aime_nathan_BUS310_assignment3

aime_nathan_BUS310_assignment3 - AK Steel: The...

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AK Steel: The Technological Environment Nathan Aime Business 310 Professor Cronce September 24, 2011
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AK Steel: The Technological Environment Changes in the technological environment have had some of the most dramatic effects on business. A company may be thoroughly committed to a particular type of technology, and may have made major investments in equipment and training only to see a new, more innovative and cost-effective technology emerge. Technology can be defined as the method or technique for converting inputs to outputs in accomplishing a specific task. Thus, the terms 'method' and 'technique' refer not only to the knowledge but also to the skills and the means for accomplishing a task. Technological innovation, then, refers to the increase in knowledge, the improvement in skills, or the discovery of a new or improved means that extends people's ability to achieve a given task (Bothma 2011). Technology can be classified in several ways. For example, blueprints, machinery, equipment and other capital goods are sometimes referred to as hard technology while soft technology includes management know-how, finance, marketing and administrative techniques. When a relatively primitive technology is used in the production process, the technology is
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This note was uploaded on 01/08/2012 for the course BUSN 310 taught by Professor Alex during the Spring '11 term at American Public University.

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aime_nathan_BUS310_assignment3 - AK Steel: The...

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