Based on our research of the largest companies in various production sectors (manufacturing and services) in today's world, we propose a slightly different conceptualization of what technology is and what are the main differences of this conceptualization in relation to other relevant conceptualizations. Then we propose a quite simple conceptualization of an organization's technological capability as a central concept of management of technology. Based upon the above two concepts, we then propose a way for how an organization's technological capability can be modeled at three different levels (purely theoretical, technology sector specific and organization specific). At the first, purely theoretical level of modeling, we explain all the particular models that are included at the first level. Regarding the other two levels, we present only their principle. At the end, we explain in what relation technological capability modeling and technological capability auditing are. Thereupon, we present our idea on what the principle of effective technological capability assessment should be.