The concept of learning/improvement curves was developed to accurately estimate the time completion time of the n-th item in repetitive manufacturing. The fact that learning curve models help identify the potential time savings and in turn the resulting cost savings is very well documented and widely used in aircraft and related industries. When rate of production is not very high, a concept similar to learning curve is used to correctly to estimate the cost of the n-th item. If embedded correctly in the learning curve model, the effect of production rate may be accounted for accurately in estimating manufacturing costs. The research work presented here essentially addresses this.
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