What is theory of inventive problem solving (popularly known as TRIZ)?

TRIZ (Teoriya Resheniya Izobretatelskikh Zadatch) or TIPS (Theory of Inventive Problem Solving) is a methodology for inventive problem solving. It was developed by a Russian scientist – Genrich S. Altshuller. He and his team analyzed thousands of innovations across different sectors and generalized the inventive patterns to come up with a set of universal principles. These principles makes creative problem solutioning faster and predictable.