Question

Write a 650-word essay to discuss how Technology management can contribute to wealth creation at the national level.

Answer 1

Answer) Before understanding how technology management can help a nation create wealth,it is important to know what we mean by technology management,it implies using of technology in order to create a beneficial present and future for humankind,it involves various components such as technology strategy,that is creating a plan on how to use technology or creating a technology kit like different technolgies for a project,in other words technology management is all about utilizing technology as a resource with focus on how to use different aspects of it in different situations.

Now coming to how how technology management helps in wealth creation,we have to look at what helps in growth of wealth of a nation,wealth of nation grows if there is an increase in demand,more production,more exports are done,now how technology helps in it is important,take for example a nation which is biggest producer and exporter of good x,if it discovers a technological improvement which increases its production of good x as well as increases the speed of production in process decreasing its cost and increasing its exports,another example is of technology forecasting,imagine if a country is able to develop a technology which helps it to predict rain and its density and can successfully harvest water,the amount of resources a nation can gather and increase its ability can be beyond human imagination.

We have discussed couple of examples,another important point regarding this topic is how technology management can save an economy from lot of disasters and in process saving wealth and lives,consider this,a nation able to develop a technology to predict earthquakes or hurricanes,this can potentially save great number of lives and huge amount of budget which would have been required to spend on rebuilding of lives and infrastructure that would have been lost,another example is of something like current pandemic spread in the World,a technology which prevents humankind from such viruses can save wealth and lives worth in more than trillions of dollars.

Another important area in which tecnology management is very useful is in businesses and large organizations through which the wealth and prosperity of nation can not only grow manifold but continue to grow for a forseeable future period,now consider this example,a business organization is able to create an automatic robot or a model of artifical intelligence which can predict how much food will be required in a wedding or a function or a meeting accurately,now this can potentially save tons of food wastage and increase efficiency of businesses and their wealth,another example is of fuel efficiency,automobiles which are more fuel efficient or are helpful in controlling spread of pollution can be great advantage to wealth of organization as its sales and exports will go up,in saving human lives and cost of reducing pollution,in betterement of environment and in process increasing wealth of the producing/host nation to a great extent.

Final point,I would like to point here is of technological management in terms of sharing a virtual world or in other words creating a platform where national boundaries or international boundaries are eliminated and people can be virtually present,consider holographic technology or how softwares are created which can allow someone else to reach and see problem in your system(laptop/desktop) and solve it,so this can increase sharing of knowledge and increase global efficiency.

So to summarize,Tecnology management is a concept for betteremnt of human and wealth of nations,it has different aspects such as technology forecasting,technology portfolio etc.,it can create wealth in form of helping nations and its organizations achieve breakthrough results as well as save wealth by mitigating disasters and finally in today 's globalized world technology management is a necessity for any nation looking to build wealth and increase its efficiency.

Answer is complete.Thank you!