MODULE-2 : TECHNOLOGY ACQUISITION AND

TECHNOLOGY FORECASTING
2.1 TECHNOLOGY ACQUISITION
Technology acquisition refers to the process of acquiring new technologies to improve or
expand a business or organization. This can include purchasing new equipment or software,
licensing technology from other companies, or developing new technology internally.
The process of technology acquisition can be broken down into several steps:

• Identifying the need for new technology: This step involves analysing the current
technology used by the organization and determining if there are any gaps or areas for
improvement.
• Researching potential solutions: Once the need for new technology has been identified,
research is conducted to find potential solutions that meet the organization's requirements.
• Evaluating the options: The potential solutions are evaluated based on factors such as
cost, performance, and compatibility with existing systems.
• Making a decision: A decision is made on which technology to acquire, and the necessary
steps are taken to acquire it.
• Implementing the technology: The new technology is implemented and integrated into the
organization's systems and processes.
• Monitoring and maintaining: Ongoing monitoring and maintenance is required to ensure
the technology continues to function to function properly and meet the organization's
needs.
Acquiring technology is not always a straightforward process. It may involve a significant
investment of time and resources, and it's important to carefully evaluate the options and
consider the long-term benefits and costs.
It's also important to consider the organizational culture and the people who will be using the
new technology. They will need to be trained and supported in order to effectively use the new
technology.

2.2 NEW TECHNOLOGY

New technology refers to any technology that is innovative or significantly improves upon
existing technology. Some examples of new technology include:
• Artificial intelligence (AI): This technology uses algorithms and statistical models to enable
machines to perform tasks that typically require human intelligence, such as recognizing
speech, understanding natural language, and making decisions.
• Internet of Things (IoT): This technology involves connecting everyday devices, such as
appliances and vehicles, to the internet, allowing them to communicate with each other
and share data.
• Virtual Reality (VR) and Augmented Reality (AR): These technologies use computer-
generated simulations to create immersive and interactive experiences for users.
• Blockchain: A decentralized digital ledger that records transaction in a secure, transparent
and verifiable way, 5. 5G technology: The fifth generation of mobile networks, which is
designed to provide faster speeds, lower latency, and improved reliability.
• Quantum Computing: A technology that uses the properties of quantum mechanics to
perform operations on data.

Notes by Farhan V.S.

Department of Mechanical Engineering.
• Biotechnology: This technology uses living organisms’ cells, and biological systems to
develop new products and technologies.
• Robotics: This technology involves the use of machines that can be programmed to
perform tasks autonomously or with minimal human supervision.

New technology can have a significant impact on society and the way we live and work. It can
improve efficiency, reduce costs, and open up new possibilities for innovation and growth.
However, it's important to consider the potential risks and unintended consequences of new
technology as well.

2.3 ALTERNATIVES FOR ACQUIRING NEW TECHNOLOGIES

New technologies can bring significant benefits to organizations, but acquiring them can be a
complex and costly process. There are various alternatives for acquiring new technologies,
each with its own advantages and disadvantages.

ALTERNATIVE 1: IN-HOUSE DEVELOPMENT:

Developing new technology internally can give an organization complete control over the
technology and its intellectual property.
Advantages:
• The technology can be tailored to the specific needs of the organization.
• The organization can maintain complete control over the technology and its intellectual
property.
• The organization can develop proprietary technology that provides a competitive
advantage.
Disadvantages:
• In-house development can be costly and time- consuming.
• There is a risk that the technology may not meet the organization's needs or be market-
ready.
• The organization can develop proprietary technology that provides a competitive
advantage.
• The organization may not have the necessary expertise or resources to develop the
technology.
ALTERNATIVE 2: LICENSING:
Licensing technology from another company can be a cost- effective way to acquire new
technology.
Advantages:
• Organizations can use technology that has already been developed and proven to be
effective, without incurring the costs of development.
• Licensing can provide access to technology and expertise that the organization does not
have.
• The organization can develop proprietary technology that provides a competitive
advantage.

Disadvantages:

Notes by Farhan V.S.

Department of Mechanical Engineering.
• Licensing agreements can be complex and may include limitations on the organization's
use of the technology.
• Mergers and acquisitions can be costly and complex.
• There is a risk that the acquired company may not be a good fit with the acquiring
organization.
• The organization may not be able to fully leverage the technology due to limitations
imposed by the acquisition.
ALTERNATIVE 5: OPEN-SOURCE SOFTWARE
Using open-source software can be a cost-effective way to acquire new technology.
Advantages:
• Open-source software can be freely used, modified, & distributed.
• The organization can access a large community of developers and users who can provide
support and contribute to the software's development.
• The organization can develop proprietary technology that provides a competitive
advantage.
Disadvantages:
• Organizations may need to invest in support and maintenance.
• There may be limitations on the use of certain open-source softwares.
There are various alternatives for acquiring new technologies, each with its own advantages
and disadvantages. Organizations should carefully evaluate the options and consider factors
such as cost, risk, and compatibility with existing systems before making a decision.
It's important to note that the selection of the appropriate alternative will depend on the specific
needs of the organization and the technology being acquired. It is important to do a thorough
analysis of the costs, benefits and risks associated with each alternative before deciding on
the most appropriate one.

2.4 MANAGEMENT OF AQUIRED TECHNOLOGY

The management of acquired technology involves overseeing the integration and
implementation of technology that has been acquired through purchase, merger, or
partnership. The process includes the following steps:

• Due Diligence: Before acquiring technology, it is important to conduct due diligence to

ensure that the technology aligns with the organization's goals and objectives, and that
there are no major risks or issues associated with the technology.
• Integration: Once the technology has been acquired, it needs to be integrated into the
organization's existing systems and processes. This includes configuring and testing the
technology as well as training employees on how to use it.
• Implementation: After the technology has been integrated, it needs to be implemented and
deployed in the organization. This includes setting up any necessary infrastructure, and
ensuring that the technology is being used effectively and efficiently.
• Monitoring and Maintenance: Acquired technology needs to be monitored to ensure that it
is functioning as intended, and that it is meeting the organization's needs. Regular
maintenance is also necessary to keep the technology up-to-date and to address any
issues that may arise.
• Evaluation and Optimization: The performance of the acquired technology needs to be
evaluated and optimized over time to ensure that it is meeting the organization's goals and

Notes by Farhan V.S.

Department of Mechanical Engineering.
 objectives. This includes monitoring performance metrics, gathering feedback from users,
and identifying areas for improvement.
• Continual learning: it is important for the organization to keep learning and updating their
knowledge about the acquired technology, its advancements and its potential
improvements.
Effective management of acquired technology requires a clear understanding of the
organization's needs, as well as the skills and resources needed to integrate, implement, and
maintain the technology. It is important to have a dedicated team or person who will be
responsible for the management of the acquired technology.

2.5 TECHNOLOGY FORECASTING

Technology forecasting is the process of predicting future technological developments and
trends. It helps organization understand and prepare for future technological developments,
and make informed decisions about new product development, market analysis, strategic
planning research and development, and investment decisions.
Technology forecasting can be applied in various areas such as:

• New product development

• Market Analysis
• Strategic Planning
• Research & Development
• Investment Decisions
However, technology forecasting is not without its challenges such as:

• Lack of Accurate Data.

• Uncertainty and unpredictability of technological developments.
• Limited understanding of the technology.
• Difficulty in identifying key trends.

2.6 CHARECTERISTICS OF TECHNOLOGY FORECASTING:

The characteristics of technology forecasting include:

• Proactivity: Technology forecasting is a proactive approach to understanding and

preparing for future technological developments, rather than simply reacting to them as
they happen.
• Long-term perspective: Technology forecasting typically focuses on long-term predictions,
rather than short-term or immediate developments.
• Multidisciplinary: Technology forecasting often involves the input and analysis of experts
from various fields, such as engineering, computer science, sociology, economics, and
management.
• Data-driven: Technology forecasting relies on the collection and analysis of data to make
predictions. This includes data on past technological developments, current trends, and
expert opinions.
• Iterative: Technology forecasting is an iterative process with predictions and scenarios
being updated and refined as new data and information becomes available.
• Uncertainty: Technology forecasting can be uncertain as it is difficult to predict the future
and the future of technology is highly uncertain as well.

Notes by Farhan V.S.

Department of Mechanical Engineering.
• Risk Management: Technology forecasting also helps organizations understand potential
risks and opportunities associated with future technological developments and plan
accordingly.
• Flexibility: Technology forecasting should be flexible enough to adapt to new information
and changes in the technological landscape.
• Decision making: Technology forecasting is used as a tool to make strategic decisions in
organizations.
• Continuous process: Technology forecasting is a continuous process, as new technologies
and trends are constantly emerging, and it is important for organizations to stay up to date
with these developments in order to make informed decisions.

2.7 NEED & ROLE OF TECHNOLOGY FORECASTING:

The need for technology forecasting arises from the following:

• Rapid pace of technological change: Technology is constantly evolving and impacting

various industries and society as a whole. This rapid pace of technological change can
have both positive and negative effects, and organizations need to anticipate and prepare
for these changes in order to stay competitive and relevant.
• Identifying new opportunities: By forecasting future technological developments,
organizations can identify opportunities for innovation and growth, as well as potential risks
and challenges.
• Identifying new markets: Technology forecasting can also help organizations to identify
new markets, products and services, and to develop plans for entering these markets.
• Improving existing products and services: Technology forecasting can also help
organizations to identify new technologies that can be used to improve existing products
and services, which can lead to increased efficiency and cost savings.
• Staying competitive: Technology forecasting helps organizations to stay ahead of the
curve, and position themselves to take advantage of new opportunities and technologies
as they arise. It also allows organizations to be proactive rather than reactive to changes
in the technological landscape, which can help them to maintain a competitive edge in
their respective industries.
The role of technology forecasting is as follows:

• Providing strategic understanding: Technology forecasting provides organizations with a

strategic understanding of the future technological landscape, so they can make informed
decisions about investments, R&D, product development, and overall business strategy.
• Anticipating technological changes: Technology forecasting allows organizations to
anticipate and prepare for technological changes, in order to stay competitive and relevant.
• Identifying new opportunities: Technology forecasting helps organizations to identify new
opportunities for innovation and growth, as well as potential risks and challenges.
• Developing plans for new markets: Technology forecasting helps organizations to identify
new markets, products and services, and to develop plans for entering these markets.
• Improving existing products and services: Technology forecasting helps organizations to
identify new technologies that can be used to improve existing products and services,
which can lead to increased efficiency and cost savings.
In general, technology forecasting helps organizations to stay ahead of the curve, and position
themselves to take advantage of new opportunities and technologies as they arise. It also
allows organizations to be proactive rather than being reactive to changes in the technological
landscape, which can help them to maintain a competitive edge in their respective industries.

Notes by Farhan V.S.

Department of Mechanical Engineering.
2.8 TECHNOLOGY FORECASTING PROCESS
The technology forecasting process typically involves several steps:

• Defining the scope of the forecast: The first step in the technology forecasting process is
to define the scope of the forecast. This includes determining the specific technology or
technologies that will be studied, the time frame for the forecast, and the level of detail that
is required.
• Identifying key drivers: Once the scope of the forecast is established, the next step is to
identify the key drivers of technological change. These drivers may include economic,
social, political, and technological factors that are likely to influence the development and
adoption of new technologies.
• Collecting and Analysing Data: The next step is to collect and analyse data related to the
key drivers of technological change. This data may include information on technological
trends, patents, scientific literature, and market research.
• Developing scenarios: With the data collected and analysed, the next step is to develop
scenarios that describe potential future states of the technology. These scenarios should
take into account the key drivers of change and the data that has been collected.
• Evaluating the scenarios: The final step in the technology forecasting process is to
evaluate the scenarios that have been developed. This may involve assessing the
feasibility and likelihood of each scenario, as well as the potential impact of each scenario
on the organization and industry.
It's important to note that technology forecasting is an iterative process and it may require
multiple rounds of data collection, analysis, and scenario development. Additionally, it is
important to involve experts from different fields and experts in the specific technology in
question, as well as to consider a range of different forecasting techniques (such as Delphi
method, scenario planning, etc.) to ensure a comprehensive forecast.

2.9 PRINCIPLES OF TECHNOLOGY FORECASTING:

The principles of technology forecasting include:

• Identifying key trends: This involves analysing current and past technological
developments to identify patterns and trends that are likely to continue or accelerate in the
future.
• Identifying drivers and inhibitors: Technology forecasting also involves identifying the
factors that drive or inhibit the development and adoption of new technologies. These can
include economic, social, political, and environmental factors.
• Identifying key stakeholders: Understanding the key stakeholders in a technology, such as
developers, users, and regulators, is important to forecasting its future impact.
• Using multiple methods: Different methods of forecasting, such as Delphi method,
scenario building, and quantitative methods, can be used to provide a more
comprehensive and accurate view of future technological developments.
• Considering potential risks and uncertainties: Technology forecasting also involves
identifying potential risks and uncertainties that may affect the development and adoption
of new technologies.
• Regular review and update: Technology is constant changing; therefore, it is important to
regularly review and update forecasts to ensure they remain relevant and accurate.
• Considering the potential impact of the technology: Technology forecasting should also
consider the potential impact of the technology on various areas such as the environment,
economy, and society.

Notes by Farhan V.S.

Department of Mechanical Engineering.
Technology forecasting can be used to inform strategic planning and decision making in a
wide range of industries, including information technology, transportation, energy, and
healthcare.

2.10 TECHNOLOGY FORECASTING METHODS & TECHNIQUES

There are several methods that can be used for technology forecasting, some of the most
common methods include:

• Delphi method: The Delphi method is a technique that involves a panel of experts who
provide their predictions about future developments in a particular technology. The experts
are then asked to provide feedback on the predictions of the other experts, and the process
is repeated until a consensus is reached.
• Scenario planning: Scenario planning is a method that involves creating different possible
scenarios for the future, and then evaluating the potential impact of each scenario on the
organization.
• Road mapping: Technology road-mapping is a method that involves creating a visual
representation of the development of a particular technology over time. It is used to identify
critical issues and potential breakthroughs, as well as to prioritize R&D activities.
• Patent analysis: Patent analysis is a method that involves analysing patent data to identify
trends and patterns in technology development. It can be used to identify potential new
products and technologies, as well as to identify potential competitors.
• Quantitative forecasting: Quantitative forecasting methods use mathematical models,
statistics, and historical data to predict future developments in a particular technology.
These methods are often used when large amounts of data are available.
• Expert judgement: Expert judgement is a method that involves consulting with experts in
a particular field to gather their predictions about future developments in a particular
technology.
2.10.1 DELPHI METHOD:
Delphi method is a forecasting technique that is used to gather and aggregate the opinions of
a group of experts in a specific field. The method involves a series of rounds, in which experts
are presented with a question or problem and asked to provide their predictions or opinions.
The responses are then collated, and the group is presented with a summary of the responses
in the next round. This process is repeated until a consensus is reached or until the group
feels that they have reached a satisfactory level of understanding of the issue at hand.
The Delphi method is particularly useful in situations where there is a lack of data or where
the future is highly uncertain. It can also be used to identify and eliminate the effects of
personal bias and subjectivity among the experts.
The advantages of Delphi method are:

• It helps to identify and eliminate the effects of personal bias and subjectivity among the
experts.
• It can be used to generate a consensus view of the future.
• It is useful in situations where data is scarce or uncertain.
• It can be used to generate a wide range of predictions.

Notes by Farhan V.S.

Department of Mechanical Engineering.
The disadvantages of Delphi method are:

• It can be time-consuming and costly to implement.

• It may be difficult to identify a suitable group of experts.
• There is a risk of groupthink, where the opinions of the group become overly influenced by
the opinions of a few dominant individuals.
• It can be difficult to ensure that all participants remain engaged throughout the process.
In summary, Delphi method is a technique used to gather and aggregate the opinions of a
group of experts in a specific field. It is useful in situations where data is scarce or uncertain
and can be used to generate a consensus view of the future However, it can be time-
consuming and costly to implement and may be subject to biases.
2.10.2 SCENARIO PLANNING
Scenario planning is a technology forecasting method that involves creating and analysing
different possible future scenarios in order to prepare for a range of outcomes.
Some key principles of scenario planning include:

• Identifying key uncertainties: Scenario planning starts by identifying key uncertainties that
will have a significant impact on the future of technology, such as changes in regulations,
economic conditions, or the emergence of new technologies.
• Creating a range of scenarios: Once key uncertainties have been identified, a range of
scenarios is created that take into account different combinations of these uncertainties.
• Selecting a small set of plausible scenarios: From the set of scenarios, a small set of
plausible scenarios are selected for further analysis. These scenarios should be
distinctive, internally consistent and coherent, and span the range of possible future
outcomes.
• Analysing the implications of each scenario: The implications of each scenario are
analysed in terms of their impact on the company's operations, strategies, and objectives.
• Building resilience: Scenario planning can help a company to build resilience by identifying
potential threats and opportunities in advance, and by developing strategies to respond to
different scenarios.
• Continuously monitoring and updating: The future is uncertain and the scenario planning
process should be repeated regularly to track changes in key uncertainties and to update
the scenarios-accordingly.
• Involving a diverse group of stakeholders: The scenario planning process should involve
a diverse group of stakeholders to ensure a range of perspectives are considered and to
increase buy-in from different departments and levels within the organization.
• Communicating and sharing the results: The results of scenario planning should be
communicated and shared throughout the organization to ensure that everyone is aware
of the potential future scenarios and can take appropriate actions.
2.10.3 ROAD-MAPPING
Technology road-mapping is a forecasting method that is used to identify and plan for the
development of new technologies. It is a visual representation of the development of a
technology over time, including the current state of the technology, the steps that need to be
taken to advance the technology, and the expected future state of the technology. The road-
mapping process typically involves a number of stakeholders, including researchers,
engineers, and business leaders, who work together to identify the key technological
advancements that are needed to achieve a particular goal or objective.

Notes by Farhan V.S.

Department of Mechanical Engineering.
The road-mapping process typically starts with a vision of the desired future state of the
technology. This vision is then broken down into a series of milestones or objectives, each of
which represents a key step in the development of the technology. The milestones are then
further broken down into specific projects or activities that need to be undertaken to achieve
the milestones.
The advantages of technology road-mapping are:

• It helps to identify and plan for the development of new technologies.

• It helps to align the research and development efforts of different stakeholders.
• It helps to identify and prioritize key technological advancements.
• It can be used to identify potential roadblocks or challenges that need to be addressed.
The disadvantages of technology road-mapping are:

• It can be time-consuming and costly to implement.

• It may be difficult to identify a suitable group of stakeholders.
• There is a risk of groupthink, where the opinions of the group become overly influenced by
the opinions of a few dominant individuals.
• It can be difficult to ensure that all stakeholders remain engaged throughout the process.
In summary, technology road-mapping is a forecasting method that is used to identify and plan
for the development of new technologies. It involves a series of milestones or objectives that
are identified and broken down into specific projects or activities. It helps to align the research
and development efforts of different stakeholders, and identify and prioritize key technological
advancements. However, it can be time- consuming and costly to implement and may be
subject to biases.
2.10.4 PATENT ANALYSIS
Patent analysis is a technology forecasting method that uses patent data to identify and predict
future trends in technology development. Patents are legal documents that provide inventors
with exclusive rights to their invention for a certain period of time. By analysing patent data, it
is possible to gain insight into the types of technologies that are currently being developed, as
well as the direction in which technology development is headed.
There are several different types of patent analysis that can be used for technology
forecasting, including:

• Patent landscape analysis: This type of analysis involves mapping the patent landscape
for a particular technology area by identifying the key players, the number of patents filed,
and the types of patents filed. This can provide insight into the level of competition in a
particular technology area, as well as the direction in which technology development is
headed.
• Patent citation analysis: This type of analysis involves analysing the relationships between
patents by identifying the patents that cite other patents. This can provide insight into the
technological lineage of a particular technology, as well as the direction in which
technology development is headed.
• Text mining and natural language processing: This type of analysis involves using
computer algorithms to analyse the text of patents to identify key words, phrases and
concepts. This can provide insight into the types of technologies that are being developed,
as well as the direction in which technology development is headed.
The advantages of patent analysis are:

Notes by Farhan V.S.

Department of Mechanical Engineering.
• It can provide insight into the types of technologies they are currently being developed.
• It can provide insight into the direction in which technology development is headed.
• It can be used to identify key players and trends in a particular technology area.
• It can be used to identify potential roadblocks o challenges that need to be addressed.
The disadvantages of patent analysis are:

• It can be time-consuming and costly to implement. It may be difficult to access and analyse
the large amour of patent data that is available.
• It can be difficult to interpret the results of the analysis, particularly if the patent data is not
clearly written.
• It may not be able to reflect the actual commercialization of the technology.
In summary, Patent analysis is a technology forecasting metho that uses patent data to identify
and predict future trends in technology development. By analysing patent data, it I possible to
gain insight into the types of technologies that are currently being developed, as well as the
direction in which technology development is headed. However, it can be time- consuming
and costly to implement, and the results may be difficult to interpret.
2.10.5 QUANTITATIVE FORECASTING
Quantitative forecasting is a technology forecasting method that uses mathematical and
statistical techniques to predicting the future trends in technology development. This method
relies on the collection of historical data and the use of mathematical models to make
predictions about the future. There are several different types of quantitative forecasting
methods, including:

• Time series analysis: This type of analysis involves analysing historical data to identify
patterns and trends over time. This can include techniques such as moving averages,
exponential smoothing, and ARIMA models. Time series analysis can be used to make
short-term predictions about future trends in technology development.
• Econometric modelling: This type of analysis involves using economic theory and
statistical techniques to model the relationships between different variables. This can
include techniques such as regression analysis and system dynamics modelling.
Econometric modelling can be used to make medium-term predictions about future trends
in technology development.
• Simulation modelling: This type of analysis involves using computer simulations to model
the behaviour of complex systems. This can include techniques such as agent-based
modelling and system dynamics modelling. Simulation modelling can be used to make
long-term predictions about future trends in technology development.
The advantages of quantitative forecasting are:

• It provides a systematic and objective way of making predictions.

• It can be used to make short, medium, and long-term predictions about future about future
trends in technology development.
• It can be used to test the sensitivity of predictions to different assumptions and scenarios.
• It can be used to identify key drivers and dependencies that influence the technology
development.
The disadvantages of quantitative forecasting are:

• It requires a large amount of data, which may not always be available.

Notes by Farhan V.S.

Department of Mechanical Engineering.
• It can be complex and time-consuming to implement. • It may be difficult to choose the
appropriate mathematical model to use.
• It may be subject to overfitting and other biases if the model does not fit the data well.
In summary, Quantitative forecasting is a technology forecasting method that uses
mathematical and statistical techniques to predict future trends in technology development It
relies on the collection of historical data and the use o mathematical models to make
predictions about the future. I provides a systematic and objective way of making prediction:
but it can be complex and time-consuming to implement, an may require large amounts of
data.
2.10.5 EXPERT JUDGEMENT
Expert judgment is a technology forecasting method that relied on the opinions and insights
of experts in a particular field to predict future trends in technology development. This method
is based on the idea that experts have specialized knowledge and experience that can be
used to make predictions about the future.
There are several different types of expert judgment methods, including:

• Delphi method: This method involves a series of rounds of questionnaires or interviews

with experts in a particular field. The experts are asked to provide their predictions about
future trends in technology development. The responses are then compiled and used to
generate a consensus prediction.
• Nominal group technique: This method involves a group of experts who meet in person or
virtually to discuss future trends in technology development. The experts are asked to
provide their predictions and the group then reaches a consensus prediction.
• Brainstorming: This method involves a group of experts who meet in person or virtually to
discuss future trends in technology development. The experts are asked to provide their
predictions and the group then reaches a consensus prediction.
The advantages of expert judgment are:

• It can provide valuable insights and perspectives from experts in a particular field.
• It can be used to identify potential roadblocks or challenges that need to be addressed.
• It can be used to identify key drivers and dependencies that influence the technology
development.
• It can be used to make predictions in fields where data is limited or difficult to obtain.
The disadvantages of expert judgment are:

• It can be subject to biases, as experts may have their own personal opinions, or may be
influenced by the opinions of others.
• It can be time-consuming and costly to implement.
• It may be difficult to identify a suitable group of experts.
• It can be difficult to ensure that all experts remain engaged throughout the process.
In summary, Expert judgment is a technology forecasting method that relies on the opinions
and insights of experts in a particular field to predict future trends in technology development.
It can provide valuable insights and perspectives, but it can be subject to biases, may be time-
consuming and costly to implement and may be difficult to identify a suitable group of experts.

2.11 PLANNING & FORECASTING

Notes by Farhan V.S.

Department of Mechanical Engineering.
Planning and forecasting are important business management techniques that help
organizations make informed decisions about the future.
Planning involves setting goals and objectives, and determining the actions and resources
needed to achieve them. It involves creating a roadmap for the future, and can be done at
various levels within an organization (e.g., strategic, tactical operational).
Forecasting, on the other hand, involves making prediction about future events and trends.
This can include financial forecasting (e.g., revenue, expenses), production forecasting (e.g.,
demand for a product), and sales forecasting (e.g., number of units to be sold).
Both planning and forecasting are important for making informed decisions and taking
proactive measures to address potential issues. However, it is important to note that both
planning and forecasting are uncertain and can be affected by external factors such as
economic conditions, industry trends, and competitor behaviour.

2.12 TECHNOLOGY GENERATION AND DEVELOPMENT

Technology generation and development is the process of creating and improving new
technologies to meet the changing needs of society and industry. The following are key
concepts to consider when discussing technology generation and development:
• Research and Development (R&D): This is the process of investigating new technologies
and ideas, and developing them into viable products or processes. R&D can be conducted
by organizations, government agencies, and academic institutions.
• Innovation: Innovation refers to the process of creating new products, services, or
processes, or improving existing ones. Innovation can be incremental or disruptive,
meaning it can improve upon existing technology or create entirely new markets.
• Prototyping: This is the process of creating a working model of a new technology to test
its feasibility and to identify any issues that need to be addressed before
commercialization.
• Commercialization: This is the process of bringing a-new technology to market. This can
include developing a business plan, securing funding, and manufacturing and marketing
the technology.
• Diffusion of innovation: This refers to the process by which new technologies are adopted
and integrated into society. This can include factors such as the perceived benefits and
risks of a technology, as well as the social and cultural factors that influence its acceptance.
• Technological life cycle: Each technology goes through different stages of development,
from initial discovery or invention, to its commercialization, maturity, and finally to its
decline or obsolescence.
• Intellectual property: This refers to the legal rights that protect the creators of new
technologies, such as patents, trademarks, and copyrights.
• Government funding: Government funding plays a vital role in technology generation and
development, providing financial and other support to research institutions, universities
and companies to conduct R&D activities.

2.13 TECHNOLOGY GENERATION

Technology generation refers to the process of developing and introducing new technological
advancements and innovations. It involves the creation and implementation of new ideas and
concepts, as well as the improvement and refinement of existing technologies.
The process of technology generation can be divided into several stages, including:

Notes by Farhan V.S.

Department of Mechanical Engineering.
• Research and Development: This is the initial stage of technology generation, where new
ideas and concepts are explored and developed. Researchers and engineers conduct
experiments, build prototypes, and test new technologies to see if they are viable and
effective.
• Design and Development: In this stage, the technology is designed & developed in more
detail. Engineers and designers create detailed plans, specifications, and blueprints for
the technology. They also develop the software and hardware required to make the
technology work.
• Testing and Validation: Once the technology has been designed and developed, it is tested
and validated to ensure that it works as intended. This stage involves extensive testing
and evaluation of the technology to identify any problems or issues that need to be
addressed.
• Production and Deployment: After the technology has been tested and validated, it is ready
for production and deployment. In this stage, the technology is manufactured, assembled,
and distributed to customers.
• Maintenance and Support: After the technology has been deployed, it is important to
provide maintenance and support to ensure that it continues to work as intended. This
includes providing software updates, addressing any issues that arise, and providing
technical support to customers.
It is important to note that technology generation is a continuous process and new
advancements and innovations are constantly being developed and introduced.

2.14 TECHNOLOGY DEVELOPMENT

Technology development refers to the process of creating new technologies or improving
existing ones. The process of technology development can be broken down into several
stages, including:

• Idea generation: This is the initial stage of technology development, where new ideas and
concepts are generated. This can be done through research, brainstorming sessions, or
by identifying a need or problem that needs to be solved.
• Feasibility study: In this stage, the feasibility of the idea is evaluated. Researchers and
engineers conduct market research, technical analysis, and cost-benefit analysis to
determine whether the idea is viable and worth pursuing.
• Research and Development: Once the idea is deemed feasible, research and
development (R&D) begins. This stage involves conducting experiments, building
prototypes, and testing the technology to see if it works as intended.
• Design and Development: In this stage, the technology is designed and developed in more
detail. Engineers and designers create detailed plans, specifications, and blueprints for
the technology. They also develop the software and hardware required to make the
technology work.
• Testing and Validation: Once the technology has been designed and developed, it is tested
and validated to ensure that it works as intended. This stage involves extensive testing
and evaluation of the technology identify any problems or issues that need to be
addressed.
• Implementation: After the technology has been tested and validated, it is ready for
implementation. In this stage, the technology is integrated into existing systems, deployed
to customers, and rolled out for use.
• Maintenance and Support: After the technology has been implemented, it is important to
provide maintenance and support to ensure that it continues to work as intended. This

Notes by Farhan V.S.

Department of Mechanical Engineering.
 includes providing software updates, addressing any issues that arise, and providing
technical support to customers.
It's important to note that technology development is continuous process, and new
technologies are constantly being developed and introduced. The process of technology
development can be quite complex, and it often involves collaboration between multiple teams,
departments, and organizations.
The rate of technology development is also increasing rapidly, with new advancements and
innovations being developed and introduced at a faster pace than ever before. This is due to
a number of factors, including advancements in computing power, the availability of big data,
and the increasing globalization of research and development.

2.15 IMPORTANCE OF TECHNOLOGY GENERATION &

DEVELOPMENT
Technology generation and development are crucial for a number of reasons. Some of the key
benefits include:

• Economic growth: Technology generation and development drive economic growth by

creating new industries, jobs, and opportunities. New technologies also increase
productivity and efficiency, which can lead to lower costs and higher profits for businesses.
• Improved quality of life: Latest technologies can improve the quality of life for individuals
and communities by providing new products and services, such as new medical
treatments, transportation options, and communication tools.
• Advancements in science and medicine: Technology generation and development have
led to significant advancements in science and medicine. For example, new technologies
have allowed for the development of new drugs, medical devices, and diagnostic tools,
which have greatly improved healthcare outcomes.
• Environmental benefits: Technology generation and development can also have
environmental benefits, such as the development of new renewable energy sources, and
the creation of new technologies that can help to reduce pollution and conserve resources.
• National security: Technology generation and development are also important for national
security, as new technologies can be used to improve the capabilities of the military,
intelligence agencies, and law enforcement organizations.
• Global competitiveness: The ability to generate and develop new technologies is also
important for global competitiveness. Countries and companies that are able to develop
new technologies can gain a competitive advantage in the global marketplace.
Overall, technology generation and development are essential for driving economic growth,
improving the quality of life, and keeping pace with the rapid changes in the world. It is crucial
for individuals, companies and countries to invest in research and development to be able to
stay competitive in the current global scenario.

Notes by Farhan V.S.

Department of Mechanical Engineering.