Control systemA control system manages, commands, directs, or regulates the behavior of other devices or systems using control loops. It can range from a single home heating controller using a thermostat controlling a domestic boiler to large industrial control systems which are used for controlling processes or machines. The control systems are designed via control engineering process. For continuously modulated control, a feedback controller is used to automatically control a process or operation.
Economic growthEconomic growth can be defined as the increase or improvement in the inflation-adjusted market value of the goods and services produced by an economy in a financial year. Statisticians conventionally measure such growth as the percent rate of increase in the real and nominal gross domestic product (GDP). Growth is usually calculated in real terms – i.e., inflation-adjusted terms – to eliminate the distorting effect of inflation on the prices of goods produced. Measurement of economic growth uses national income accounting.
Set (mathematics)A set is the mathematical model for a collection of different things; a set contains elements or members, which can be mathematical objects of any kind: numbers, symbols, points in space, lines, other geometrical shapes, variables, or even other sets. The set with no element is the empty set; a set with a single element is a singleton. A set may have a finite number of elements or be an infinite set. Two sets are equal if they have precisely the same elements. Sets are ubiquitous in modern mathematics.
Price discriminationPrice discrimination is a microeconomic pricing strategy where identical or largely similar goods or services are sold at different prices by the same provider in different market segments. Price discrimination is distinguished from product differentiation by the more substantial difference in production cost for the differently priced products involved in the latter strategy. Price differentiation essentially relies on the variation in the customers' willingness to pay and in the elasticity of their demand.
Cross productIn mathematics, the cross product or vector product (occasionally directed area product, to emphasize its geometric significance) is a binary operation on two vectors in a three-dimensional oriented Euclidean vector space (named here ), and is denoted by the symbol . Given two linearly independent vectors a and b, the cross product, a × b (read "a cross b"), is a vector that is perpendicular to both a and b, and thus normal to the plane containing them. It has many applications in mathematics, physics, engineering, and computer programming.
Empty setIn mathematics, the empty set is the unique set having no elements; its size or cardinality (count of elements in a set) is zero. Some axiomatic set theories ensure that the empty set exists by including an axiom of empty set, while in other theories, its existence can be deduced. Many possible properties of sets are vacuously true for the empty set. Any set other than the empty set is called non-empty. In some textbooks and popularizations, the empty set is referred to as the "null set".
Marketing strategyMarketing strategy is an organization's promotional efforts to allocate its resources across a wide range of platforms, channels to increase its sales and achieve sustainable competitive advantage within its corresponding market. Strategic marketing emerged in the 1970s and 80s as a distinct field of study, branching out of strategic management. Marketing strategy highlights the role of marketing as a link between the organization and its customers, leveraging the combination of resources and capabilities within an organization to achieve a competitive advantage (Cacciolatti & Lee, 2016).
Dot productIn mathematics, the dot product or scalar product is an algebraic operation that takes two equal-length sequences of numbers (usually coordinate vectors), and returns a single number. In Euclidean geometry, the dot product of the Cartesian coordinates of two vectors is widely used. It is often called the inner product (or rarely projection product) of Euclidean space, even though it is not the only inner product that can be defined on Euclidean space (see Inner product space for more).
Open innovationOpen innovation is a term used to promote an information age mindset toward innovation that runs counter to the secrecy and silo mentality of traditional corporate research labs. The benefits and driving forces behind increased openness have been noted and discussed as far back as the 1960s, especially as it pertains to interfirm cooperation in R&D.
Project managementProject management is the process of leading the work of a team to achieve all project goals within the given constraints. This information is usually described in project documentation, created at the beginning of the development process. The primary constraints are scope, time, and budget. The secondary challenge is to optimize the allocation of necessary inputs and apply them to meet pre-defined objectives. The objective of project management is to produce a complete project which complies with the client's objectives.
