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This updated, second edition of the book offers an understanding of the management of technology and innovation, not in isolation, but as a dynamic integrated system connected to organizational culture, knowledge management and value creation. To enhance the understanding of the hypercompetitive industrial markets of the globe, this edition carries two new chapters focusing on how technological innovation can lead to wealth creation. In doing so, it weaves wealth creation with other seminal concepts of social capital, human capital and knowledge management. An additional appendix outlines a few technologies and approaches that are useful in technology management. Management of Technology and Innovation: Competing through Technological Excellence provides a synoptic account of the diverse dimensions of technology management, from incremental innovation, integration of design and manufacture to technological innovation and creation of hybrid technologies. It provides an outline of the rationale of the strategic evaluation of investments in technology, and brings about its contrast with the conventional accounting framework of net present value (NPV) and discount cash flow (DCF) analyses. It also discusses the national technological/industrial policies of USA and Japan. This book will be an invaluable resource for management students and teachers studying the theory and practice of technology management.