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Experience Curve Effect
In industry, models of the learning or experience curve effect express the relationship between experience producing a good and the efficiency of that production, specifically, efficiency gains that follow investment in the effort. The effect has large implications for costs and market share, which can increase competitive advantage over time. History: from psychological learning curves to the learning curve effect An early empirical demonstration of learning curves was produced in 1885 by the German psychologist Hermann Ebbinghaus. Ebbinghaus was investigating the difficulty of memorizing verbal stimuli. He found that performance increased in proportion to experience (practice and testing) on memorizing the word set. (More detail about the complex processes of learning is discussed in the Learning curve article.) Wright's law and the discovery of the learning curve effect This was later more generalized to: The more times a task has been performed, the less time is required on ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
1975 – Price Of Solar Panels As A Function Of Cumulative Installed Capacity
It was also declared the ''International Women's Year'' by the United Nations and the European Architectural Heritage Year by the Council of Europe. Events January * January 1 – Watergate scandal (United States): John N. Mitchell, H. R. Haldeman and John Ehrlichman are found guilty of the Watergate cover-up. * January 2 ** The Federal Rules of Evidence are approved by the United States Congress. ** A bomb blast at Samastipur, Bihar, India, fatally wounds Lalit Narayan Mishra, Minister of Railways. * January 5 – Tasman Bridge disaster: The Tasman Bridge in Hobart, Tasmania, Australia, is struck by the bulk ore carrier , causing a partial collapse resulting in 12 deaths. * January 15 – Alvor Agreement: Portugal announces that it will grant independence to Angola on November 11. * January 20 ** In Hanoi, North Vietnam, the Politburo approves the final military offensive against South Vietnam. ** Work is abandoned on the 1974 Anglo-French Channel Tunnel scheme. * January ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Learning Curve
A learning curve is a graphical representation of the relationship between how proficient people are at a task and the amount of experience they have. Proficiency (measured on the vertical axis) usually increases with increased experience (the horizontal axis), that is to say, the more someone, groups, companies or industries perform a task, the better their performance at the task.Compare: The common expression "a steep learning curve" is a misnomer suggesting that an activity is difficult to learn and that expending much effort does not increase proficiency by much, although a learning curve with a steep start actually represents rapid progress., see the "Discussions" section, Dr. Smith's remark about the usage of the term "steep learning curve": "First, semantics. A steep learning curve is one where you gain proficiency over a short number of trials. That means the curve is steep. I think semantically we are really talking about a prolonged or long learning curve. I know i ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economies Of Scale
In microeconomics, economies of scale are the cost advantages that enterprises obtain due to their scale of operation, and are typically measured by the amount of Productivity, output produced per unit of cost (production cost). A decrease in unit cost, cost per unit of output enables an increase in scale that is, increased production with lowered cost. At the basis of economies of scale, there may be technical, statistical, organizational or related factors to the degree of Market (economics), market control. Economies of scale arise in a variety of organizational and business situations and at various levels, such as a production, plant or an entire enterprise. When average costs start falling as output increases, then economies of scale occur. Some economies of scale, such as capital cost of manufacturing facilities and friction loss of transportation and industrial equipment, have a physical or engineering basis. The economic concept dates back to Adam Smith and the idea o ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Shakeout
Shakeout is a term used in business and economics to describe the consolidation of an industry or sector, in which businesses are eliminated or acquired through competition. It may also refer to a situation in which many investors exit their positions, often at a loss, due to uncertainty in the market or recent bad news circulating around a particular security or industry.InvestopediShakeoutRetrieved on July 25, 2007 Shakeouts can often occur after an industry has experienced a period of rapid growth in demand followed by overexpansion by manufacturers. Large, diversified companies are often most able to endure a weak business climate and can benefit from shakeouts. A shakeout of investors and internet businesses occurred during the dot-com bubble The dot-com bubble (or dot-com boom) was a stock market bubble that ballooned during the late-1990s and peaked on Friday, March 10, 2000. This period of market growth coincided with the widespread adoption of the World Wide Web ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Portfolio (finance)
In finance, a portfolio is a collection of investments. Definition The term "portfolio" refers to any combination of financial assets such as stocks, bonds and cash. Portfolios may be held by individual investors or managed by financial professionals, hedge funds, banks and other financial institutions. It is a generally accepted principle that a portfolio is designed according to the investor's risk tolerance, time frame and investment objectives. The monetary value of each asset may influence the risk/reward ratio of the portfolio. When determining asset allocation, the aim is to maximise the expected return and minimise the risk. This is an example of a multi-objective optimization problem: many efficient solutions are available and the preferred solution must be selected by considering a tradeoff between risk and return. In particular, a portfolio A is dominated by another portfolio A' if A' has a greater expected gain and a lesser risk than A. If no portfolio dominates A ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Marketing Mix
The marketing mix is the set of controllable elements or variables that a company uses to influence and meet the needs of its target customers in the most effective and efficient way possible. These variables are often grouped into four key components, often referred to as the "Four Ps of Marketing." These four P's are: * Product: This represents the physical or intangible offering that a company provides to its customers. It includes the design, features, quality, packaging, branding, and any additional services or warranties associated with the product. * Price: Price refers to the amount of money customers are willing to pay for the product or service. Setting the right price is crucial, as it not only affects the company's profitability but also influences consumer perception and purchasing decisions. * Place (Distribution): Place involves the strategies and channels used to make the product or service accessible to the target market. It encompasses decisions related to ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Price Wars
A price war is a form of market competition in which companies within an industry engage in aggressive pricing activity "characterized by the repeated cutting of prices below those of competitors". This leads to a cycle, where each competitor attempts to match or undercut the price of the other. Competitors are driven to follow the initial price-cut due to the downward pricing pressure, referred to as “price-cutting momentum”. While price wars can offer short-term benefits to consumers by providing them with lower prices, they can have a negative impact on the companies involved by reducing their profit margins. Moreover, the negative effects of price wars on companies can extend beyond the short term, as the companies involved may struggle to recover their lost profits and maintain their market share. Firms may be cautious when engaging in price wars as this competition can lead to prices that are unsustainable for long-term profitability. Definition The repeated cutting of pr ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Raw Material
A raw material, also known as a feedstock, unprocessed material, or primary commodity, is a basic material that is used to produce goods, finished goods, energy, or intermediate materials/Intermediate goods that are feedstock for future finished products. As feedstock, the term connotes these materials are bottleneck assets and are required to produce other products. The term raw material denotes materials in unprocessed or minimally processed states such as raw latex, crude oil, cotton, coal, raw biomass, iron ore, plastic, air, lumber, logs, and water. The term secondary raw material denotes waste material which has been recycled and injected back into use as productive material. Raw material in supply chain Supply chains typically begin with the acquisition or extraction of raw materials. For example, the European Commission notes that food supply chains commence in the agricultural phase of food production. A 2022 report on changes affecting international trade noted that ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Welding
Welding is a fabrication (metal), fabrication process that joins materials, usually metals or thermoplastics, primarily by using high temperature to melting, melt the parts together and allow them to cool, causing Fusion welding, fusion. Common alternative methods include solvent welding (of thermoplastics) using chemicals to melt materials being bonded without heat, and #Solid-state welding, solid-state welding processes which bond without melting, such as pressure, cold welding, and diffusion bonding. Metal welding is distinct from lower temperature bonding techniques such as brazing and soldering, which do not melt the base metal (parent metal) and instead require flowing a filler metal to solidify their bonds. In addition to melting the base metal in welding, a filler material is typically added to the joint to form a pool of molten material (the weld pool) that cools to form a joint that can be stronger than the base material. Welding also requires a form of shield to ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Machining
Machining is a manufacturing process where a desired shape or part is created using the controlled removal of material, most often metal, from a larger piece of raw material by cutting. Machining is a form of subtractive manufacturing, which utilizes machine tools, in contrast to ''additive manufacturing'' (e.g. 3D printing processes, 3D printing), which uses controlled addition of material. Machining is a major process of the manufacture of many metal products, but it can also be used on other materials such as wood, plastic, ceramic, and composite material, composites. A person who specializes in machining is called a machinist. As a commercial venture, machining is generally performed in a machine shop, which consists of one or more workrooms containing primary machine tools. Although a machine shop can be a standalone operation, many businesses maintain internal machine shops or tool rooms that support their specialized needs. Much modern-day machining uses Numerical control, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Machine Tool
A machine tool is a machine for handling or machining metal or other rigid materials, usually by cutting, Boring (manufacturing), boring, grinding (abrasive cutting), grinding, shearing, or other forms of deformations. Machine tools employ some sort of tool that does the cutting or shaping. All machine tools have some means of constraining the workpiece and provide a guided movement of the parts of the machine. Thus, the relative movement between the workpiece and the cutting tool (which is called the toolpath) is controlled or constrained by the machine to at least some extent, rather than being entirely "offhand" or "wikt:freehand#Adjective, freehand". It is a power-driven metal cutting machine which assists in managing the needed relative motion between cutting tool and the job that changes the size and shape of the job material. The precise definition of the term ''machine tool'' varies among users. While all machine tools are "machines that help people to make things", not a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Shipbuilding
Shipbuilding is the construction of ships and other Watercraft, floating vessels. In modern times, it normally takes place in a specialized facility known as a shipyard. Shipbuilders, also called shipwrights, follow a specialized occupation that traces its roots to before recorded history. Until recently, with the development of complex non-maritime technologies, a ship has often represented the most advanced structure that the society building it could produce. Some key industrial advances were developed to support shipbuilding, for instance the sawing of timbers by Saw#Mechanically powered saws, mechanical saws propelled by windmills in Dutch shipyards during the first half of the 17th century. The design process saw the early adoption of the logarithm (invented in 1615) to generate the curves used to produce the shape of a hull (watercraft), hull, especially when scaling up these curves accurately in the mould Lofting, loft. Shipbuilding and ship repairs, both commercial an ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
