Learning Curve Definition - Investopedia

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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 ... Business BusinessEssentials WhatIsaLearningCurve? Alearningcurveisaconceptthatgraphicallydepictstherelationshipbetweenthecostandoutputoveradefinedperiodoftime,normallytorepresenttherepetitivetaskofanemployeeorworker.ThelearningcurvewasfirstdescribedbypsychologistHermannEbbinghausin1885andisusedasawaytomeasureproductionefficiencyandtoforecastcosts. Inthevisualrepresentationofalearningcurve,asteeperslopeindicatesinitiallearningtranslatesintohighercostsavings,andsubsequentlearningsresultinincreasinglyslower,moredifficultcostsavings. KeyTakeaways Thelearningcurveisavisualrepresentationofhowlongittakestoacquirenewskillsorknowledge.Inbusiness,theslopeofthelearningcurverepresentstherateinwhichlearningnewskillstranslatesintocostsavingsforacompany.Thesteepertheslopeofthelearningcurve,thehigherthecostsavingsperunitofoutput. UnderstandingLearningCurves Thelearningcurvealsoisreferredtoastheexperiencecurve,thecostcurve,theefficiencycurve,ortheproductivitycurve.Thisisbecausethelearningcurveprovidesmeasurementandinsightintoalltheaboveaspectsofacompany.Theideabehindthis isthatanyemployee,regardlessofposition,takestimetolearnhowtocarryoutaspecifictaskorduty.Theamountoftimeneededtoproducetheassociatedoutputishigh.Then,asthetaskisrepeated,theemployeelearnshowtocompleteitquickly,andthatreducestheamountoftimeneededforaunitofoutput. That iswhythelearningcurveisdownwardslopinginthebeginningwithaflatslopetowardtheend,withthecostperunitdepictedontheY-axisandtotaloutputontheX-axis.Aslearningincreases,itdecreasesthecostperunitofoutputinitiallybeforeflatteningout,asitbecomeshardertoincreasetheefficienciesgainedthroughlearning. BenefitsofUsingtheLearningCurve Companiesknowhowmuchanemployeeearnsperhourandcanderivethecostofproducingasingleunitofoutputbasedonthenumberofhoursneeded.Awell-placedemployeewhoissetupforsuccessshoulddecreasethecompany'scostsperunitofoutputovertime.Businessescanusethelearningcurvetoconductproductionplanning,costforecasting,andlogisticsschedules. Thelearningcurvedoesagoodjobofdepictingthecostperunitofoutputovertime. Theslopeofthelearningcurverepresentstherateinwhichlearningtranslatesintocostsavingsforacompany.Thesteepertheslope,thehigherthecostsavingsperunitofoutput.Thisstandardlearningcurveisknownasthe80%learningcurve.Itshowsthatforeverydoublingofacompany'soutput,thecostofthenewoutputis80%oftheprioroutput.Asoutputincreases,itbecomesharderandhardertodoubleacompany'spreviousoutput,depictedusingtheslopeofthecurve,whichmeanscostsavingsslowovertime. CompareAccounts AdvertiserDisclosure × TheoffersthatappearinthistablearefrompartnershipsfromwhichInvestopediareceivescompensation.Thiscompensationmayimpacthowandwherelistingsappear.Investopediadoesnotincludealloffersavailableinthemarketplace. Provider Name Description RelatedTerms WhatIstheIsoquantCurve? Theisoquantcurveisagraph,usedinthestudyofmicroeconomics,thatchartsallinputsthatproduceaspecifiedlevelofoutput. more WhatIsaSupplyCurve? Asupplycurveisarepresentationoftherelationshipbetweenthepriceofagoodorserviceandthequantitysuppliedforagivenperiodoftime. more WhatIsaGrowthCurve? Agrowthcurveisavisualdepictionofthegrowthofaphenomenon,withthex-axistypicallyrepresentingtimeandthey-axisgrowth. more LearnAboutAggregateSupply Aggregatesupplyisthetotalsupplyofgoodsandservicesproducedwithinaneconomyatagivenoverallpricelevelinagiventimeperiod. more PhillipsCurveDefinition ThePhillipscurveisaneconomictheorythatinflationandunemploymenthaveastableandinverserelationship. more WhatIsaValueChain? Avaluechainisabusinessmodelthatdescribesalloftheactivitiesthatabusinessemploystocreateaproductorservice. more PartnerLinks RelatedArticles Economy HowEducationandTrainingAffecttheEconomy FixedIncome ThePredictivePowersoftheBondYieldCurve Cryptocurrency GPUUsageinCryptocurrencyMining Economy Employability,theLaborForce,andtheEconomy Economics WhatDoestheLawofDiminishingMarginalUtilityExplain? TreasuryBonds UnderstandingTreasuryYieldsandInterestRates

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