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In the modern dynamic world, the society is steadily shifting to a fast track of economic and industrial development. The world of technology is in the state of rapid change and changes in the economic and industrial scenario are taking place at a rapid pace. The nations are now on the verge of immense technological change and knowledge revolution. In the modern age, technology is perhaps the most important resource to any nation. Technology and its management are today matters of global primacy. Technological developments, in the areas of both product and process technologies are taking place at a very fast pace. Shortening of product life cycles, rapid innovation, inventions and product developments are indicators to the fast changing manufacturing scenario. The economic activities are moving in the direction of globalization. It is creating new structures and new relationships, with the result that business decisions and actions in one part of the world are having significant consequences in other places. Underlying and reinforcing these globalization trends is the rapidly changing technological environment. Increasing global competition coupled with rapidly changing technology, and shortening of product life cycles, have made corporations vulnerable to failure more than any time in the past.
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