Mathematics and Economics Coursework Sample

Problem Set 3
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1. List the input, and output, measures of innovation. How should one deal with so many possible measures?
Input measures include:
* Availability or research and development
* Availability of science, Technology, Engineering and Mathematics (SEM) labor
* The number of active projects
* Presence of new ideas
Output measures include
* Increased profit
* New products launched
* Number of patents files
* Invention disclosures
One should deal with so many possible measures by prioritizing on one project at a time. Prioritization ensures that only intended projects are measured. This reduces the possibility of measuring a lot of innovations simultaneously. The presence of many projects attracts so many possible measures. 2. “R&D is the only important measure of innovation”. Discuss.R&D is the only important measure of innovation because it leads to the realization of new products. A company that focuses on R&D is more likely to introduce new technology as well as new products and services that strengthen its competitive advantage. It is only through R&D that a company can update its strategies starting from production to marketing and pricing. When a company invests in R&D, it reduces its costs of manufacturing. An increase in production processes improves efficiency and reduces production costs. Therefore R&D plays a significant role in the innovation process, and that is why it the only important measure of innovation. 3. Choose a selection of firms, or countries, and attempt to produce a ranking or innovation scoreboard
Innovation Score Board


Country

Innovation

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