Technology Management
Technology is a Greek word derived from the synthesis of two words: techne (meaning art) and logos (meaning logic or science). So loosely interpreted, technology means the art of logic or the art of scientificdiscipline. Formally, it has been defined by Everett M. Rogers as "a design for instrumental action that reduces the uncertainty in the cause-effect relationships involved in achieving a desired outcome". That is, technology encompasses both tangible products, such as the computer, and knowledge about processes and methods, such as the technology of mass production introduced by Henry Ford and others.
Another definition was put forth by J. Paap, as quoted by Michael Bigwood in Research-Technology Management. Paap defined technology as "the use of science-based knowledge to meet a need." Bigwood suggests this definition "perfectly describes the concept of technology as a bridge between science and new products." Technology draws heavily on scientific advances and the understanding gained through research and development. It then leverages this information to improve both the performance and overall usefulness of products, systems, and services.
In the context of a business, technology has a wide range of potential effects on management:
- Reduced costs of operations. For example, Dell Computer Corporation used technology to lower manufacturing and administrative costs, enabling the company to sell computers cheaper than most other vendors.
- New
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