Brief_Course_on_Technology_Management_----_(Chapter_1._Technology_and_Its_Importance_to_Business_).p - 1 TECHNOLOGY AND ITS IMPORTANCE TO BUSINESS 1 1.1

Brief_Course_on_Technology_Management_----_(Chapter_1._Technology_and_Its_Importance_to_Business_).p

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TECHNOLOGY AND ITS IMPORTANCE TO BUSINESS 1 Technology deals with man-made world. Technology focuses on the application of scientific laws. Technology is the application of scientific knowledge for 1.1. TECHNOLOGY Technology can be defined as the knowledge and systems employed for the production of goods and services, using processes, methods, tools and techniques. In simple terms, technology is the way by which things are getting done. Knowledge, per se, cannot produce goods or offer services. Application of knowledge becomes technology which can produce goods/services. It is only when knowledge is practically implemented to create new things or offer some new services, we enter the realm of technology. Technology refers to the totality of means employed to provide objects necessary for human sustenance and comfort. Objects include not only goods but also services and know-how. The word ‘Technology’ is derived from the Greek word techno-logia . Techno means skill and logia means science. Thus, Technology refers to the application of scientific knowledge for practical purposes. This definition expands the scope of technology beyond products and processes. 1.2. SCIENCE VERSUS TECHNOLOGY For a business enterprise, wherever scientific knowledge is made use of for achieving competitive advantages, all such issues will fall under the domain of technology. Science Technology Science deals with the natural world. Science studies the natural laws of the universe. 1 Technology and Its Importance to Business (Contd...) Nagarajan, K.. Brief Course on Technology Management, New Age International Ltd, 2007. ProQuest Ebook Central, . Created from vuw on 2021-02-23 23:49:45. Copyright © 2007. New Age International Ltd. All rights reserved.
2 TECHNOLOGY MANAGEMENT Findings of scientific research become public property. They can not be patented and no one claim rights over the findings. For example, no one can claim right for the Law of Gravity. Issac Newton only discovered the Law. It was existing already. Scientific development is an on-going process. New laws are discovered and added to the existing pool of know- ledge. It may also so happen that some of the scientific laws might get altered/ modified due to subsequent findings. But, science keeps growing and does not have a declining or death phase. Cost-benefit analysis can not be applied for scientific research. Most of the times, the costs will appear to exceed the benefit. This is because, the benefits of scientific discoveries will bear fruits only after some time, i.e., after the scientific discovery is transformed into some form of value added product/process that benefits mankind. Till such time, the benefits can not be known and can not also be measured. Hence, scientific researches are continued without applying cost- benefit analysis.

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