SPRING DRIVE 2014 ASSIGNMENT

NAME
ROLL NO
SEMESTER

Nandini Biswas
521147058
VI

SUBJECT CODE & NAME

BBA601MANAGEMENT

CREDIT
MARKS
DATE OF SUBMISSION

4
60
22nd June, 2014

TECHNOLOGY

Q1. Define any one definition of Technology. Explain the concept of technology in
brief
Ans: Technology is revolutionary, and its impact on our lives and capabilities
grows exponentially. The headway in modern technology has impacted on
various industries ranging from medical, to entertainment, to transportation, to
education. With the rapid advancement of new technologies, it is very difficult
for the corporates to remain updated with the latest or greatest technology and
keep hoping to implement more competitive systems. This renders the role of a
technology manager very important for organizations.
Technology is a man-made resource for creating more wealth and is also
considered as a commodity that can be bought and sold. Generally, it is the
combination of hardware and software. Hardware is the physical product or component
while software is the knowhow, technique or procedure. Technology
does not exist in isolation. It exists in human surroundings. Each technology,
when applied, causes some alterations in its human surroundings which can
be beneficial or harmful. Thus, it is essential while determining strategies for
technological advancement, one must adopt an optimum approach of maximizing
benefits and reducing negative effects of technology
We have seen that technology plays an important role in the growth of the
economy of nations and also enhances competitiveness in the industries where
it has emerged as the most important resource that contributes directly to
socioeconomic development.
It has become a strategic tool for the organization that
has great impact on the functionality of the organization; hence, the organization
should monitor the changes in the structures in technology.

One of the major functions of technology management is to understand

the value of certain technologies for an organization. If the organization decides
to go for continuous development of technology, and if they consider it valuable
for the customer, then it is the responsibility of the organization to see and decide
when to invest in technology development and when to withdraw, with proper
arguments.
Technology and technology management are critical for an enterprise for
its successful operations on a long-term basis. Organizations are required to
focus on basic considerations before adopting any technological innovation:
Idea of technological innovation
Potential market
Teamwork in both technological and business expertise.
The idea of a technological innovation should be based or linked with
potential market and the technology team should closely interact with the rest of
the divisions of the enterprise leading to successful conclusions in terms of
products to be developed.
The efficient technology management system is very important for an
organization. As the world of technology changes rapidly with changing
competitive environments and market needs, organizations must pay attention
to developing new innovative products for domestic and global markets
Technology
embedded in

Machines
People skills
Processes

CONCEPT OF TECHNOLOGY

Q2.
List and explain the effects of technology on various human need factors
Ans: Technology has spawned the growth of modern society and has largely influenced
every aspect of living.
Easy life- If we want to prepare coffee it can be done by just pressing one
switch, cleaning of clothes, washing dishes, sending mails has become
so easy, preparing food is again so easyall credit goes to technology.
Life is so easy with all kinds of technologies available. We are now no
more exerting ourselves like our earlier generations used to exert for their
living.
Luxurious life-With the developments in technology, we are able to enjoy
all the pricey luxuries in life for e.g. cars, air conditioners, refrigerator,
microwave, washing machines and many more.
Communication is fast Mobiles phones have made it possible for us to
communicate over wireless media. The communication industry is rapidly
changing and doing wonders.
Distances are short- With the development of transport technology such
as electronic trains, jets, airplanes, the far-distance journeys can be done
in a few hours which ultimately helps us in meeting our near and dear
ones as and when required and also allows us to work from different
geographical locations.
Speedy long distance communication through emails and fax- Now we do
not have to worry about the lost letters or miscommunications. With the
help of Internet, e-mails can be accessed anywhere and everywhere in
the world, since we are connected through the internet.
The economy of a country influences how the people of the county live. One
of the major force which is driving us is technology. Our generation is hugely
impacted by it. It has transformed our lives so much and we will see many more
advancement in the years to come
Q3. Differentiate between exploratory and normative methods of
forecasting
Ans: Exploratory technological forecasting approach transcends into the future
from the past performance or experience. It starts from todays assured basis
of knowledge and is oriented towards the future. Its techniques deal with the
analysis of technological capabilities, features of the past and then evaluating
the present and then finally looking forward to the future. Explorative forecasting
is more focused on predicting how a new technology will evolve on a predetermined
curve.
Normative technological forecasting first assesses future goals, needs,

desires, missions, and works backwards to the present. This normative

forecasting technique attempts to be more proactive.
These forecasting approaches are not competitive nor do they substitute
for one another. They are complementary to each other and have to be used
together. Usually one does not attempt to prepare an exploratory forecast of
some technology unless there is a normative forecast that the specific technology
will be needed. Some of the factors that influence the choice of the forecasting
methodology can depend on the time frame for the forecast, how much precision
is needed in the prediction and the purpose of the forecast

Q4. Describe the process of Technology assessment and evaluation with a neat
diagram

Ans: Technology assessment process:

Technology description: This is the first step of technology assessment
where technology is described in terms of the function or purpose of the
technology, its possible effects, and the resources that are required.
Identification of stakeholders and the identification of their
requirements: In the second step of technology assessment process
the stakeholders and their requirements are identified which will help to
make assessment more effective.
Identification of the purpose of assessment: This step will help in
identifying the purpose of the assessment of technology and also help in
determining the procedure of conducting the assessment.
Identification of the intended uses of the assessment: In this step of
technology assessment process, intended uses of the assessment will
be identified. We can define intended uses as the particular ways in which
the results of the assessment will be applied.
Creation of an assessment plan: In this step, a plan is created for
technology assessment. This plan is an elaborate description of the
procedure of implementation of the assessment, which comprises the
identification of resources existing for the implementation of the plan,
information to be gathered, methods to be used for research, description
of the roles and responsibilities of the stakeholders and time duration for
the accomplishment of the tasks.
Gathering of data: In this step, data is gathered as per the assessment
plan. Data gathering comprises the indicators, sources of the data to be
gathered, methods to use, information quality and quantity, and the context
in which the data gathering is done.
Data analysis: In this step patterns are identified either by isolating the

significant findings or by combining information sources to reach a larger

understanding, and making decisions about the procedure to organize,
divide, interrelate, compare, and display information. We guide these
decisions through the questions being asked, the types of data existing,
and inputs from the stakeholders.
Conclusions and recommendations: After analysis, the conclusions and
recommendations are made wherever needed. Conclusions are related
to the proof gathered and verified against agreed-upon standards set by
stakeholders. Recommendations are made based on the conclusions.
Reporting results: In this step, the report of the assessment is made
while keeping in mind some factors, such as:
Target audience
Objectives of the study and its limitations
Strengths and weaknesses of the technology
Process of technology Evaluation:
In India, technology evaluation is not applied as a formal tool in technology
acquisition. For being globally competitive and for exports, accreditation and certification
are required for product specification and quality and the first step in
this direction is technology evaluation
Technology evaluation is a firm/organizational level exercise of choosing a
technology from amongst a set of available technologies, the adoption or use of
which will optimize on a set of defined parameters.
Technology evaluation considers some factors like cost of technology
acquisition, amount of capital investment, rate of ROI, payback period, breakeven
point, nature of pollution caused and cost of control, type of capital goods,
manpower skill required and their availability, hazards and risk involved and their
management cost, rate of obsolescence of technology, and technology
replacement costs. However, the technology evaluation norms vary from place
to place.
If an organization is evaluating technology at the initial stages of its inception,
they have to determine the parameters against which the competing technologies
have to be evaluated and assign weightages to these parameters so as to arrive
at a single value which could be then compared for different technologies. It is
possible that two firms from the same country may assign different weightages
to different evaluation parameters for evaluating technologies.

Technology
Description

Identification
of
stakeholders

Purpose of
assessment

Intended use
of
assessment

Report

Conclusion of
recommendat
ion

Data
Analysis

Gathering
of data

Creation of
assessment
plan