The importance of research and development has become more evident everyday among the factors that directly related to the good economic performance of the emerging countries of 21st centuries. Research creates knowledge and development designs,and builds prototypes to prove their feasibility.Engineering then converts these prototypes into products or services that can be offered to the marketplace or into processes that can be used to produce commercial products and services. The National Science Foundation(NSF) defines three types of R&D:īasic Research has its objectives a fuller knowledge or understanding of the subject under study,rather than a practical application.Basic research is defined as research that advances scientific knowledge but does not have a specific commercial objectives.Īpplied Research is directed towards gaining knowledge or understanding necessary for determining the means by which a recognized and specific need may be met.It includes investigations directed to the discovery of new knowledge having specific commercial objectives with respect to product,processes or services. The majority of R&D projects fail to provide the expected financial result,and the successful projects may also pay for the projects that are unsuccessful or terminated early by the management.There are certain objectives that an R&D follows:
R&D is a process intended to create new or improved technology that can provide a competitive advantage at the business,industry or national level.While the rewards can be very high, the process of technological innovation is complex and risky.
Research and Development (R&D) is the key element of many organizations.When it is well planned and used it enables a business to generate increased wealth from time to time.Most of the people associates the research and development function of a company with the invention of new products.while the inventions are important, the development of existing products is of equal significance as the consumer preferences are continually changing.Thus we can say that the term R&D refers to a specific group of activities within a business.R&D differs from company to company according to the activities of that company.