Answered: You are asked to do a learning curve…

Practical Management Science

6th Edition

ISBN:9781337406659

Author:WINSTON, Wayne L.

Publisher:WINSTON, Wayne L.

Chapter2: Introduction To Spreadsheet Modeling

Section: Chapter Questions

Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...

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You are asked to do a learning curve analysis as part of your internship project, but you discover that the data is pretty slim. Unfortunately you don't have time to do more field work and you have to come up with the best estimate based on the available data. Here's what you know: It took 98.71 minutes to complete the seventh unit and only 89.35 minutes to complete the twelfth unit. What is your best estimate of the Learning Rate for this process?

Expert Solution

Step 1

T_n = T₁ x n^b
b = ln (learning percentage) / ln(2)	where ln stands for natural logarithm
Where
n = number of unit
T₁ = Time for 1st unit
n^b= Time for nth unit

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