OPEN INNOVATION AND COST BASED DECISION MAKING MECHANISMS: A REVIEW

Open innovation has received a considerable focus nowadays. The increasing volume of research on Open innovation (OI) indicates the interest about open innovation. But, still the cost of OI is unrevealed. Researchers are still working on the specification of OI. It seems that the determination of cost of OI is hardly possible in absolute figure. It seems plausible that proactive approach will be matched well with the concept of OI. Hence, OI has been reviewed with mechanisms of cost based decision making with the expectation to make the sense in that paper. It is expected that the sense of common ground between OI and cost based decision making mechanisms will help the OI to make it marketable and vice versa.