Learning Curves The learning curve, also referred to as the experience curve, is a simplistic, yet powerful, estimating technique which has become an essential concept/tool used for strategic planning within project management (Kerzner, 2013; Lieberman, 1987; Linton & Walsh, 2013). Bailey and Gupta (1999) suggested that the learning curve should probably be called the “forecasting curve” because it is primarily used to forecast the future expenditure of project resources (as cited in McKee & McKee, 2013). This paper will briefly explain the core components of a learning curve analysis, as well as discuss how it can be utilized in project management.
Learning Curve Theory The learning curve concept specifies that as tasks are repeated, a certain amount of learning occurs, or experience is gained, which reduces the amount of time required to …show more content…
With a relatively small subset of data, the PM is able to develop a model (learning curve) which provides valuable predictive information that can be used to develop competitive bids/estimate or establish an effective pricing strategy (Hossain, 2011; Kerzner, 2013). PM may also analyze existing experience curves, which Kerzner (2013) explains, “reflect past experience” (p. 965). This historical information may provide insight or influence future decisions when working similar future projects.
Other benefits of the learning curve are the monitor and controlling aspects they provide. Learning curves provide the PM with the ability to observe and track the amount of progress/improvement realized by the project (Zangwill & Kantor, 1998). As project progress through their learning cycles, PMs can identify what techniques/processes are producing the greatest improvement and thus can learn how to improve processes faster and faster (Zangwill & Kantor, 1998, p. 919).
Real-World
Learning Curve Theory The learning curve concept specifies that as tasks are repeated, a certain amount of learning occurs, or experience is gained, which reduces the amount of time required to …show more content…
With a relatively small subset of data, the PM is able to develop a model (learning curve) which provides valuable predictive information that can be used to develop competitive bids/estimate or establish an effective pricing strategy (Hossain, 2011; Kerzner, 2013). PM may also analyze existing experience curves, which Kerzner (2013) explains, “reflect past experience” (p. 965). This historical information may provide insight or influence future decisions when working similar future projects.
Other benefits of the learning curve are the monitor and controlling aspects they provide. Learning curves provide the PM with the ability to observe and track the amount of progress/improvement realized by the project (Zangwill & Kantor, 1998). As project progress through their learning cycles, PMs can identify what techniques/processes are producing the greatest improvement and thus can learn how to improve processes faster and faster (Zangwill & Kantor, 1998, p. 919).
Real-World