Definition of learning curve theory- in strategic cost management
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According to definitions by Hall and Starr, the experience curve is an analytical tool designed to quantify the rate at which experience of accumulated output, to date, affects total lifetime costs.
Learning curve shows the rate of improvement in performing a task as a function of time, or the rate of change in average cost (in hours or dollars) as a function of cumulative output.
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A learning curve is a concept that graphically depicts the relationship between the cost and output over a defined period of time, normally to represent the repetitive task of an employee or worker
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