Bob and Andrea Were Recently Hired as Accountants for PTR

question 103

Essay

Bob and Andrea were recently hired as accountants for PTR Corporation. PTR uses an enterprise resource planning (ERP)system to coordinate its accounting, sales, and manufacturing operations. Bob and Andrea must learn to use the ERP system effectively to perform their job duties. Their supervisor expects a 70% learning curve to apply to that task.
a)Define the concept of a "learning curve" in your own words.
b)Identify two reasons why the rate of learning might be different than 70%.

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Definitions:

Real GDP

The measurement of a country's economic output adjusted for price changes (inflation or deflation), reflecting the real quantity of goods and services produced.

GDP

Gross Domestic Product, a measure of a country's economic output and performance, representing the total value of all goods and services produced over a specific time period.

GDP Deflator

A measure of the level of prices of all new, domestically produced, final goods and services in an economy, used to adjust GDP from nominal to real terms.

Real GDP

Gross Domestic Product adjusted for inflation, measuring the value of goods and services produced in terms of constant prices.