Research and Development (R&D) is the innovative activities undertaken by company or government organisations in developing new services or products, or improving existing ones. The goal can be typically to take new products and services to market and add to the company’s bottom line that covers three activities: basic research, applied research, and experimental development.
Reference Definition by UNESCO: Research and Development (R&D) services in natural sciences and engineering; social sciences and humanities and interdisciplinary. Any creative systematic activity undertaken in order to increase the stock of knowledge, including knowledge of man, culture and society, and the use of this knowledge to devise new applications. Includes fundamental research, applied research in such fields as agriculture, medicine, industrial chemistry, and experimental development work leading to new devices, products or processes.
Related Definitions in the Project: The Project Management
