ABSTRACT
The distinguished economist Joseph Schumpeter once wrote, it is difficult to stay competitive in an economy where new customer requirements and new technologies constantly undermine the value of investments in old technologies and business processes. This is more evident today than ever before. In the past couple of decades there have been changes in technology and the way business is conducted that a few short years ago would have only existed in the world of science fiction and fantasy. These developments have changed the way business is conducted and the way manufacturing is performed. These developments, in some instances, have proven technical limitations not to be limitations at all. The current rapidly changing business and technology environment has altered, and continues to markedly alter, the face of local, national and international business, industry, and government. Continued long-term success in this environment requires flexible and agile strategic planning. Furthermore, these plans require regular periodic monitoring, evaluating, and adjusting consistent with changes in the technological and business environment as well as customer requirements.
