Publisher Summary Science is the systematic attempt to understand and interpret the physical and biological world. While technology is concerned with the fabrication and use devices and systems, science is devoted to the conceptual enterprise of understanding and describing the physical and biological world. Technology is science plus purpose. While science is the study of the laws of nature, technology is the practical application of those laws toward the achievement of some purpose or purposes. Technology might be defined as the organization of knowledge for the achievement of practical purposes. Technologies are not confined to a specific business, application, or industry. They are potentially applicable to several businesses. Innovation is the creation of new technology that satisfies a commercial purpose. The development of new technologies is a cumulative matter in which each generation inherits all the preceding science and technology on which it can build.