Innovation Fundamentals

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Innovation Economic Analysis

INTRODUCTION FROM ENGINEERING ECONOMIC ANALYSIS

Recalling the techniques of engineering economic analysis (White et al, 2014; Newnan et al, 2004; Sullivan et al, 2003; Badiru and Omitaomu, 2007; Badiru, 2019), there is a viable path for conducting innovation economic analysis. Financial and economic analyses form the foundation to achieving and sustaining innovation programs. An understanding of the basic techniques of engineering economic analysis can advance how innovation is embraced and leveraged in organizations. The selection of an appropriate problem is extremely important and is a major factor for determining the success of innovation initiatives. A good problem for the pursuit of innovation is one ...