The purpose of this study is the development of a decision model to help decision makers with their technology selection. Evaluation and selection of a new technology is a multi-criteria decision making process encompassing various tangible and intangible factors. Both risks and benefits of implementing a new technology are identified for inclusion in the evaluation process. Since these factors can be objective and subjective a hybrid approach that applies to both quantitative and qualitative factors are used in the development of the model. Taguchi loss functions are used to measure performance of each technology candidate with respect to the risks and benefits. Analytic Hierarchy Process (AHP) is used to determine the relative importance of these factors to the decision maker. The weighted loss scores are then calculated for each technology by using the relative importance as the weights. The composite weighted loss scores are used for ranking of the technologies. The technology with the smallest loss score is recommended for selection. The proposed model provides guidelines for managers to make an informed decision regarding technology selection. In addition, combining Taguchi loss functions and AHP provides a novel approach for ranking of the potential technologies for implementation purposes.