http://www.answers.com defines a learning curve as: “A graph that depicts rate of learning, especially a graph of progress in the mastery of a skill against the time required for such mastery.” Barron’s Accounting Dictionary (B.A.D.) meanwhile defines a learning curve as: “Chart line representing the efficiency gained from experience.” Clearly, the concept of a learning curve is extremely quantitative in nature with its borders lodged to various experiences. Since numeric is not quite my forte I will not seek to explore its numerical value too much. I will leave that for my friend Kathy a prolific accountant to do.
Rather, I will seek to explore the concept of this phenomenon on my life at present. As depicted by the B.A.D. the learning curve has applications. Imagine that? It states that, “Applications of the learning curve theory include (1) pricing decisions, based on the estimates of expected costs; (2) requirements for scheduling labor; (3) capital budgeting decisions; and (4) setting incentive wage rates.”
So, here I am thinking of myself as a Product Continue reading