Over the decades and centuries of human existence, the basic goal in economics has always been the effective and efficient distribution of scarce resources to satisfy man's insatiable need for goods and services. If one has to go through a chronology of economic development, taken as a response to the familiar cliche that each and every human endeavour is directed at improving man's quality of life, one concomitantly arrives at technology as a significant part of the analysis. One inevitably factors in the development of various technologies which are intended to bring forth needed goods and services with the least possible cost, time, and effort. Of late, business organizations have genuinely been hi search of production technologies and approaches that could result in heightened flexibility in production, shorter production runs, more customized products, faster responses to changes in market demand, greater control and accuracy of processes and quicker throughput, all of which have become imperatives, given the complex and diverse conditions obtaining
in the present market.