Transfer of technology plays a pivotal role in the industrialization of developing countries. The challenge faced by these countries is the non-avail of Transfer of Technology (ToT) model that can depict the technology transfer process by involving the internal and external factors. As the technology assessment and selection is the main process in ToT, so this paper focuses on this area and propose two approaches for development of a ToT model. Also existing analytical approaches to technology evaluation and selection, such as engineering-economic analysis, cost benefit analysis and optimization techniques have limited applicability due to imprecise and non-quantifiable evaluation of variable and factors. This paper proposes approaches to assess technology on both quantitative and qualitative bases simultaneously, involving all internal and external factors (forces) that affect the en- tire ToT process.