Abstract:

Management of technology is crucial for all of us. It involves dealing with technical issues across a broad spectrum of functional areas. Recent innovations in the form of total quality management, reengineering work process, flexible manufacturing system have one thing in common serving the customer well thought improved operational efficiency. For instant Total Quality Management advocates emphasize the importance of achieving greater quality and flexibility at lower cost and waste. Technology is forcing organizations to become more competitive at every instance there are innovations taking place. The rapid development of models or prototypes may largely reduce the development cost and the product development cycle. In addition, they can be used in test markets prior to the entry of the product in the final production and commercialization stage. Since it is based on technological changes or improvements, the development of such models or prototypes is usually conducted by technologist, who has no regard for the cost of such a development.