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Why do we actually use learning curve formula instead of table based approach?
In example 2 of the notes if we use formula instead of table based approach it would be like this:
Y = ax^b
Y = 100(7)^-0.415 = 42.19
Total time for 7 units = (7 x 44.59 hrs) = 312.13
Is that correct?
No, that is not correct.
The only way of arriving at the time for the next 7 (given that they have already made 1) is to take the total time for 8 and subtract the time for the first, as I explain in the free lecture working through this chapter.
By all means calculate the average time for making 8 by using the formula instead of using the doubling rule. The answer will end up being the same (subject maybe to a tiny bit of rounding).
It is however essential that you do understand how to use the doubling rule because you can be asked to calculate the learning rate as again I explain (with an example) in my lecture.
(I do hope that you are not using the notes without watching the lectures that go with them. They are lecture notes and not a study text, and it is in the lectures that I work through the examples and explain and expand on the notes. If you are not watching the lectures for any reason then you need to buy a Study Text from one of the ACCA Approved Publishers and study from there.)