TechnologyUse of knowledge for practical goalsFor other uses, see Technology (other).A steam turbine with the case opened, an example of energy technologyTechnology is the application of conceptual knowledge to achieve practical goals, especially in a reproducible way. The word technology can also mean the products resulting from such efforts, including both tangible products such as tools or machines, and intangible ones such as software.
ScienceSystematic endeavour to gain knowledgeScience is a systematic discipline that builds and organises knowledge in the form of testable explanations about nature and society. It is driven by the scientific method: an empirical cycle that typically involves making observations, producing hypotheses, testing them with evidence, and drawing conclusions.
New product developmentIn business and engineering, new product development (NPD) or simply product development is the complete process of bringing a new product to market. Product development also includes renewing an existing product and introducing a product into a new market. New product development is the realization of a market opportunity by making a product available for purchase. The products developed by a commercial organization provide the means to generate income.CommerceCommerce is the organized system of activities, functions, procedures and institutions that directly or indirectly contribute to the smooth, unhindered large-scale exchange of goods, services, and other forms of value, predominantly through transactional processes.Strategic allianceA strategic alliance is an agreement between two or more parties to pursue a set of agreed upon objectives needed while remaining independent organizations. The alliance is a cooperation or collaboration which aims for a synergy where each partner hopes that the benefits from the alliance will be greater than those from individual efforts.
United StatesCountry primarily in North AmericaThe United States of America (USA), also known as the United States (U.S.) or America, is a country primarily located in North America. It is a federal republic consisting of 50 states and a federal capital district, Washington, D.C. The 48 contiguous states border Canada to the north and Mexico to the south, with the semi-exclave of Alaska in the northwest and the archipelago of Hawaii in the Pacific Ocean.
Research and development intensityResearch and development intensity (R&D intensity) is generally defined as expenditures by a firm on its research and development (R&D) divided by the firm's sales. There are two types of R&D intensity: direct and indirect.
Fiscal yearA fiscal year (also known as a financial year, or sometimes budget year) is a one-year time interval whose beginning and end may be shifted with respect to the calendar year (1 January to 31 December). In the Northern Hemisphere, the most common shifted fiscal year is July to the next June, but other practices exist, such as April to the next March. For countries in the Southern Hemisphere, the fiscal year normally coincides with the calendar year, January to December.Return on investmentReturn on investment (ROI) or return on costs (ROC) is the ratio between net income or profit to investment (costs resulting from an investment of some resources). A high ROI means the investment's gains compare favorably to its cost. As a performance measure, ROI is used to evaluate the efficiency of an investment or to compare the efficiencies of several different investments. In economic terms, it is one way of relating profits to capital invested.
Gross world productThe gross world product (GWP), also known as gross world income (GWI), is the combined gross national income (previously, the "gross national product") of all the countries in the world. Because imports and exports balance exactly when considering the whole world, this also equals the total global gross domestic product (GDP).
Mergers and acquisitionsProcesses through which companies combine or transfer ownershipMergers and acquisitions (M&A) are business transactions where the ownership of a company, business organization, or one of their operating units is transferred to or consolidated with another entity. They may happen through direct absorption, a merger, a tender offer or a hostile takeover.
High techHigh technology (high tech or high-tech), also known as advanced technology (advanced tech), is technology that is at the cutting edge: the highest form of technology available. It can be defined as either the most complex or the newest technology on the market. The opposite of high tech is low technology, referring to simple, often traditional or mechanical technology. When high tech gets old, it can become low tech–for example, vacuum tube electronics.*As an Amazon Associate I earn from qualifying purchases.