analysis, Roadmapping, Scenario planning, Delphi method.
1.Delphi method
a forecasting technique that is used to gather and aggregate the opinions of a group of experts
in a specific field. The method involves a series of rounds, in which experts are presented with a
question or problem and asked to provide their predictions or opinions. The responses are then
collated, and the group is presented with a summary of the responses in the next round. This
process is repeated until a consensus is reached or until the group feels that they have reached
a satisfactory level of understanding of the issue at hand. This method is particularly useful in
situations where there is a lack of data or where the future is highly uncertain. Advantage: It
helps to identify and eliminate the effects of personal bias and subjectivity among the experts.•It

⚫
can be used to generate a consensus view of the future •It is useful in situations where data is
scarce or uncertain. It can be used to generate a wide range of predictions. Disadvantages:
It can be time-consuming and costly to implement.
•It may be difficult to identify a suitable group of experts.• There is a risk of groupthink, where
the opinions of the group become overly influenced by opinions of a few dominant individuals.•It
can be difficult to ensure that all participants remain engaged throughout the process.
2.Scenario Planning
This is a technology forecasting method that involves creating and analyzing different possible
future scenarios in order to prepare for a range of outcomes. Key principles of scenario planning
include: 1. Identifying key uncertainties: 2. Creating a range of scenarios. 3. Selecting a small
set of plausible scenarios 4.Analyzing the implications of each scenario 5.Building resilience
6.Continuously monitoring and updating 7.Involving a diverse group of stakeholders 8.
Communicating and sharing the results
3.Roadmapping :
Technology roadmapping is a forecasting method that is used to identify and plan for the
development of new technologies. It is a visual representation of the development of a
technology over time, including the current state of the technology, the steps that need to be
taken to advance the technology, & the expected future state of the technology. The
roadmapping process typically involves a number of stakeholders, including research engineers,
and business leaders. Advantages : It helps to identify and plan for the development of ne
technologies. •It helps to align the research and development efforts different stakeholders. •It
helps to identify and prioritize key technological advancements. •It can be used to identify
potential roadblocks challenges that need to be addressed.Disadvantages: It can be time-
consuming and costly to implement.•It may be difficult to identify a suitable group stakeholders.
There is a risk of groupthink, where the opinions of the group become overly influenced by the
opinions of a few dominant individuals. •It can be difficult to ensure that all stakeholders rema
engaged throughout the process.
4. Quantitative forecasting
Quantitative forecasting is a technology forecasting method that uses mathematical and
statistical techniques to predict future trends in technology development. This method relies on
the collection of historical data and the use of mathematical models to make predictions about
the future. There are several different types of quantitative forecasting methods, including:
1.Simulation modeling: This can include techniques such as agent-based modeling and
system dynamics modeling. Simulation modeling can be used to make long-term predictions
about future trends in technology development. 2.Econometric modeling: This type of analysis
involves using economic theory and statistical techniques to model the relationships between
different variables. 3.Time series analysis: This type of analysis involves analyzing historical
data to identify patterns and trends over time. This can include techniques such as moving
averages, exponential smoothing, and ARIMA models.
Advantages: It provides a systematic and objective way of making predictions.•It can be used
to make short, medium, and long-term predictions about future trends in technology

⚫
development. • It can be used to test the sensitivity of predictions to different assumptions and
scenarios. It can be used to identify key drivers and dependencies that influence the
technology development. Disadvantages: It requires a large amount of data, which may not
always be available. •It can be complex and time-consuming to implement.
5. Expert Judgement: Expert judgment is a technology forecasting method that relies the
opinions and insights of experts in a particular field to predict future trends in technology
development. This method is base on the idea that experts have specialized knowledge an
experience that can be used to make predictions about the future There are several different
types of expert judgment method including: 1. Delphi method: This method involves a series of
round of questionnaires or interviews with experts in particular field. The experts are asked to
provide the predictions about future trends in technology development. The responses are then
compiled and use to generate a consensus prediction. 2. Nominal group technique: This
method involves a group of experts who meet in person or virtually to discuss future trends in
technology development. The experts an asked to provide their predictions and the group the
reaches a consensus prediction. 3. Brainstorming: This method involves a group of expert who
meet in person or virtually to discuss future trend in technology development. Advantages: It
can provide valuable insights and perspectives from experts in a particular field.• It can be used
to identify potential roadblocks or challenges that need to be addressed.• It can be used to
identify key drivers & dependencies that influence the technology development .• It can be used
to make predictions in fields where data is limited or difficult to obtain.Disadvantages: It can be
time-consuming & costly to implement.• It may be difficult to identify a suitable group of experts.
It can be difficult to ensure that all experts remain engaged throughout the process.
KEY CONCEPT OF TECH GENERATION & DEVELOPMENT
Research and Development (R&D)• Innovation •Prototyping •Prototyping•Innovation •Diffusion
of innovation. •Commercialization •Technological life cycle •Intellectual property •Government
funding
Planning involves setting goals and objectives, and determining the actions and resources
needed to achieve them. It involves creating a roadmap for the future, and can be done at
various levels within an organization (e.g. strategic, tactical, operational).
Forecasting, on the other hand, involves making prediction about future events and trends.
This can include financial forecasting (e.g. revenue, expenses), production forecasting (eg
demand for a product), and sales forecasting (e.g. number of unit to be sold).Both planning and
forecasting are important for making informed decisions and taking proactive measures to
address potential issues.
TECHNOLOGY GENERATION
Technology generation refers to the process of developing and introducing new technological
advancements and innovations. It involves the creation and implementation of new ideas and
concepts, as well as the improvement and refinement of existing technologies. The process of
technology generation can be divided into several stages, including:
1. Research and Development 2.Design and Development 3.Testing and Validation
4.Production and Deployment 5. Maintenance and Support.
TECHNOLOGY DEVELOPMENT :
Technology development refers to the process of creating new technologies or improving
existing ones. Technology development is a continuous process, and new technologies are
constantly being developed and introduced. The process of technolo development can be quite
complex, and it often involves collaboration between multiple teams, departments, and
organizations. The process of technology development can be broken down into several stages
including: 1.Idea generation 2.Feasibility study: In this stage, the feasibility of the idea is
evaluated. 3.Research and Development 4. Design and Development 5.Testing and Validation
6. Implementation 7. Maintenance and Support.
IMPORTANCE OF TECHNOLOGY GENERATION AND DEVELOPMENT
1.Economic growth: Technology generation and development drive economic growth by
creating new industries, jobs, and opportunities. New technologies also increase productivity
and efficiency, which can lead to lower costs and higher profits for businesses.
2. Improved quality of life: New technologies can improve the quality of life for individuals and
communities by providing new products and services, such as new medical treatments,
transportation options, and communication tools. 3. Advancements in science and medicine:
Technology generation and development have led to significant advancements in science and
medicine. For example, new technologies have allowed for the development of new drugs,
medical devices, and diagnostic tools, which have greatly improved healthcare outcomes.
4. Environmental benefits: They can also have environmental benefits, such as the
development of new renewable energy sources, and the creation of new technologies that can
help to reduce pollution and conserve resources.
5. National security: Technology generation and development are also important for national
security, as new technologies can be used to improve the capabilities of the military, intelligence
agencies, and law enforcement organizations.
6. Global competitiveness: The ability to generate and develop new technologies is also
important for global competitiveness.