What Is Occurring in the BEMs Is Analogous to the Situation

question 42

True/False

What is occurring in the BEMs is analogous to the situation after World War II when tremendous demand was created during the reconstruction of Europe.

Revise estimates and learning rates based on actual production data.

Apply learning curves in bid preparation, scheduling, and cost accounting.

Determine total and average time for production runs using learning curves.

Estimate changes in labor costs and production time based on variations in learning rates.

---

Definitions:

Comparative Advantage

The capacity for a person, business, or nation to generate a product or service with a smaller opportunity cost compared to its rivals.

Competition

Rivalry among business firms for resources and customers.

Absolute Advantage

The ability of a country, individual, company, or region to produce a good or service more efficiently than its competitors when using the same amount of resources.

Opportunity Cost

The benefit that is missed or given up when choosing one alternative over another.