Define learning curve theory and describe how learning curves are used in project management

What will be an ideal response?

Learning curve theory says that a task can be performed more quickly as repetitions increase, specifically a doubling of output results in a fixed percentage reduction in time required to complete the last unit produced. Learning curve rates can be used in a project if there is an activity that remains fairly constant and is performed repeatedly. Rather than using a direct multiplier of the number of repetitions times the time required to complete the first iteration, the project manager can use the learning curve equation
Yx = aXb
to calculate the time required for successive units as long as the learning curve rate can be estimated. The result will be a time estimate lower than by direct multiplication, which might permit the project manager to more accurately gauge the amount of labor and time required and prepare a more competitive bid.