Assignment # 02 Technology Management

Principles of

TECHNOLOGY LIFE CYCLE Life cycle or lifecycle may refer to:

Enterprise Life Cycle Life cycle assessment New product development Product lifecycle Product life cycle management Project life cycle Software release life cycle Systems Development Life Cycle Adobe LiveCycle SOA Lifecycle Object lifetime of an object in object-oriented programming

Most new technologies follow a similar technology maturity lifecycle describing the technological maturity of a product. This is not similar to a product life cycle, but applies to an entire technology, or a generation of a technology. Technology adoption is the most common phenomenon driving the evolution of industries along the industry lifecycle. After expanding new uses of resources they end with exhausting the efficiency of those processes, producing gains that are first easier and larger over time then exhaustingly more difficult, as the technology matures There is usually technology hype at the introduction of any new technology, but only after some time has passed can it be judged as mere hype or justified true acclaim.

Assignment # 02 Technology Management

Principles of

Because of the logistic curve nature of technology adoption, it is difficult to see in the early stages whether the hype is excessive. The two errors commonly committed in the early stages of a technology's development are- a) fitting an exponential curve to the first part of the growth curve, and assuming eternal exponential growth, and b) fitting a linear curve to the first part of the growth curve, and assuming that takeup of the new technology is disappointing. Similarly, in the later stages, the opposite mistakes can be made relating to the possibilities of technology maturity and market saturation. Technology adoption typically occurs in an S curve, as modelled in diffusion of innovations theory. This is because customers respond to new products in different ways. Diffusion of innovations theory, pioneered by Everett Rogers, posits that people have different levels of readiness for adopting new innovations and that the characteristics of a product affect overall adoption. Rogers classified individuals into five groups: innovators, early adopters, early majority, late majority, and laggards. In terms of the S curve, innovators occupy 2.5%, early adopters 13.5%, early majority 34%, late majority 34%, and laggards 16%.

(Source: Wikipedia Website- http://en.wikipedia.org/wiki/Technology_lifecycle)