r-and-d-budget

Vocabulary Word

Definition

The term 'R&D budget' is essentially the money allocated by a firm for research and development activities. This budget is used for innovation, or for the improvement of existing products or processes.

Examples in Different Contexts

The R&D budget in technology companies is allocated for research and development to innovate and develop new products. A tech company CEO might say, 'Investing a significant portion of our budget in R&D is crucial for staying ahead in the market.'

Practice Scenarios

Pharmaceutical

Scenario:

Our organization aims to pioneer new treatments. This necessitates significant investment into research, wouldn't you agree?

Response:

Biggest part of our R&D budget should go towards clinical trials. It's crucial for our breakthroughs in drug development.

Business

Scenario:

To remain competitive, we need to invest in innovation and advancement. How can we allocate our funds wisely?

Response:

I suggest we increase our R&D budget to improve our existing product line and explore new market opportunities.