Technology decision: buy, develop internally or hire an outside design firm

You now need to make a technology decision about the direction in which the firm should proceed. You are faced with three options:

License existing technology from another firm and apply it to this product.

Develop internally all the technology needed for this product that would allow the firm to license it to other industries.

Hire an outside design engineering firm to develop the technology needed.

After making your decision, write a report covering the following topics:

Describe your decision regarding the technology decision you have chosen.

Explain the pros and cons of that decision and the logic you used in reaching that decision.

Include one other possible option for this technology decision.