Research and development (R&D) refers to the process undertaken by businesses in order to learn more about their industry. The new technological or scientific knowledge gained through R&D is then applied to produce new or improved products and services that can be used or sold by the business. It is often classified into three categories, including development research, basic research and applied research. It encompasses tasks such as advanced development, process development, technological development, prototyping, technology transfer, fundamental research, concept development and new product development. R&D and innovation is the act of creating and commercializing novel concepts, introducing novel procedures, or altering the way a business generates revenue. It can also be seen as the necessary activity to keep a company viable and competitive in the long run. This book contains a detailed explanation of the management practices and innovation associated with R&D. It is appropriate for students seeking detailed information in this area as well as for experts.