Philip A. K. L. Wright (Wright's Law)

Philip A. K. L. Wright, known for Wright's Law, describes how the cost of manufacturing a product decreases as production volume increases. This principle suggests that for every doubling of production, costs per unit tend to fall by a consistent percentage, often around 20-30%. It highlights the importance of experience and efficiency gained over time in manufacturing processes. Wright's Law is often applied in industries like aerospace and technology, where production ramps up significantly, leading to lower costs and improved productivity as companies gain experience and optimize operations.