Activities associated with bringing a new, improved, or redesigned product or service to market, including research and project management. Key areas include developing business plans, developing products or services, analyzing markets, researching products or services, designing and engineering products or services, and product testing.
Engineering: Includes designing, constructing, testing, and operating equipment; ensuring that standards of quality, cost, safety, reliability, timeliness, and performance are met in production processes and interpreting plan drawings and specifications. Includes various branches of the engineering profession; excludes information technology engineering.
Research and development (R&D): Includes formulating research strategy; evaluating the cost and benefits of alternative research opportunities; and undertaking research, design, and development activities to improve the organization’s products and services."