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1、Atthepeakoftbestockmarketboomin"space"sbaresayearorsoago,amarketletterseriouslysuggestedanewinvestmentyardstickinplaceoftbeapparentlyobsoleteprice/earn-ingsratio:a"price/research-budgotratio."To-daythisreadslikeincrediblenaivete.Buttbeassumptionunderlyingsucbapricc/rescarcb-bud
2、getratioisstillverymuchalive:viz.,that"researcb"byitselfisameaningfulbusinessre-TwelveFablessultor,atleast,asurefireguaranteeofresults.Statedsobaldly(rathertbantacitlytakenforgranted),thefallacystandsout.Researchisacostoraninvestment;farfromdeliveringgttar-ofanteedresults,itisa
3、highlyspeculative,highlyuncertaineffortthatrequiresthegreatestman-agerialeompetencetoproduceresults.Judgingbytheover-allperformanceofAmericanbusi-Researchnesstheselasttenyears,allwearcreallygoodatsofarisspendingresearchdollars.Westillhavetolearnhowtogetresultsfromthisexpenditur
4、e.ManagementPitfalls&PratfallsResearchspendingbasbecometbe"growthsector"oftbeAmericaneconomy,doublingindollarvolumeeveryfouryears.Moreremark-Researchexpenditureskeepgrowing,ablestillistheshiftinnationalattitude.Abutwbatabouttberesults?regionthatcomplainsofadeartbofdefensecontra
5、ctsisnolongerjusttoldtoelectmoreDemocrats;itiscounseledtospendmoreonin-dustrialresearch!ByPeterF.DruckerButdowegetgreaterresearcheffortfromtbejumpinresearchexpenditures—from$4billiontoaboutSi5billioninonesbortdecade?Agooddealofthisamount,Iamafraid,simplyrepresentsmorespendingon
6、nonresearcbandespeciallyon"researchsupport"—clerks,re-portwriters,massive(andlargelyuseless)elabo-ration,newbuildings,andcomplexequipment.Howmanycompanies,forinstance,arespend-ingmillionsonfashionableapparatus—e.g.,acryogeniccbamber—witboutevenaskingwhethertbisbeautifulmachiner
7、ywilleverbeusedforanythingassordidascommerciallyusableresults?Andtberearesomemajorspaceprogramswhere75centsoutofeveryR&Ddollargoesfor"engineeringdocumentation."Tobesure,tbenumberofresearchersem-ployedinindustrybasdoubledinthelasttonyears.Buttbenumberofpeoplewboarccalled"researc
8、bers,"yetarenotdoingresearch,hasgrownfasterstill—resea