"The term polytechnic comes from the Greek πολύ (polú or polý) meaning "many" and τεχνικός (tekhnikós) meaning "arts". While the term institute of technology is often abbreviated IT, the term is not to be confused with information technology.

Institute of technology, and polytechnic, are designations employed in a wide range of learning institutions awarding different types of degrees and operating often at variable levels of the educational system. It may be any institution of higher education or vocational education, specialising in technology or different sorts of technical subjects. It may also refer to a secondary education school focused in vocational training."

more information at web source:
http://en.wikipedia.org/wiki/Polytechnic