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Hi!
I do have watched your lectures on quantitative analysis in budgeting but still have some issues.
1.In the rule itself, what does “the cumulative average time per unit falls” mean?
2. In the exams, will the learning rate be given or we will need to calculate it?Thanks.
1. It means the average time per unit as you produce more units. You will not be asked to define the term – just to be able to calculate the average time per unit for any number of units (either by doubling or by using the formula).
2. The learning rate will be given, but you could need to calculate ‘b’ using the formula on the formula sheet. However most likely ‘b’ will be given (as I say in the lecture).
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