Learning Curves Will Help Managers Develop More Accurate Estimates of Labor

question 88

Multiple Choice

Learning curves will help managers develop more accurate estimates of labor and material costs that are incurred during the production cycles.This statement is an application of learning curves in which of the following functions?

• A)workforce planning and scheduling
• B)cost estimation and budgeting
• C)new product pricing
• D)procurement negotiations in supply chains

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Definitions:

Primacy Effect

The tendency to remember information at the beginning of a list better than the information that follows.

Upward Counterfactual

involves imagining or thinking about how a situation could have turned out better than it did, often leading to feelings of regret.

Downward Counterfactual

Imagining how situations could have been worse, which can sometimes improve emotional state by making one's current situation seem better in comparison.

Magical Thinking

The belief that one's thoughts, words, or actions can achieve specific effects in the real world in ways that defy the conventional laws of cause and effect.