Question: Answer PART B ONLY PLEASE Question A.1 a) Explain the concept of a learning curve, and how it can be applied to decision making in

Answer PART B ONLY PLEASE Answer PART B ONLY PLEASE Question A.1 a) Explain

Question A.1 a) Explain the concept of a learning curve, and how it can be applied to decision making in the context of a company's competitive strategy, and cost estimation. [6 marks] b) A manufacturing contractor has produced a proposal to deliver 400 units at a price based on the time of 240 hrs which it took to make the first 100 units (2.4 hrs per unit). However, productivity studies have shown that it is possible to achieve a progress ratio of 80% for this type of product. Based on this knowledge how would you advise the contractor to revise the estimated cost? [6 marks]

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