Definition of Learning curve:
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. The learning curve was first described by psychologist Hermann Ebbinghaus in 1885 and is used as a way to measure production efficiency and to forecast costs.
In the visual representation of a learning curve, a steeper slope indicates initial learning translates into higher cost savings, and subsequent learnings result in increasingly slower, more difficult cost savings.
Graphical representation of the common sense principle that more one does something the better one gets at it. 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. Used in resource requirements planning, learning curves are also employed in setting incentive rate schemes based on the statistical findings that as the cumulative output is doubled, the average unit cost declines by a constant percentage. For example, an 80 percent learning curve means the per unit average cumulative cost (in hours or dollars) falls to 80 percent of the previous per unit average cumulative cost as the cumulative output doubles. Learning curves are, however, not universally applicable but show most promise in situations where non-mechanized, repetitive assembly operations predominate and which largely use direct labor. Also called improvement curve, progress curve.
The rate of a persons progress in gaining experience or new skills.
How to use Learning curve in a sentence?
- The latest software packages have a steep learning curve.
- The steeper the slope of the learning curve, the higher the cost savings per unit of output.
- The learning curve is a visual representation of how long it takes to acquire new skills or knowledge.
- In business, the slope of the learning curve represents the rate in which learning new skills translates into cost savings for a company.
Meaning of Learning curve & Learning curve Definition