The Role of Technology Forecasting and Planning:Formulating Business Strategy

The successful placing of long-range technology planning decisions in the context of overall corporate strategic planning requires a mechanism for synthesizing R&D strategy and business strategy. This article argues that formalized technology forecasting has an important operational role to play in achieving the synthesis. Descriptive guidelines for an integrative framework are developed on the basis of a literature review and the author′s technology forecasting work which has been conducted to help devise long-term research strategy in the offshore industry. Several factors are discussed which are considered to have an important integrative role. Technology forecasting is discussed with respect to these factors and the influence they have on the planning process.