FOAK is an
acronym
An acronym is a type of abbreviation consisting of a phrase whose only pronounced elements are the initial letters or initial sounds of words inside that phrase. Acronyms are often spelled with the initial Letter (alphabet), letter of each wor ...
for First of a Kind. It is used in
engineering economics
Engineering economics, previously known as engineering economy, is a subset of economics concerned with the use and "...application of economic principles"Dharmaraj, E.. Engineering Economics. Mumbai, IN: Himalaya Publishing House, 2009. ProQu ...
where the first item or generation of items using a new technology or design can cost significantly more than later items or generations, which are called ''NOAK'' an acronym for ''nth of a kind''.
References
See also
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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 ...
Industrial design
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