What the various ways are of acquire Technology? - QS Study
QS Study

The technical analysis of a project idea includes designing the various processes, installing equipment, specifying material, and prototype testing. Technical aspects related to the production or generation of the project output in the form of goods and services from the project’s inputs. The project manager has to select the technology required in consultation with technical experts and consultants.

The technology can be acquired by following a specific procedure:

(1) Procurement planning: Procurement planning is the process of deciding what to buy, when and from what source. During the procurement planning process, the procurement method is assigned and the expectations for the fulfillment of procurement requirements determined.

(2) Solicitation planning: Solicitation planning involves preparing the documents needed to support selecting and purchasing technology,

(3) Solicitation: Solicitation involves obtaining information (bids and proposals) from prospective sellers on how project needs can be met. Most of the actual effort in this process is expended by the prospective sellers, normally at no cost to the project.

(4) Selection: Here the management takes action or fact of carefully choosing the technology as being the best or most suitable for the company situation.

(5) Contract Administration: Contract administration is the management of contracts made with suppliers and maintains a relationship with them.

(6) Contract Close-out: When the decision about the technology is taken and the proposed technology is gained from the suppliers then the contract is closed.

Technology has many benefits and many applications, and most EMBs make use of technology for various purposes to good effect. However, it is possible that personal interests and outside influence ma) prevail over the real need for a technology.