Examlex
When new products or services are being planned, process selection occurs as a matter of course. Process selection also comes into play as a result of:
(I) technological changes.
(II) competitive pressures.
(III) fundamental changes in demand patterns.
Existing Technology
The current state of technological development or the sum of the technological innovations available in any given field or society.
Process Innovation
The introduction of a new or significantly improved production or delivery method.
Technological Advance
Technological Advance refers to the development and application of new technologies and improvements to existing technologies, which can increase efficiency, productivity, and quality of products and services.
Productive Efficiency
A situation in which the economy or an economic system is able to produce the maximum amount of goods and services from a given amount of resources.
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