R&D encompasses the systematic investigation and creative work undertaken to increase knowledge and apply this understanding to develop innovative solutions. It involves basic research, applied research, and experimental development, focusing on discovering new insights and transforming them into practical applications.
Components:
Key components of R&D include:
• Basic Research: Fundamental investigation to acquire new knowledge without immediate commercial applications.
• Applied Research: Targeted research aimed at solving specific problems or creating new products and processes.
• Development: Experimental work to design, prototype, and test new or improved products and technologies.
