This paper examines how, from an engineering perspective, R&D is normally defined as the search for and discovery of
new knowledge about
products,
processes, and
services, and then applying that knowledge to create new and improved products, processes, and services that fill market needs. It looks at how every major company has an R&D
department, usually with a budget separate from that in the production area, and how such a department is critical to companies, especially with the increased global competition and reduction of resources.