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00000 n 0000077582 00000 n 0000077874 00000 n 0000079018 00000 n 0000079073 00000 n trailer << /Size 31 /Info 30 0 R /Root 29 0 R /ID[<3c9d4f89d78db6c13cd6b806ac66d8d3>] >> startxref 80080 %%EOF 30 0 obj << /CreationDate (D:20000413155514) /Producer (Acrobat Distiller 3.01 pour Power Macintosh) /Author (mougammadou) /Creator (QuarkXPress Passport 4.04: PSPrinter 8.3.1) /Title (Eng16-The Experience Curve) /AD2518cDatabaseName (ElectronicPerspectives) /AD2518tDatabaseName (CHAR) /AD2518cReference (ENG16) /AD2518tReference (CHAR) /AD2518cConnectWith (FRE3) /AD2518tConnectWith (CHAR) /AD2518cTitle (The Experience Curve) /AD2518tTitle (CHAR) /AD2518cAccess (Open) /AD2518tAccess (CHAR) /AD2518cTopics (Analytical tools\rCost analysis\rStrategy topics\rStrategy \rExperience \ Curve) /AD2518tTopics (CHAR) /AD2518cAuthor (BCG) /AD2518tAuthor (CHAR) /AD2518cOfficeOfAuthorship (Corporate) /AD2518tOfficeOfAuthorship (CHAR) /AD2518cDateWritten (1968/01/01) /AD2518tDateWritten (DATE) /AD2518cLanguage (EN) /AD2518tLanguage (CHAR) /AD2518l (DatabaseName\rReference\rConnectWith\rTitle\rAccess\rTopics\rAuthor\rOff\ iceOfAuthorship\rDateWritten\rLanguage) /ModDate (D:20010219230748+01'00') >> endobj xref 30 1 0000080858 00000 n trailer << /Size 31 /Info 30 0 R /Root 29 0 R /Prev 80080 /ID[<65df2e1510514bb56f70415ef774e25d>] >> startxref 81865 %%EOF 30 0 obj << /CreationDate (D:20000413155514) /Producer (Acrobat Distiller 3.01 pour Power Macintosh) /Author (mougammadou) /Creator (QuarkXPress Passport 4.04: PSPrinter 8.3.1) /Title (Eng16-The Experience Curve) /AD2518cDatabaseName (ElectronicPerspectives) /AD2518tDatabaseName (CHAR) /AD2518cReference (ENG16) /AD2518tReference (CHAR) /AD2518cConnectWith (FRE3) /AD2518tConnectWith (CHAR) /AD2518cTitle (The Experience Curve) /AD2518tTitle (CHAR) /AD2518cAccess (Open) /AD2518tAccess (CHAR) /AD2518cTopics (Analytical tools\rCost analysis\rStrategy topics\rStrategy \rExperience \ Curve) /AD2518tTopics (CHAR) /AD2518cAuthor (BCG) /AD2518tAuthor (CHAR) /AD2518cOfficeOfAuthorship (Corporate) /AD2518tOfficeOfAuthorship (CHAR) /AD2518cDateWritten (1968/01/01) /AD2518tDateWritten (DATE) /AD2518cLanguage (EN) /AD2518tLanguage (CHAR) /AD2518l (DatabaseName\rReference\rConnectWith\rTitle\rAccess\rTopics\rAuthor\rOff\ iceOfAuthorship\rDateWritten\rLanguage) /ModDate (D:20010220212824+01'00') >> endobj xref 30 1 0000082056 00000 n trailer << /Size 31 /Info 30 0 R /Root 29 0 R /Prev 81865 /ID[] >> startxref 83063 %%EOF 30 0 obj << /CreationDate (D:20000413155514) /Producer (Acrobat Distiller 3.01 pour Power Macintosh) /Author (mougammadou) /Creator (QuarkXPress Passport 4.04: PSPrinter 8.3.1) /Title (Eng16-The Experience Curve) /AD2518cDatabaseName (ElectronicPerspectives) /AD2518tDatabaseName (CHAR) /AD2518cReference (ENG16) /AD2518tReference (CHAR) /AD2518cConnectWith (FRE3) /AD2518tConnectWith (CHAR) /AD2518cTitle (The Experience Curve) /AD2518tTitle (CHAR) /AD2518cAccess (Open) /AD2518tAccess (CHAR) /AD2518cTopics (Analytical tools\rCost analysis\rStrategy topics\rStrategy \rExperience \ Curve) /AD2518tTopics (CHAR) /AD2518cAuthor (BCG) /AD2518tAuthor (CHAR) /AD2518cOfficeOfAuthorship (Corporate) /AD2518tOfficeOfAuthorship (CHAR) /AD2518cDateWritten (1968/01/01) /AD2518tDateWritten (DATE) /AD2518cLanguage (EN) /AD2518tLanguage (CHAR) /AD2518l (DatabaseName\rReference\rConnectWith\rTitle\rAccess\rTopics\rText\rAutho\ r\rOfficeOfAuthorship\rDateWritten\rLanguage) /ModDate (D:20010228231627+01'00') /AD2518cText (There is a hypothesis that costs follow a definite pattern which is a fu\ nction of accumulated production experience. If further research validat\ es this theory then the implication for business management is far reach\ ing.\rIf we consider business competition as a system in equilibrium, th\ en this hypothesis introduces a whole new set of relationships which are\ of critical importance in establishing the stability of competition. Th\ e whole of business policy is affected from manufacturing cost standards\ to export policy.\rApparently the following conclusions can be justifie\ d:\r- Reductions in cost of manufacture and distribution should be predi\ ctable.\r- Stability of prices on purchased material should be predictab\ le.\r- New products should be priced as low as necessary to dominate the\ ir market segment or probably not be sold at all.\r- Market share must b\ e maintained at all costs as long as growth rate exceeds the anticipated\ rate of return.\r- The value of market share can be calculated with eno\ ugh accuracy to permit determination of the return on investment as the \ result of any change in share.\r- Export potentials of a product can be \ approximated by relating comparative advantage derived from experience l\ evels.\r- The cost trade-offs of low labor cost versus concentrated prod\ uction can be approximated.\r- The probable stability of prices can be f\ orecast.\rMany of these issues are of major importance in formulating th\ e basic policies which represent corporate strategy. Even if the experie\ nce-cost hypothesis should prove to be only partially applicable to thes\ e questions, it is still a major insight if it provides any significant \ understanding of these basic relationships.\rPrice and cost data show th\ at costs decline by some characteristic amount each time accumulated exp\ erience is doubled. Given this, it is clear that not only can one's own \ costs be projected, but costs relative to competitors can also be estima\ ted, given some rather straightforward information about the market.\rTh\ e characteristic decline is consistently 20-30 % each time accumulated p\ roduction is doubled. This decline goes on in time without limit \(in co\ nstant dollars\) regardless of the rate of growth of experience. The rat\ e of decline is surprisingly consistent, even from industry to industry.\ \rHowever, these observed or inferred reductions in costs as volume incr\ eases are not necessarily automatic. They depend crucially on a competen\ t management that seeks ways to force costs down as volume expands. Prod\ uction costs are most likely to decline under this internal pressure. Ye\ t in the long-run the average combined cost of all elements should decli\ ne under the pressure for the company to remain as profitable as possibl\ e. To this extent the relationship is of normal potential rather than on\ e of certainty. However, competition characteristically produces survivo\ rs who achieve the full potential.\rVariances in costs shown in plotti\ ng experience curves are probably best interpreted as indicating change \ in rates of expenditure, or cash flows. Such costs should include all of\ the cost elements which may have a trade-off against each other. This t\ herefore means all costs of every kind required to deliver the product t\ o the ultimate user, including the cost of intangibles which affect perc\ eived value. There is no question that R&D, sales expense, advertising, \ overhead, and everything else is included.\rAny failure of the producer \ to relate any one of these cost elements properly to the other will have\ a degrading effect on the cost performance in serving the end user. Thi\ s may be why the experience curve works, as it weeds out everyone who ha\ s not used the optimum combination of all cost elements compared to his \ competitors' combinations. This also distinguishes experience curves fro\ m the well-known learning curve, the later relating only to labor and pr\ oduction inputs.\rThe growth rate of a product is an important factor in\ interpreting experience curves. If the production of a product is not g\ rowing, then the rate of cost decline per year gradually slows down and \ approaches zero.\rWhen accumulated units of a product are increasing ann\ ually at a constant percentage rate, then each year of product experienc\ e produces approximately the same percentage effect on cost.\rIf competi\ tors maintain the same relative market shares and have roughly equivalen\ t histories of experience, then their costs will tend to move in paralle\ l. If competitors' market position changes, so do their relative costs.\r\ There is a large amount of empirical evidence that this relationship is \ so fundamental that any deviation should be explainable. The implication\ s for corporate strategy development are so sweeping that it is difficul\ t to overstate them.) /AD2518tText (CHAR) >> endobj xref 30 1 0000083254 00000 n trailer << /Size 31 /Info 30 0 R /Root 29 0 R /Prev 83063 /ID[] >> startxref 89208 %%EOF 30 0 obj << /CreationDate (D:20000413155514) /Producer (Acrobat Distiller 3.01 pour Power Macintosh) /Author (mougammadou) /Creator (QuarkXPress Passport 4.04: PSPrinter 8.3.1) /Title (Eng16-The Experience Curve) /AD2518cDatabaseName (ElectronicPerspectives) /AD2518tDatabaseName (CHAR) /AD2518cReference (ENG16) /AD2518tReference (CHAR) /AD2518cConnectWith (FRE3) /AD2518tConnectWith (CHAR) /AD2518cTitle (The Experience Curve) /AD2518tTitle (CHAR) /AD2518cAccess (Open) /AD2518tAccess (CHAR) /AD2518cTopics (Analytical tools\rCost analysis\rStrategy topics\rStrategy \rExperience \ Curve) /AD2518tTopics (CHAR) /AD2518cAuthor (BCG) /AD2518tAuthor (CHAR) /AD2518cOfficeOfAuthorship (Corporate) /AD2518tOfficeOfAuthorship (CHAR) /AD2518cDateWritten (1968/01/01) /AD2518tDateWritten (DATE) /AD2518cLanguage (EN) /AD2518tLanguage (CHAR) /AD2518l (DatabaseName\rReference\rConnectWith\rTitle\rAccess\rTopics\rText\rAutho\ r\rOfficeOfAuthorship\rDateWritten\rLanguage) /ModDate (D:20010326225856+02'00') /AD2518cText (There is a hypothesis that costs follow a definite pattern which is a fu\ nction of accumulated production experience. If further research validat\ es this theory then the implication for business management is far reach\ ing.\rIf we consider business competition as a system in equilibrium, th\ en this hypothesis introduces a whole new set of relationships which are\ of critical importance in establishing the stability of competition. Th\ e whole of business policy is affected from manufacturing cost standards\ to export policy.\rApparently the following conclusions can be justifie\ d:\r- Reductions in cost of manufacture and distribution should be predi\ ctable.\r- Stability of prices on purchased material should be predictab\ le.\r- New products should be priced as low as necessary to dominate the\ ir market segment or probably not be sold at all.\r- Market share must b\ e maintained at all costs as long as growth rate exceeds the anticipated\ rate of return.\r- The value of market share can be calculated with eno\ ugh accuracy to permit determination of the return on investment as the \ result of any change in share.\r- Export potentials of a product can be \ approximated by relating comparative advantage derived from experience l\ evels.\r- The cost trade-offs of low labor cost versus concentrated prod\ uction can be approximated.\r- The probable stability of prices can be f\ orecast.\rMany of these issues are of major importance in formulating th\ e basic policies which represent corporate strategy. Even if the experie\ nce-cost hypothesis should prove to be only partially applicable to thes\ e questions, it is still a major insight if it provides any significant \ understanding of these basic relationships.\rPrice and cost data show th\ at costs decline by some characteristic amount each time accumulated exp\ erience is doubled. Given this, it is clear that not only can one's own \ costs be projected, but costs relative to competitors can also be estima\ ted, given some rather straightforward information about the market.\rTh\ e characteristic decline is consistently 20-30 % each time accumulated p\ roduction is doubled. This decline goes on in time without limit \(in co\ nstant dollars\) regardless of the rate of growth of experience. The rat\ e of decline is surprisingly consistent, even from industry to industry.\ \rHowever, these observed or inferred reductions in costs as volume incr\ eases are not necessarily automatic. They depend crucially on a competen\ t management that seeks ways to force costs down as volume expands. Prod\ uction costs are most likely to decline under this internal pressure. Ye\ t in the long-run the average combined cost of all elements should decli\ ne under the pressure for the company to remain as profitable as possibl\ e. To this extent the relationship is of normal potential rather than on\ e of certainty. However, competition characteristically produces survivo\ rs who achieve the full potential.\rVariances in costs shown in plotti\ ng experience curves are probably best interpreted as indicating change \ in rates of expenditure, or cash flows. Such costs should include all of\ the cost elements which may have a trade-off against each other. This t\ herefore means all costs of every kind required to deliver the product t\ o the ultimate user, including the cost of intangibles which affect perc\ eived value. There is no question that R&D, sales expense, advertising, \ overhead, and everything else is included.\rAny failure of the producer \ to relate any one of these cost elements properly to the other will have\ a degrading effect on the cost performance in serving the end user. Thi\ s may be why the experience curve works, as it weeds out everyone who ha\ s not used the optimum combination of all cost elements compared to his \ competitors' combinations. This also distinguishes experience curves fro\ m the well-known learning curve, the later relating only to labor and pr\ oduction inputs.\rThe growth rate of a product is an important factor in\ interpreting experience curves. If the production of a product is not g\ rowing, then the rate of cost decline per year gradually slows down and \ approaches zero.\rWhen accumulated units of a product are increasing ann\ ually at a constant percentage rate, then each year of product experienc\ e produces approximately the same percentage effect on cost.\rIf competi\ tors maintain the same relative market shares and have roughly equivalen\ t histories of experience, then their costs will tend to move in paralle\ l. If competitors' market position changes, so do their relative costs.\r\ There is a large amount of empirical evidence that this relationship is \ so fundamental that any deviation should be explainable. The implication\ s for corporate strategy development are so sweeping that it is difficul\ t to overstate them.) /AD2518tText (CHAR) /AD2518CDATABASENAME (ElectronicPerspectives) /AD2518TDATABASENAME (CHAR) /AD2518CREFERENCE (ENG16) /AD2518TREFERENCE (CHAR) /AD2518CCONNECTWITH (FRE3) /AD2518TCONNECTWITH (CHAR) /AD2518CTITLE (The Experience Curve) /AD2518TTITLE (CHAR) /AD2518CACCESS (Open) /AD2518TACCESS (CHAR) /AD2518CTOPICS (Analytical tools\rCost analysis\rStrategy topics\rStrategy \rExperience \ Curve) /AD2518TTOPICS (CHAR) /AD2518CTEXT (There is a hypothesis that costs follow a definite pattern which is a fu\ nction of accumulated production experience. If further research validat\ es this theory then the implication for business management is far reach\ ing.\rIf we consider business competition as a system in equilibrium, th\ en this hypothesis introduces a whole new set of relationships which are\ of critical importance in establishing the stability of competition. Th\ e whole of business policy is affected from manufacturing cost standards\ to export policy.\rApparently the following conclusions can be justifie\ d:\r- Reductions in cost of manufacture and distribution should be predi\ ctable.\r- Stability of prices on purchased material should be predictab\ le.\r- New products should be priced as low as necessary to dominate the\ ir market segment or probably not be sold at all.\r- Market share must b\ e maintained at all costs as long as growth rate exceeds the anticipated\ rate of return.\r- The value of market share can be calculated with eno\ ugh accuracy to permit determination of the return on investment as the \ result of any change in share.\r- Export potentials of a product can be \ approximated by relating comparative advantage derived from experience l\ evels.\r- The cost trade-offs of low labor cost versus concentrated prod\ uction can be approximated.\r- The probable stability of prices can be f\ orecast.\rMany of these issues are of major importance in formulating th\ e basic policies which represent corporate strategy. Even if the experie\ nce-cost hypothesis should prove to be only partially applicable to thes\ e questions, it is still a major insight if it provides any significant \ understanding of these basic relationships.\rPrice and cost data show th\ at costs decline by some characteristic amount each time accumulated exp\ erience is doubled. Given this, it is clear that not only can one's own \ costs be projected, but costs relative to competitors can also be estima\ ted, given some rather straightforward information about the market.\rTh\ e characteristic decline is consistently 20-30 % each time accumulated p\ roduction is doubled. This decline goes on in time without limit \(in co\ nstant dollars\) regardless of the rate of growth of experience. The rat\ e of decline is surprisingly consistent, even from industry to industry.\ \rHowever, these observed or inferred reductions in costs as volume incr\ eases are not necessarily automatic. They depend crucially on a competen\ t management that seeks ways to force costs down as volume expands. Prod\ uction costs are most likely to decline under this internal pressure. Ye\ t in the long-run the average combined cost of all elements should decli\ ne under the pressure for the company to remain as profitable as possibl\ e. To this extent the relationship is of normal potential rather than on\ e of certainty. However, competition characteristically produces survivo\ rs who achieve the full potential.\rVariances in costs shown in plotti\ ng experience curves are probably best interpreted as indicating change \ in rates of expenditure, or cash flows. Such costs should include all of\ the cost elements which may have a trade-off against each other. This t\ herefore means all costs of every kind required to deliver the product t\ o the ultimate user, including the cost of intangibles which affect perc\ eived value. There is no question that R&D, sales expense, advertising, \ overhead, and everything else is included.\rAny failure of the producer \ to relate any one of these cost elements properly to the other will have\ a degrading effect on the cost performance in serving the end user. Thi\ s may be why the experience curve works, as it weeds out everyone who ha\ s not used the optimum combination of all cost elements compared to his \ competitors' combinations. This also distinguishes experience curves fro\ m the well-known learning curve, the later relating only to labor and pr\ oduction inputs.\rThe growth rate of a product is an important factor in\ interpreting experience curves. If the production of a product is not g\ rowing, then the rate of cost decline per year gradually slows down and \ approaches zero.\rWhen accumulated units of a product are increasing ann\ ually at a constant percentage rate, then each year of product experienc\ e produces approximately the same percentage effect on cost.\rIf competi\ tors maintain the same relative market shares and have roughly equivalen\ t histories of experience, then their costs will tend to move in paralle\ l. If competitors' market position changes, so do their relative costs.\r\ There is a large amount of empirical evidence that this relationship is \ so fundamental that any deviation should be explainable. The implication\ s for corporate strategy development are so sweeping that it is difficul\ t to overstate them.) /AD2518TTEXT (CHAR) /AD2518CAUTHOR (BCG) /AD2518TAUTHOR (CHAR) /AD2518COFFICEOFAUTHORSHIP (Corporate) /AD2518TOFFICEOFAUTHORSHIP (CHAR) /AD2518CDATEWRITTEN (1968/01/01) /AD2518TDATEWRITTEN (DATE) /AD2518CLANGUAGE (EN) /AD2518TLANGUAGE (CHAR) >> endobj xref 30 1 0000089399 00000 n trailer << /Size 31 /Info 30 0 R /Root 29 0 R /Prev 89208 /ID[] >> startxref 100916 %%EOF 30 0 obj << /CreationDate (D:20000413155514) /Producer (Acrobat Distiller 3.01 pour Power Macintosh) /Author (mougammadou) /Creator (QuarkXPress Passport\252 4.04: PSPrinter 8.3.1) /Title (Eng16-The Experience Curve) /AD2518cDatabaseName (ElectronicPerspectives) /AD2518tDatabaseName (CHAR) /AD2518cReference (ENG16) /AD2518tReference (CHAR) /AD2518cConnectWith (FRE3) /AD2518tConnectWith (CHAR) /AD2518cTitle (The Experience Curve) /AD2518tTitle (CHAR) /AD2518cAccess (Open) /AD2518tAccess (CHAR) /AD2518cTopics (Analytical tools\rCost analysis\rStrategy topics\rStrategy \rExperience \ Curve) /AD2518tTopics (CHAR) /AD2518cAuthor (BCG) /AD2518tAuthor (CHAR) /AD2518cOfficeOfAuthorship (Corporate) /AD2518tOfficeOfAuthorship (CHAR) /AD2518cDateWritten (1968/01/01) /AD2518tDateWritten (DATE) /AD2518cLanguage (EN) /AD2518tLanguage (CHAR) /AD2518l (DatabaseName\rReference\rConnectWith\rTitle\rAccess\rTopics\rText\rAutho\ r\rOfficeOfAuthorship\rDateWritten\rLanguage) /ModDate (D:20011211095041+01'00') /AD2518cText (There is a hypothesis that costs follow a definite pattern which is a fu\ nction of accumulated production experience. If further research validat\ es this theory then the implication for business management is far reach\ ing.\rIf we consider business competition as a system in equilibrium, th\ en this hypothesis introduces a whole new set of relationships which are\ of critical importance in establishing the stability of competition. Th\ e whole of business policy is affected from manufacturing cost standards\ to export policy.\rApparently the following conclusions can be justifie\ d:\r-\tReductions in cost of manufacture and distribution should be pred\ ictable.\r-\tStability of prices on purchased material should be predict\ able.\r-\tNew products should be priced as low as necessary to dominate \ their market segment or probably not be sold at all.\r-\tMarket share mu\ st be maintained at all costs as long as growth rate exceeds the anticip\ ated rate of return.\r-\tThe value of market share can be calculated wit\ h enough accuracy to permit determination of the return on investment as\ the result of any change in share.\r-\tExport potentials of a product c\ an be approximated by relating comparative advantage derived from experi\ ence levels.\r-\tThe cost trade-offs of low labor cost versus concentrat\ ed production can be approximated.\r-\tThe probable stability of prices \ can be forecast.\rMany of these issues are of major importance in formul\ ating the basic policies which represent corporate strategy. Even if the\ experience-cost hypothesis should prove to be only partially applicable\ to these questions, it is still a major insight if it provides any sign\ ificant understanding of these basic relationships.\rPrice and cost data\ show that costs decline by some characteristic amount each time accumul\ ated experience is doubled. Given this, it is clear that not only can on\ e's own costs be projected, but costs relative to competitors can also b\ e estimated, given some rather straightforward information about the mar\ ket.\rThe characteristic decline is consistently 20-30 % each time accum\ ulated production is doubled. This decline goes on in time without limit\ \(in constant dollars\) regardless of the rate of growth of experience.\ The rate of decline is surprisingly consistent, even from industry to i\ ndustry.\rHowever, these observed or inferred reductions in costs as vol\ ume increases are not necessarily automatic. They depend crucially on a \ competent management that seeks ways to force costs down as volume expan\ ds. Production costs are most likely to decline under this internal pres\ sure. Yet in the long-run the average combined cost of all elements shou\ ld decline under the pressure for the company to remain as profitable as\ possible. To this extent the relationship is of normal potential rather\ than one of certainty. However, competition characteristically produces\ survivors who achieve the full potential.\rVariances in \223costs\224 s\ hown in plotting experience curves are probably best interpreted as indi\ cating change in rates of expenditure, or cash flows. Such costs should \ include all of the cost elements which may have a trade-off against each\ other. This therefore means all costs of every kind required to deliver\ the product to the ultimate user, including the cost of intangibles whi\ ch affect perceived value. There is no question that R&D, sales expense,\ advertising, overhead, and everything else is included.\rAny failure of\ the producer to relate any one of these cost elements properly to the o\ ther will have a degrading effect on the cost performance in serving the\ end user. This may be why the experience curve works, as it weeds out e\ veryone who has not used the optimum combination of all cost elements co\ mpared to his competitors' combinations. This also distinguishes experie\ nce curves from the well-known learning curve, the later relating only t\ o labor and production inputs.\rThe growth rate of a product is an impor\ tant factor in interpreting experience curves. If the production of a pr\ oduct is not growing, then the rate of cost decline per year gradually s\ lows down and approaches zero.\rWhen accumulated units of a product are \ increasing annually at a constant percentage rate, then each year of pro\ duct experience produces approximately the same percentage effect on cos\ t.\rIf competitors maintain the same relative market shares and have rou\ ghly equivalent histories of experience, then their costs will tend to m\ ove in parallel. If competitors' market position changes, so do their re\ lative costs.\rThere is a large amount of empirical evidence that this r\ elationship is so fundamental that any deviation should be explainable. \ The implications for corporate strategy development are so sweeping that\ it is difficult to overstate them.) /AD2518tText (CHAR) /AD2518CDATABASENAME (ElectronicPerspectives) /AD2518TDATABASENAME (CHAR) /AD2518CREFERENCE (ENG16) /AD2518TREFERENCE (CHAR) /AD2518CCONNECTWITH (FRE3) /AD2518TCONNECTWITH (CHAR) /AD2518CTITLE (The Experience Curve) /AD2518TTITLE (CHAR) /AD2518CACCESS (Open) /AD2518TACCESS (CHAR) /AD2518CTOPICS (Analytical tools\rCost analysis\rStrategy topics\rStrategy \rExperience \ Curve) /AD2518TTOPICS (CHAR) /AD2518CTEXT (There is a hypothesis that costs follow a definite pattern which is a fu\ nction of accumulated production experience. If further research validat\ es this theory then the implication for business management is far reach\ ing.\rIf we consider business competition as a system in equilibrium, th\ en this hypothesis introduces a whole new set of relationships which are\ of critical importance in establishing the stability of competition. Th\ e whole of business policy is affected from manufacturing cost standards\ to export policy.\rApparently the following conclusions can be justifie\ d:\r-\tReductions in cost of manufacture and distribution should be pred\ ictable.\r-\tStability of prices on purchased material should be predict\ able.\r-\tNew products should be priced as low as necessary to dominate \ their market segment or probably not be sold at all.\r-\tMarket share mu\ st be maintained at all costs as long as growth rate exceeds the anticip\ ated rate of return.\r-\tThe value of market share can be calculated wit\ h enough accuracy to permit determination of the return on investment as\ the result of any change in share.\r-\tExport potentials of a product c\ an be approximated by relating comparative advantage derived from experi\ ence levels.\r-\tThe cost trade-offs of low labor cost versus concentrat\ ed production can be approximated.\r-\tThe probable stability of prices \ can be forecast.\rMany of these issues are of major importance in formul\ ating the basic policies which represent corporate strategy. Even if the\ experience-cost hypothesis should prove to be only partially applicable\ to these questions, it is still a major insight if it provides any sign\ ificant understanding of these basic relationships.\rPrice and cost data\ show that costs decline by some characteristic amount each time accumul\ ated experience is doubled. Given this, it is clear that not only can on\ e's own costs be projected, but costs relative to competitors can also b\ e estimated, given some rather straightforward information about the mar\ ket.\rThe characteristic decline is consistently 20-30 % each time accum\ ulated production is doubled. This decline goes on in time without limit\ \(in constant dollars\) regardless of the rate of growth of experience.\ The rate of decline is surprisingly consistent, even from industry to i\ ndustry.\rHowever, these observed or inferred reductions in costs as vol\ ume increases are not necessarily automatic. They depend crucially on a \ competent management that seeks ways to force costs down as volume expan\ ds. Production costs are most likely to decline under this internal pres\ sure. Yet in the long-run the average combined cost of all elements shou\ ld decline under the pressure for the company to remain as profitable as\ possible. To this extent the relationship is of normal potential rather\ than one of certainty. However, competition characteristically produces\ survivors who achieve the full potential.\rVariances in \215costs\216 s\ hown in plotting experience curves are probably best interpreted as indi\ cating change in rates of expenditure, or cash flows. Such costs should \ include all of the cost elements which may have a trade-off against each\ other. This therefore means all costs of every kind required to deliver\ the product to the ultimate user, including the cost of intangibles whi\ ch affect perceived value. There is no question that R&D, sales expense,\ advertising, overhead, and everything else is included.\rAny failure of\ the producer to relate any one of these cost elements properly to the o\ ther will have a degrading effect on the cost performance in serving the\ end user. This may be why the experience curve works, as it weeds out e\ veryone who has not used the optimum combination of all cost elements co\ mpared to his competitors' combinations. This also distinguishes experie\ nce curves from the well-known learning curve, the later relating only t\ o labor and production inputs.\rThe growth rate of a product is an impor\ tant factor in interpreting experience curves. If the production of a pr\ oduct is not growing, then the rate of cost decline per year gradually s\ lows down and approaches zero.\rWhen accumulated units of a product are \ increasing annually at a constant percentage rate, then each year of pro\ duct experience produces approximately the same percentage effect on cos\ t.\rIf competitors maintain the same relative market shares and have rou\ ghly equivalent histories of experience, then their costs will tend to m\ ove in parallel. If competitors' market position changes, so do their re\ lative costs.\rThere is a large amount of empirical evidence that this r\ elationship is so fundamental that any deviation should be explainable. \ The implications for corporate strategy development are so sweeping that\ it is difficult to overstate them.) /AD2518TTEXT (CHAR) /AD2518CAUTHOR (HENDERSON Bruce) /AD2518TAUTHOR (CHAR) /AD2518COFFICEOFAUTHORSHIP (Corporate) /AD2518TOFFICEOFAUTHORSHIP (CHAR) /AD2518CDATEWRITTEN (1968/01/01) /AD2518TDATEWRITTEN (DATE) /AD2518CLANGUAGE (EN) /AD2518TLANGUAGE (CHAR) >> endobj xref 30 1 0000101108 00000 n trailer << /Size 31 /Info 30 0 R /Root 29 0 R /Prev 100916 /ID[<24df26034a97af38444c4ef7502c9320>] >> startxref 112668 %%EOF 30 0 obj << /CreationDate (D:20000413155514) /Producer (Acrobat Distiller 3.01 pour Power Macintosh) /Author (mougammadou) /Creator (QuarkXPress Passport\252 4.04: PSPrinter 8.3.1) /Title (Eng16-The Experience Curve) /AD2518cDatabaseName (ElectronicPerspectives) /AD2518tDatabaseName (CHAR) /AD2518cReference (ENG16) /AD2518tReference (CHAR) /AD2518cConnectWith (FRE3) /AD2518tConnectWith (CHAR) /AD2518cTitle (The Experience Curve) /AD2518tTitle (CHAR) /AD2518cAccess (Open) /AD2518tAccess (CHAR) /AD2518cTopics (Analytical tools\rCost analysis\rStrategy topics\rStrategy \rExperience \ Curve) /AD2518tTopics (CHAR) /AD2518cAuthor (BCG) /AD2518tAuthor (CHAR) /AD2518cOfficeOfAuthorship (Corporate) /AD2518tOfficeOfAuthorship (CHAR) /AD2518cDateWritten (1968/01/01) /AD2518tDateWritten (DATE) /AD2518cLanguage (EN) /AD2518tLanguage (CHAR) /AD2518l (DatabaseName\rReference\rConnectWith\rTitle\rAccess\rTopics\rText\rAutho\ r\rOfficeOfAuthorship\rDateWritten\rLanguage) /ModDate (D:20011211102837+01'00') /AD2518cText (There is a hypothesis that costs follow a definite pattern which is a fu\ nction of accumulated production experience. If further research validat\ es this theory then the implication for business management is far reach\ ing.\rIf we consider business competition as a system in equilibrium, th\ en this hypothesis introduces a whole new set of relationships which are\ of critical importance in establishing the stability of competition. Th\ e whole of business policy is affected from manufacturing cost standards\ to export policy.\rApparently the following conclusions can be justifie\ d:\r-\tReductions in cost of manufacture and distribution should be pred\ ictable.\r-\tStability of prices on purchased material should be predict\ able.\r-\tNew products should be priced as low as necessary to dominate \ their market segment or probably not be sold at all.\r-\tMarket share mu\ st be maintained at all costs as long as growth rate exceeds the anticip\ ated rate of return.\r-\tThe value of market share can be calculated wit\ h enough accuracy to permit determination of the return on investment as\ the result of any change in share.\r-\tExport potentials of a product c\ an be approximated by relating comparative advantage derived from experi\ ence levels.\r-\tThe cost trade-offs of low labor cost versus concentrat\ ed production can be approximated.\r-\tThe probable stability of prices \ can be forecast.\rMany of these issues are of major importance in formul\ ating the basic policies which represent corporate strategy. Even if the\ experience-cost hypothesis should prove to be only partially applicable\ to these questions, it is still a major insight if it provides any sign\ ificant understanding of these basic relationships.\rPrice and cost data\ show that costs decline by some characteristic amount each time accumul\ ated experience is doubled. Given this, it is clear that not only can on\ e's own costs be projected, but costs relative to competitors can also b\ e estimated, given some rather straightforward information about the mar\ ket.\rThe characteristic decline is consistently 20-30 % each time accum\ ulated production is doubled. This decline goes on in time without limit\ \(in constant dollars\) regardless of the rate of growth of experience.\ The rate of decline is surprisingly consistent, even from industry to i\ ndustry.\rHowever, these observed or inferred reductions in costs as vol\ ume increases are not necessarily automatic. They depend crucially on a \ competent management that seeks ways to force costs down as volume expan\ ds. Production costs are most likely to decline under this internal pres\ sure. Yet in the long-run the average combined cost of all elements shou\ ld decline under the pressure for the company to remain as profitable as\ possible. To this extent the relationship is of normal potential rather\ than one of certainty. However, competition characteristically produces\ survivors who achieve the full potential.\rVariances in \223costs\224 s\ hown in plotting experience curves are probably best interpreted as indi\ cating change in rates of expenditure, or cash flows. Such costs should \ include all of the cost elements which may have a trade-off against each\ other. This therefore means all costs of every kind required to deliver\ the product to the ultimate user, including the cost of intangibles whi\ ch affect perceived value. There is no question that R&D, sales expense,\ advertising, overhead, and everything else is included.\rAny failure of\ the producer to relate any one of these cost elements properly to the o\ ther will have a degrading effect on the cost performance in serving the\ end user. This may be why the experience curve works, as it weeds out e\ veryone who has not used the optimum combination of all cost elements co\ mpared to his competitors' combinations. This also distinguishes experie\ nce curves from the well-known learning curve, the later relating only t\ o labor and production inputs.\rThe growth rate of a product is an impor\ tant factor in interpreting experience curves. If the production of a pr\ oduct is not growing, then the rate of cost decline per year gradually s\ lows down and approaches zero.\rWhen accumulated units of a product are \ increasing annually at a constant percentage rate, then each year of pro\ duct experience produces approximately the same percentage effect on cos\ t.\rIf competitors maintain the same relative market shares and have rou\ ghly equivalent histories of experience, then their costs will tend to m\ ove in parallel. If competitors' market position changes, so do their re\ lative costs.\rThere is a large amount of empirical evidence that this r\ elationship is so fundamental that any deviation should be explainable. \ The implications for corporate strategy development are so sweeping that\ it is difficult to overstate them.) /AD2518tText (CHAR) /AD2518CDATABASENAME (ElectronicPerspectives) /AD2518TDATABASENAME (CHAR) /AD2518CREFERENCE (ENG16) /AD2518TREFERENCE (CHAR) /AD2518CCONNECTWITH (FRE3) /AD2518TCONNECTWITH (CHAR) /AD2518CTITLE (The Experience Curve) /AD2518TTITLE (CHAR) /AD2518CACCESS (Open) /AD2518TACCESS (CHAR) /AD2518CTOPICS (Analytical tools\rCost analysis\rStrategy topics\rStrategy \rExperience \ Curve) /AD2518TTOPICS (CHAR) /AD2518CTEXT (There is a hypothesis that costs follow a definite pattern which is a fu\ nction of accumulated production experience. If further research validat\ es this theory then the implication for business management is far reach\ ing.\rIf we consider business competition as a system in equilibrium, th\ en this hypothesis introduces a whole new set of relationships which are\ of critical importance in establishing the stability of competition. Th\ e whole of business policy is affected from manufacturing cost standards\ to export policy.\rApparently the following conclusions can be justifie\ d:\r-\tReductions in cost of manufacture and distribution should be pred\ ictable.\r-\tStability of prices on purchased material should be predict\ able.\r-\tNew products should be priced as low as necessary to dominate \ their market segment or probably not be sold at all.\r-\tMarket share mu\ st be maintained at all costs as long as growth rate exceeds the anticip\ ated rate of return.\r-\tThe value of market share can be calculated wit\ h enough accuracy to permit determination of the return on investment as\ the result of any change in share.\r-\tExport potentials of a product c\ an be approximated by relating comparative advantage derived from experi\ ence levels.\r-\tThe cost trade-offs of low labor cost versus concentrat\ ed production can be approximated.\r-\tThe probable stability of prices \ can be forecast.\rMany of these issues are of major importance in formul\ ating the basic policies which represent corporate strategy. Even if the\ experience-cost hypothesis should prove to be only partially applicable\ to these questions, it is still a major insight if it provides any sign\ ificant understanding of these basic relationships.\rPrice and cost data\ show that costs decline by some characteristic amount each time accumul\ ated experience is doubled. Given this, it is clear that not only can on\ e's own costs be projected, but costs relative to competitors can also b\ e estimated, given some rather straightforward information about the mar\ ket.\rThe characteristic decline is consistently 20-30 % each time accum\ ulated production is doubled. This decline goes on in time without limit\ \(in constant dollars\) regardless of the rate of growth of experience.\ The rate of decline is surprisingly consistent, even from industry to i\ ndustry.\rHowever, these observed or inferred reductions in costs as vol\ ume increases are not necessarily automatic. They depend crucially on a \ competent management that seeks ways to force costs down as volume expan\ ds. Production costs are most likely to decline under this internal pres\ sure. Yet in the long-run the average combined cost of all elements shou\ ld decline under the pressure for the company to remain as profitable as\ possible. To this extent the relationship is of normal potential rather\ than one of certainty. However, competition characteristically produces\ survivors who achieve the full potential.\rVariances in \215costs\216 s\ hown in plotting experience curves are probably best interpreted as indi\ cating change in rates of expenditure, or cash flows. Such costs should \ include all of the cost elements which may have a trade-off against each\ other. This therefore means all costs of every kind required to deliver\ the product to the ultimate user, including the cost of intangibles whi\ ch affect perceived value. There is no question that R&D, sales expense,\ advertising, overhead, and everything else is included.\rAny failure of\ the producer to relate any one of these cost elements properly to the o\ ther will have a degrading effect on the cost performance in serving the\ end user. This may be why the experience curve works, as it weeds out e\ veryone who has not used the optimum combination of all cost elements co\ mpared to his competitors' combinations. This also distinguishes experie\ nce curves from the well-known learning curve, the later relating only t\ o labor and production inputs.\rThe growth rate of a product is an impor\ tant factor in interpreting experience curves. If the production of a pr\ oduct is not growing, then the rate of cost decline per year gradually s\ lows down and approaches zero.\rWhen accumulated units of a product are \ increasing annually at a constant percentage rate, then each year of pro\ duct experience produces approximately the same percentage effect on cos\ t.\rIf competitors maintain the same relative market shares and have rou\ ghly equivalent histories of experience, then their costs will tend to m\ ove in parallel. If competitors' market position changes, so do their re\ lative costs.\rThere is a large amount of empirical evidence that this r\ elationship is so fundamental that any deviation should be explainable. \ The implications for corporate strategy development are so sweeping that\ it is difficult to overstate them.) /AD2518TTEXT (CHAR) /AD2518CAUTHOR (HENDERSON Bruce) /AD2518TAUTHOR (CHAR) /AD2518COFFICEOFAUTHORSHIP (Global Services) /AD2518TOFFICEOFAUTHORSHIP (CHAR) /AD2518CDATEWRITTEN (1968/01/01) /AD2518TDATEWRITTEN (DATE) /AD2518CLANGUAGE (EN) /AD2518TLANGUAGE (CHAR) >> endobj xref 30 1 0000112861 00000 n trailer << /Size 31 /Info 30 0 R /Root 29 0 R /Prev 112668 /ID[<668d316ab03f8681d00c5ecf142e8dda>] >> startxref 124427 %%EOF