Enter the hourly wage and the number of hours lost to calculate the lost productivity in dollars. This calculator helps in assessing the financial impact of downtime or inefficiency.
Lost Productivity Formula
The following formula is used to calculate the lost productivity:
LP = HW * HL
Variables:
- LP is the lost productivity in dollars ($)
- HW is the hourly wage in dollars per hour ($/hour)
- HL is the number of hours lost
To calculate lost productivity, multiply the hourly wage by the number of hours lost.
What is Lost Productivity?
Lost productivity refers to the amount of potential output that is not realized due to downtime, inefficiencies, or other disruptions in the workplace. It can be quantified in terms of the financial loss to a business or organization. Understanding and calculating lost productivity is crucial for identifying areas for improvement and implementing strategies to enhance efficiency and reduce waste.
How to Calculate Lost Productivity?
The following steps outline how to calculate lost productivity:
- First, determine the hourly wage (HW) in dollars per hour.
- Next, determine the number of hours lost (HL).
- Use the formula from above = LP = HW * HL.
- Finally, calculate the lost productivity (LP) in dollars.
- After inserting the variables and calculating the result, check your answer with the calculator above.
Example Problem:
Use the following variables as an example problem to test your knowledge.
hourly wage (HW) = $25/hour
hours lost (HL) = 8 hours
