LEARNING CURVE

A visual representation that describes how new set of skills or knowledge can be acquired quickly, but learning becomes much slower in the long run. For instance, a minimum investment of resources yields significant results; but the continuous effort of growing it becomes smaller.

A steeper curve indicates faster and easier learning, while a flatter curve means slower and more difficult gaining of knowledge. The curve was first depicted by Psychologist Hermann Ebbinghaus first portrayed the curve in 1885, and then by psychologist Arthur Bills in 1934. It is important in hiring and training newly-hired employees and managers, increasing production efficiency, and budgeting and predicting costs.