Question

The ______ department or function is responsible for acquiring and applying new knowledge to create new products, to refine existing products, and ultimately to decide whether existing products can create value.

Answer 1

Answer: Research and Development Department

Explanation:

Research and development departments carry out the functions of overseeing the entire development process of new products and programs within an organization, from the initial planning phase to implementation or production. They usually keep track of all the costs related to the creation of these new products and decide what ideas are worth pursuing. The research and development departments apply new knowledge in creating new products or refining of an existing product to become a new product.