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The increasingly important role that technologies play in today's business success is well known. To ensure proper selection and development of the key technologies, a deliberate technology plan is needed. In this paper, a strategic technology planning framework is proposed. A hierarchical decision model and its sensitivity analysis are presented as two major steps of the framework to provide effective technology assessment and to generate technology scenarios. The hierarchical model links an organization's competitive goals and strategies in evaluating the technology alternativespsila overall contributions to business success; the sensitivity analysis helps to forecast and implement possible future changes in the economic environment, industry policies, and organization strategies. With the proposed framework, organizations can start to implement their technology plans synoptically and follow up with incremental adaptations as necessary. A case study on Taiwan's semiconductor foundry industry is presented to demonstrate the model in detail.