MEM 2221 Lecture Notes - Lecture 23: Systems Engineering, Cash Flow

• School: UConn
• Department: Management and Engineering for Manufacturing
• Course: MEM 2221
• Professor: John Wilson

Document Summary

Product - an idea for the solution of a problem or satisfaction of a need. Product life cycle: product planning and research a. Research - systematic, intensive study directed toward fuller scientific knowledge of the subject studied. Basic research - research devoted to achieving a fuller knowledge, rather than a practical application, of the subject under study (usually in the field of interest of the company) Applied research - applied research - practical application of knowledge, discovery of new scientific knowledge that has specific commercial objectives with respect to either products or processes. Development - systematic use of scientific knowledge directed toward the production of useful materials, devices, systems, or methods, including design and development of prototypes and processes. The us spends a lot of money on the military. First to market - demands major expenditure for research and development and a large market before guarantee of a successful product.