Questions

Innovation is generally considered a process that brings together various novel ideas in a way that they have an impact on society. It differs from invention in that innovation refers to the use of a better and, as a result, novel idea or method, whereas invention refers more directly to the creation of the idea or method itself. Innovation differs from improvement in that innovation refers to the notion of doing something different rather than doing the same thing better.

Economic resources are those goods and services that can be converted into valuable products for individual and business purposes.

There are four major types of economic resources:

1. land,

2. labor,

3. capital and

4. entrepreneurship.

Land and labor are natural and human resources, while capital means physical resources or money.

Entrepreneurship converts these resources into usable goods.

However, resources have finite values, and proper utilization depends on economic systems and economic decisions.

I. Inputs

• Organizational process assets


• Procurement management plan


• Evaluation criteria


• Procurement document package


• Proposals


• Qualified sellers list


• Project management plan

                 - Risk register

                 - Risk related contractual agreements

II. Tools and Techniques

• Weighting system


• Independent estimates


• Screening system


• Contract negotiation


• Seller rating systems


• Expert judgment


• Proposal evaluation techniques

III. Outputs

• Selected sellers


• Contract


• Contract management plan


• Resource availability


• Procurement management plan (updates)


• Requested changes

Ayer's Rock

Chattisgarh State government has granted permission for the installation of a Geothermal Power Plant at Tattapani area of the Balrampur district to the NTPC and it is the first geothermal power plant in India.