Open Innovation Means Extending the Search for and Commercializing New

question 30

True/False

Open innovation means extending the search for and commercializing new ideas beyond the boundaries of the organization and the industry.

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Definitions:

Lean Production

A systematic method for waste minimization within a manufacturing system without sacrificing productivity.

Flexible Manufacturing

A production system capable of adjusting its operations and processes to adapt to changes or variances in product type and volume.

Craft Shop Technology

Techniques and processes used in small-scale production environments, where goods are handcrafted or produced in limited quantities.

Customer Specifications

Detailed descriptions provided by customers outlining the specific requirements, features, or standards that a product or service must meet.