Research and development is a collection of investigative activities performed by corporations and governments to improve upon existing products, services, and procedures or to create new innovations according to consumer needs and demands. The aim of R&D is long-term profitability, which invokes financial risks since the return on investment is unpredictable.
R&D is divided into three structures: basic/pure research, applied research, and development.
Industries use basic research for comprehensive understanding. This practice focuses on completing and advancing scientific knowledge on fundamental aspects of concepts and phenomena in general. New ideas, theories, and questions lead basic researchers to investigate unknown and illogical areas. They formulate hypotheses to explore possible avenues. Industries have scientists & engineers in their R&D department to test the boundaries of technology and explore new products with extensive research while staying within a theoretical environment.
Corporations and governments have an R&D department consisting of industrial scientists, engineers or researchers who use applied research in technical, scientific, and industrial fields. Applied research is a painstaking systematic study to collect information for immediate application. This practice is used to solve specific problems and to facilitate improvements in current goods and services, as well as for future developments.
Development consists of drawing on data already available and basic and applied research results to create new and improved products, services, and procedures.
Many sectors and industries, such as pharmaceutical, environmental, and technological, rely heavily on research and development to advance scientific knowledge and increase their profitability.
R&D teams often consist of members from multiple industries and geographies, so they need to expertly manage their projects to deliver on-time, on-budget results, learning and integration that organizations need. Many different methods have been developed to manage and deliver projects. These methods/approaches are applied to different principles, themes, frameworks, processes, and standards to help provide structure to the way a project is managed and delivered.
Acute360 was developed as a solution to respond to the complexity of managing industrial & academic R&D projects and offers a coherent approach to doing R&D the right way. It is an intelligent and interactive web based project management platform that manages projects and tasks based on the Scientific Method. The platform is about metrics: quantifying, measuring, recording and making sure that people track their progress towards goals. To achieve this Acute360 uses a very rigorous method for getting people to identify and report their results.
The Benefits of Acute360’s Project Management Platform:
Acute360 promotes sensible assignment of project resources & management roles. The architecture (task tree) and flexibility of Acute360 iterative approach makes it an adaptive project management software that allows it to modify its approach so as to manage many types of projects that encompasses R&D, Waterfall or Agile project management methodologies.
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