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21 Pages • Essays / Projects • Year Uploaded: 2021
Technology can be the knowledge of techniques, processes, and the like, or it can be embedded in machines to allow for operation without detailed knowledge of their workings. Systems applying technology by taking an input, changing it according to the system's use, and then producing an outcome are referred to as technology systems or technological systems. The Technology Life Cycle can be defined as how the technology and its processes affect the business processes and impact the entire life cycle of the product offerings of the company. The Technology life cycle describes the commercial gain of the product through the expanse of the research and development phase and the financial return during its “vital life”. The Technology life cycle with product or technological service is different from product life-cycle dealt with in product life-cycles management. The product life-cycle is concerned with the life of a product in the marketplace to the timing of introduction, marketing measures, and business costs. The technology underlying the product may be quite marginal but the process of creating and managing its life as a branded product will be very different. The technology life cycle is concerned with the time and cost of developing the technology, the timeline of recovering costs and modes of making the technology yield a profit proportionate to the costs and risks involved.
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