CA0027 – Introduction to technology Management – 2 Credits
(Book ID: B0105)
Assignment Set- 1
Q.1 Explain the role and importance of technology management. Ans.Technology Management is set of management disciplines that allows organizations to manage its technological fundamentals to create competitive advantage. Typical concepts used in technology management are technology strategy (a logic or role of technology in organization), technology forecasting (identification of possible relevant technologies for the organization, possibly through technology scouting), technology roadmapping (mapping technologies to business and market needs), technology project portfolio ( a set of projects under development) and technology portfolio (a set of technologies in use).
The role of the technology management function in an organization is understand the value of certain technology for the organization. Continuous development of technology is valuable as long as there is a value for the customer and therefore the technology management function in an organization should be able to argue when to invest on technology development and when to withdraw.
Technology Management can also be defined as the integrated planning, design, optimization, operation and control of technological products, processes and services, a better definition would be the management of the use of technology for human advantage. The importance’s of technology management:
* Growth of the Firm: The process of managing technology involves organizing, coordinating, and managing activities. If technology is well managed, an organization will improve on its operations and reduce on operational costs of the organization. The technical staff will have a challenge of analyzing what customers need and specify which technologies are supposed to be implemented as well as spot the ones to be stopped. After this process of analyzing what is...