Applying the Learning Curve Theory to a Project Time and cost estimates are important to project management for the following reasons: Estimates are key inputs to project planning and control.Estimate 2

Applying the Learning Curve Theory to a Project Time and cost estimates are important to project management for the following reasons: Estimates are key inputs to project planning and control.EstimateApplying the Learning Curve Theory to a ProjectTime and cost estimates are important to project management for the following reasons:Estimates are key inputs to project planning and control.Estimates support good decisions.Estimates are used to determine project duration and cost.Estimates are used to develop time-phased budgets and establish the project baseline.Without estimates you have inaccuracies, which result in time and cost under/overruns.Most project tasks are unique and require the project manager to estimate duration/cost for each and every task separately; however, projects may also have repetitive tasks completed by the human resources assigned to the project. To estimate the labor hours/cost for these tasks the project manager may use an estimating technique that relies on learning curve theory to estimate the time and/or cost for completing repetitive tasks.In this assignment, you will:Task #1. Define and thoroughly discuss the Learning Curve Theory and how it applies to project management.Task #2. Explain how you would apply the principles of the Learning Curve Theory to a real project in which you are familiar (as a project manager, team member, or one that you have read about in current events).Task #3. Complete the following exercise on learning curves (see Page 2 of this assignment).EXERCISE: Using the concept of Learning Curves for Estimating consider the following scenario and respond to each question (all work should be shown in your Word document):
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