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It makes things complete faster and for slightly less IC. It's typically not a MASSIVE drop off, but it's nice if you're really pressed for time or are building a *lot* of things.
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It directly adds to your practical knowledge in giving -production time and cost. It is in fact fairly massive. If you have -20% bonus from practicals (total cost of production .80 * .80 ) = 64% of normal build cost and add in +15% IC efficiency from 1940 tech, and +5% efficiency from Heavy Industrial Emphasis you'll have (total cost of production .60 * .60) = 36% of normal build cost. This is effectively a (64/36) = 78% improvement in the production rate of your IC, at no increased cost in resources required.
The effects can become even more pronounced if you are someone like the USA and dump a huge amount into a single item to amass huge practical knowledge. By the late game you can see discounts as high as -75% to build time and cost (.25 * .25 ) = a 93.75% discount for overall production cost. Strategic bombers or carriers for the price of an infantry battalion, can do!
Note that when you look in the production screen and check the tooltip for practical knowledge, where it says "xxx practical reduces building cost and time by -yyy%", that is actually including your industrial efficiency already added in.
IMO, most valuable tech in the game.
The effects can become even more pronounced if you are someone like the USA and dump a huge amount into a single item to amass huge practical knowledge. By the late game you can see discounts as high as -75% to build time and cost (.25 * .25 ) = a 93.75% discount for overall production cost. Strategic bombers or carriers for the price of an infantry battalion, can do!
Note that when you look in the production screen and check the tooltip for practical knowledge, where it says "xxx practical reduces building cost and time by -yyy%", that is actually including your industrial efficiency already added in.
IMO, most valuable tech in the game.
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The Industrial Production tech gives a boost to your effective IC for all purposes, but increases resource use accordingly. Industrial Efficiency only affects unit production, not supplies, refits, or consumer goods, but does NOT increase resource use, so you get to build more units in the same amount of time for the same resource cost. Depending on your availability of resources, Practicals, ministers, and other circumstances, one or the other tech may be more effective.
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