Technology Process

According to [Corporate Finance Institute](, technological progress refers to the discovery of new and improved methods of producing goods. It involves the invention of technologies and their release as open source via research and development, the continual improvement of the technologies, and the diffusion of the technologies throughout the industry or society. The process of technology refers to how inputs are transformed into outputs.

Invention is the act of creating new technology, while innovation may refer to discovering a new way in which to use or apply existing technology. The five main attributes of innovative technology are relative advantage, compatibility, complexity, trialability, and observability. Diffusion pertains to the spread of technology throughout a society or industry. It is the process by which a new idea, product, or behavior is accepted by the market.

Process technology, on the other hand, is all about the various systems needed to ensure industrial plants operate smoothly to produce goods and services. Process technicians and operators monitor, control and fix the components that help run everything from power plants to water refineries to manufacturing facilities .

Leave a Reply