Innovation

Innovation

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Term2.png INNOVATION
The creation, development and implementation of a new and useful product, process or service, with the aim of improving efficiency, effectiveness or competitive advantage, converting knowledge and ideas into new benefits. Innovation may apply to different fields, such as products, services, manufacturing processes, managerial processes or the design of an organization. It can also apply, for example, to assessment methods when the traditional ones are complemented with new ones, such as self-assessment or peer-to-peer assessment. Innovation is linked to creativity and the creation of new knowledge and ideas, and involves taking those new ideas and converting them into reality and new benefits through invention, research and new product development. [1]



References

  1. www.digitalstrategy.govt.nz (14 March 2008) Wikipedia (17 April 2008), www.krii.com (17 April 2008)