Wednesday, December 30, 2015

Are You Experienced?

"Tell me, are you experienced? Well, uh, have you ever been experienced?" - Jimi Hendrix

The other day I ran across a series of articles by Boston Consulting Group (BCG), one of the prominent strategy consulting firms, revisiting their "classics".

One of these articles was The Experience Curve, a concept that has many uses in our work as strategy and finance practitioners.

Let's see how we can deploy this amazingly simple strategy concept.

The Basics
Figure A
Generic Experience Curve
As more units are produced, the cost per unit is less. The graph is on a log-log basis.

The experience curve theory resulted from industry studies performed by BCG and others. In essence, what they observed was that as experience was accumulated in production, the cost per unit went down in a fairly predictable fashion.

The basic curve is thus a plot of cost per unit on the y-axis and number of units produced on the x-axis, as shown generically in Figure A.

We can model the experience curve using the equation shown in Figure B. Essentially, the cost of the first unit is modified by the cumulative production (the n) by a factor (the exponent in the equation). Putting the reduction factor in the exponent allows us to

Figure B
Experience Curve Equation
model the costs by order of magnitude. The reduction factor reflects the lowering of costs for every doubling of volume. Since going from 2 to 4 is different than going from 4 to 8, or 32 to 64, placing this factor in the exponent creates the correct doubling factor.

Impact of Learning Example

BCG notes that it has been fairly well established that as people perform a task over and over there is a learning effect. This learning effect has been set at between 10% to 15% per doubling of production.

Figure C
Experience Curve Spreadsheet
From an intial hourly expenditure of 40, the time spent to perform each additional unit decreases. Arrows indicate doubled volume from previous arrow, and show a 10% reduction.

Figure C is an example of the Figure B equation in spreadsheet form. For this example we assumed a 10% reduction for doubled volume. The initial unit took 40 hours to perform. The 2nd unit was 36 hours (10% of 40 is 4, and 40-4 is 36). The arrows indicate further points where exact doubling has occurred.

The last column shows the cumulative hours spent. This is where we can see the ongoing impacts of the learning curve effect.

If we used our starting cost of 40 hours per unit, we would calculate that to make 6 units would take 240 hours. In the cumulative column, we see that after making the 7th unit, we had spent a total of slightly over 233 hours, so through the learning curve we were able to make 1 more unit than 'anticipated' using our initial hourly estimate.

This example helps explain some common corporate behaviors.

Often during goal setting, employees are told that they need to 'raise the bar' on their past performance. So long as they are performing the same task, the learning curve effect shows that this should in fact not be a problem.

Figure D
Annual Production
Annual production increases every year due to the learning curve effect, but increases are fewer and fewer. The rate of increase along arrow A's path is greater than arrow B's.

As part of the employee development process, organizations seek to provide opportunities to their promising 'high potential' candidates, which means assigning responsibilities to someone more junior than some of the more experienced employees. Figure D, which uses the data from Figure C carried out further into time, shows that as experience progresses the rate of improvement slows down. This makes sense, it takes less to go from 1 to 2 than from 2 to 4, and so on. Thus, the 'biggest bang for the buck' collectively might be to get those further to the left of the curve to move further to the right. In Figure D this is shown by the two lower arrows. The annual improvement when moving along the path of arrow A is greater than the improvement along arrow B.

If we imagine Figure D to be a company-wide phenomenon, we can also see how it becomes more difficult for them to grow as they age. If we've been in business for 100 years, it becomes awfully difficult to double the cumulative units to create a 10% reduction in time spent.

The Wealth of Nations (and Companies)

Adam Smith, in the economics classic The Wealth of Nations, discusses the benefit of Division of Labor. In the book he uses pin manufacturing as an example. We can use our experience curve equations to illustrate the division of labor benefit.

Let's suppose that 5000 years ago there were two societies, each composed of 3 people.

In this ancient time, they made only Food, Goods, and Raw Materials (which were consumed in the production of Food and Goods). In Society A, each member was self-sufficient, devoting part of their time to producing each of the 3 basic items.

In Society B, each member specialized in one of the items.

Each item takes 70 hours to produce the intial item, had a 10% learning curve effect, and there are 2000 working hours per year.

Figure E
Division of Labor
Society B, which divided their members into specialization, was able to produce 19% to 25% more items than Society A, which did not divide labor amongst its members.

Figure E compares the production output of the 2 societies. Society B, the one that divided their labor, produced a lot more than Society A (19%, 20%, and 25% respectively per year). This is due to the fact that each person, who is improving at 10%, is able to 'move up the curve' faster than their counterparts due to their specialization.

This example illustrates some of the underlying economics of strategy concepts like core competence. Firms that follow this paradigm often end up outsourcing activities that do not relate to their "critical" competencies - a form of specialization.

By focusing on activities that relate to our core competence, we are specializing in one specific thing, such as Worker A in Society B compared to Society A. This will allow us to do it at lower cost and effort than those who are doing a host of other things in addition to that activity.

Fortune Favors The Quick

The term "first mover advantage" is used in the strategy context to explain the benefit of a firm being first to market with a product or service.

Being first to enter can sometimes bring about domination of a niche due to the experience curve.

To illustrate, let's assume that Company A creates and develops a new market. It's intial cost of producing the first unit is 100, and it experiences a 20% experience curve effect (the 20% is the low end of BCG's assessment of the impact). During the first year it produces and sells 20 units.

Using this information in conjunction with the spreadsheet shown in Figure C, it's first year costs (the cumulative column in the spreadsheet) would be about 1,050. Let's further assume that starting up this operation requires a 10,000 investment which requires a 10% return, or 1,000 per year.

Based on this, the company will need to sell the 20 units at 102.5 each.

During their second year, still producing 20 units per year, they will incur costs of about 670 per year, which, after adding the 1,000 per year return requirement, means during year 2 they need to sell the 20 units at 83.5.

Figure F
First Mover Advantage
If Company B assumes it will enter and split the market, it's price will need to be 25% higher than Company A's in order to recoup its investment.

Figure F shows what occurs if Company B decides to enter the market in year 3, and the market will be split 50/50 upon their entry. Company B will need to charge 25% more per unit than Company A in order to earn the same returns. Given this situation, if the market remains at 20 units per year, Company A will sell all 20 of their units (since they are 25% less expensive), and Company B will sell none, rendering their 10,000 investment worthless!

This type of dynamic helps explain why the cluster of firms in Lititz Pennsylvania can maintain its dominance in the sound, stage and lighting services for major musical tours (WSJ article here).

What You Can Do

The experience curve phenomenon can be used in a number of ways:

Inventory Tasks Performed - by going through our firm's, department's, or individual job's roles, and classifying these by activity (or units of service or production) we can identify potential experience curve opportunities. These may be cultivated by reorganizaing work flows or selectively adding or eliminating certain steps in the process. The important thing here is to focus on the actual tasks. Many like to take shortcuts, such as classifying experience by department: "oh, they have three years in general accounting and two years in tax". While easy to do because it's easy to measure, it often does not help unearth the fundamental unit of service or production. For instance, if reconciling items from two different sources is a critical activity, someone with loads of experience in general accounting can make an immediate impact in tax if what they are doing in that area is reconciling accounts or calculations.

Use the Portfolio Effect - if we aggregate our firm's or department's experience curve, we can calculate how to best allocate experiential assignments versus their cost in order to remain on the 'efficient frontier' of our training and development program.

Have Faith - while evidence for the experience curve exists, it is difficult to see it tangibly in our day to day work lives - "Hey, that transaction took you 0.23 seconds less than yesterday!". Thus, while our Figure B equation is great and works in spreadsheets, it can be more difficult to implement when setting the budget for the year because manager's feel like they would be going out on a limb. It feels aggressive. Thus, to incorporate this into our planning process will feel like we are taking a leap of faith.

Use Our Synergies - when evaluating potential merger, acquisition, and divestiture scenarios, the experience curve can have a significant impact. The increased volume will accelerate the impact. For instance, if our firm started out doing 2 units per year the past two years (a total of 4), it would take us another two years to double the volume (4 + 2 + 2). If we combined with another entity that did the same volume (2 per year), we would achieve doubling in one year's time rather then two ( 4 + 4), reducing our costs more quickly.

Understand the "Other Side of the Coin" - actors / actresses in Hollywood who only get certain types of roles are considered 'typecast'. This can be a difficult situation for someone who is intent on learning, growing and discovering, since they never encounter anything new. Taken to the extreme, the experience curve would lead us to ever increasing specialization and narrowing of focus. While some might suggest the world is headed this way, we must also understand that assembly lines are not necessarily the best approach to an organization's structure and meeting its' peoples' needs. My kids love pizza, but they do not want it every night. We therefore need to maintain a balanced approach as we seek to leverage this opportunity.

Key Takeaways

The experience curve is a concise concept that explains a wide variety of critical business phenomemon, from competitive advantage to personnel management to strategic transactions. Because it takes work to analyze, many organizations do not take the time to do it, providing an opportunity to those that choose to do so.

You May Also Like
Questions
    ::How might you divide up your work into units to which the experience curve may apply?
    ::How much change is required before an experience curve is extinguised?

Add to the discussion with your thoughts, comments, questions and feedback! Please share Treasury Café with others. Thank you!


73 comments:

  1. This comment has been removed by a blog administrator.

    ReplyDelete
  2. This comment has been removed by a blog administrator.

    ReplyDelete
  3. This comment has been removed by a blog administrator.

    ReplyDelete
  4. This comment has been removed by a blog administrator.

    ReplyDelete
  5. This comment has been removed by a blog administrator.

    ReplyDelete
  6. This comment has been removed by a blog administrator.

    ReplyDelete
  7. This comment has been removed by a blog administrator.

    ReplyDelete
  8. This comment has been removed by a blog administrator.

    ReplyDelete
  9. Excellent Post...I must thank you for this informative news....I appreciate all your efforts.Thanks alot for your writings......Waiting for a new 1...Please visit our wonderful and valuable website:

    Packers And Movers Chennai

    ReplyDelete
  10. Call now @ +1 5875074472 The best astrologer Ajay Shastri, Astrologer In Canada, will be more confident and able to make decisions to avoid those situations that can put you in trouble.


    Astrologer in calgary $$$$
    Astrologer in edmonton $$$$
    Astrologer in Montreal $$$$
    Love problem solution canada $$$$
    Astrologer Canada $$$$
    Astrologer Surrey $$$$
    Astrologer calgary $$$$
    Astrologer toronto $$$$
    Astrologer Brampton $$$$

    ReplyDelete
  11. vasant kunj escorts ajency can give you the best escorts service so contact us 9873940964

    kaushambi escorts ##
    vasundhra escorts ##
    vaishali escorts ##
    indirapuram escorts ##
    noida escorts ##
    udaipur escorts ##
    hyderabad escorts ##

    ReplyDelete
  12. Delhi Escorts Service available for bookings 9711199171 , Fulfill your sexual dream with Independent Call Girls Delhi, You can Hire Models vila Call Girls in Delhi for hotels and beaches. Fulfill your wish and find Independent Call Girls in Delhi.


    vasant kunj escorts $$$
    south ex escorts $$$
    chanakyapuri escorts $$$
    connaught place escorts $$$
    lajpat nagar escorts $$$
    munirka escorts $$$

    ReplyDelete
  13. Enjoy Vip Model Girls - Delhi Escorts Directly to your room. We provides Hot service to our clients. independent Delhi Escort available 24*7 working in Escort in Delhi cities.


    vikas puri escorts $$$
    kapashera escorts $$$
    greater kailash escorts $$$
    uttam nagar escorts $$$
    janakPuri escorts $$$
    ghaziabad escorts $$$

    ReplyDelete
  14. Call 09873940964make your evening and night much colorful with our independent Ghaziabad Escorts girls because we always know they will satisfy you from top to bottom

    sahibabad escorts $$$
    shipra suncity escorts $$$
    gaur city escorts $$$
    govindpuram escorts $$$
    abhay khand escorts $$$
    niti khand escorts $$$
    gyan khand escorts $$$

    ReplyDelete
  15. VIP Call Girls in Delhi, Call on 9999965857 to book Independent Female in Delhi Escorts Call Girls Service, which is infinite attempts to serve the high sexual pleasure. You can go through our agency to enjoy quality time with Gurugram Call Girls.

    delhi escorts $$$$
    call grils in delhi $$$$
    escorts in delhi $$$$
    raipur escorts $$$$

    ReplyDelete
  16. Independent noida Escorts | i am an independent call girl | you can visit me for fun. get full satisfaction. Call: 09873940964 | visit = http://anushkadas.in/contact.html noida Call Girls
    Ajmeri Gate Escorts
    *-*
    Anand Vihar Escorts
    *-*
    Ashram Escorts
    *-*
    Azadpur Escorts
    *-*
    Badarpur Escorts
    *-*
    Bijwasan Escorts
    *-*
    Chandni Chowk Escorts
    *-*
    Dilshad Garden Escorts
    *-*

    ReplyDelete
  17. Independent Call Girls in Delhi | Service available 24*7 hours | Call Us +91-9899900591 | Independent Housewives are availableat your nearest location | visit us at = http://www.sexydelhicityescorts.com/
    Delhi Call Girls��
    *-*
    Delhi Escort Service��
    *-*
    Female Escorts in Delhi��
    *-*
    Call Girls in Saket ��
    *-*
    Laxmi Nagar Call Girls��
    *-*

    ReplyDelete
  18. He has been serving for the developing the people for their good and therefore helping the society to modify. Astrologer In Delhi His contribution is praiseworthy and people do have his influence at the time of their need and he is performing up to their level of expectations. best mantra astrologer Ajay Shastri Contact Us - 7837827129.

    Astrologer In Delhi $$$$
    Vashikaran Specialist In Delhi $$$$
    Black Magic Specialist In Delhi $$$$
    https://www.astrologersindelhi.com/about-us.html $$$$
    https://www.astrologersindelhi.com/our-services.html $$$$
    https://www.astrologersindelhi.com/contact-us.html $$$$

    ReplyDelete
  19. There has been a mighty influence from the Astrologer in Mumbai Ajay Shastri. The influence is because of the contribution that he had provided to the ones who have already asked them for their service. best mantra astrologer contact Us - 7837827129.

    Astrologer In Mumbai $$$$
    Vashikaran Specialist In Mumbai $$$$
    Black Magic Specialist In Mumbai $$$$
    https://www.astrologerinmumbai.co.in/about-us.html $$$$
    https://www.astrologerinmumbai.co.in/our-services.html $$$$
    https://www.astrologerinmumbai.co.in/contact-us.html $$$$

    ReplyDelete
  20. Their hormonal secretion is guided with some mantras or Ayurveda treatments and that allows an individual to go beyond their thought process.Astrologer In Jaipur best mantra astrologer contact Us - 7837827129.

    Astrologer In Jaipur $$$$
    Astrologer Jaipur $$$$
    Black Magic Specialist In Jaipur $$$$
    Vashikaran Specialist In Jaipur $$$$
    Black Magic Specialist Jaipur $$$$
    Vashikaran Specialist Jaipur $$$$

    ReplyDelete
  21. Feel the Attitude Improvement between Independent Escorts in Mumbai


    mumbai escorts !!!!!!
    santacruz east escorts !!!!!!
    thane east escorts !!!!!!
    vasai east escorts !!!!!!
    vile parle east escorts !!!!!!
    virar east escorts !!!!!!

    ReplyDelete
  22. Full Enjoy with Housewife, College Girls and Local Models in ghaziabad Escorts book @ (987)3940964

    ghaziabad escorts $$$$
    indirapuram escorts $$$$
    raj nagar escorts $$$$
    vaishali escorts $$$$
    vasundhra escorts $$$$
    munirka escorts $$$$
    mayur vihar escorts $$$$

    ReplyDelete
  23. The most sensible national and erotic hot noida Escorts, beautiful homemaker independent escorts. For complete enjoyment, full satisfaction.

    manesar Escorts //////\\\\\\
    meera bagh Escorts //////\\\\\\
    mg road Escorts //////\\\\\\
    model town Escorts //////\\\\\\
    naraina Escorts //////\\\\\\
    okhla Escorts //////\\\\\\
    sarai rohilla Escorts //////\\\\\\
    sarita vihar Escorts //////\\\\\\
    sarojini nagar Escorts //////\\\\\\
    shakarpur Escorts //////\\\\\\

    ReplyDelete
  24. Escorts Whatsapp Number 9873940964 Garima Garg Call Girls Service Rohini ����
    Indirapuram Escorts | ����
    Noida Escorts | ����
    Udaipur Escorts | ����
    Hyderabad Escorts | ����
    Ghaziabad Escorts | ����

    ReplyDelete
  25. Nice Post Thanks for sharing This post Please keep Up the Post and get satisfaction our escorts girls visit our website:
    udaipur escorts
    raipur escorts
    greater noida escorts
    gurgaon escorts

    ReplyDelete
  26. If you are searching for escorts in Delhi, 9711199012 You can hire youngest girls for the sexual night with call girls in Delhi city of Delhi.

    Call Girls In Delhi !!!!!!@!!!!!!
    Aerocity Escorts !!!!!!@!!!!!!
    Connaught place Escorts !!!!!!@!!!!!!
    Dwarka Escorts !!!!!!@!!!!!!
    Karol bagh Escorts !!!!!!@!!!!!!
    Lajpat nagar Escorts !!!!!!@!!!!!!
    Laxmi nagar Escorts !!!!!!@!!!!!!
    Mahipalpur Escorts !!!!!!@!!!!!!
    Nehru place Escorts !!!!!!@!!!!!!
    Saket Escorts !!!!!!@!!!!!!

    ReplyDelete
  27. Choosing Delhi escorts can be the answer to all your concerns. These escorts in Delhi have been working since very long efforts and they know that every customer needs sensual needs.

    nehru place escorts!@!!!@!!!
    paharganj escorts!@!!!@!!!
    pitampura escorts!@!!!@!!!
    rohini escorts!@!!!@!!!
    saket escorts!@!!!@!!!

    ReplyDelete
  28. Hi profile call girls in dwarka Enjoy Vip Model Girls Direct to your room at http://www.delhiescortsservices.co.in/call-girls-munirka.html Contact For Hot Call Girls service to our clients. independent dwarka Call Girls available 24 Hours
    Escort Service in Munirka

    Housewife Escorts in Lajpat Nagar

    College Call Girls in Defence Colony

    Call Girls in East of Kailash

    Call Girls in Hauz Khas

    Call Girls in Pitampura

    Call Girls in Mayur Vihar

    Call Girls in Paharganj

    Delhi Call Girls Service

    ReplyDelete
  29. Independent Delhi escorts are expanding and special hot Delhi offers escorts and college girls who cover girls for beauty.

    chanakyapuri escorts /////!!//////
    connaught place escorts /////!!//////
    defence colony escorts /////!!//////
    kapashera escorts /////!!//////
    karolbagh escorts /////!!//////

    ReplyDelete
  30. Hellow Everyone. Attention please. neha is the most beautiful girl of lajpat nagar. she is singal and waiting for you. Contact us on :-9899900591 for fully sexual satisfaction. visit my website:-
    Vasant Vihar Escorts

    Vasant Kunj Escorts

    Mahipalpur Escorts

    Saket Escorts

    South Ex Escorts

    Surajkund Escorts

    Mayur Vihar Escorts

    Karol Bagh Escorts

    Vaishali Escorts

    Indirapuram Escorts

    ReplyDelete
  31. Hellow everyone ,If you are looking for Call girls in Noida. if you want book call girls in Noida. call us on :- 9873940964. for get fully sexual satisfaction by our girls.visit my website:-
    defence colony escorts

    chanakyapuri escorts

    greater kailash escorts

    east of kailash escorts

    surajkund escorts

    malviya nagar escorts

    saket escorts

    hauz khas escorts

    mayur vihar escorts

    paschim vihar escorts





    ReplyDelete
  32. Faridabad Escorts and College Call Girl in Faridabad is available 24 hours (call now 09873940964) for erotic escort services in Faridabad call girls.

    South ex escorts!!!!!@!!!!!!!@!!!!!!!
    Uttamnagar escorts!!!!!@!!!!!!!@!!!!!!!
    Vasantkunj escorts!!!!!@!!!!!!!@!!!!!!!
    Vikaspuri escorts!!!!!@!!!!!!!@!!!!!!!
    Indirapuram escorts!!!!!@!!!!!!!@!!!!!!!
    Kaushambi escorts!!!!!@!!!!!!!@!!!!!!!
    Rajnagar escorts!!!!!@!!!!!!!@!!!!!!!
    Vaishali escorts!!!!!@!!!!!!!@!!!!!!!

    ReplyDelete
  33. Escort Service In call girls in ghaziabad No1 Escort Agency|9899900591| Who Provide Independent Call girl, Airhostess, Russian Escort, College Girls On Resonable Rate So just Call Me And Book Now And Make Your Night More Romantic.

    call girls in ghaziabad ####
    call girls in gurgaon ####
    call girls in noida ####
    call girls in greater noida ####

    ReplyDelete
  34. This comment has been removed by the author.

    ReplyDelete
  35. It's challenging to find a trustworthy company in the financial world, covering multiple services. However I'd highly recommended Virtual Financials as they are reputable and professional business wich ensure to adhere to impeccable confidentiality and security procedures.

    Contact Details:
    • Email: hello@virtualfinancials.com.au
    • Address: Level 26, 1 Bligh Street SYDNEY NSW 2000
    • Telephone: 1300 59 00 88
    • Website: https://www.virtualfinancials.com.au

    Some of the services they provide:

    • Financial Reporting
    • Bookkeeping
    • Registered BAS Agent - BAS/IAS/GST preparation
    • Accounts Receivable and Payable
    • Debt Collections
    • Cash Flow Management
    • Budgeting & Forecasting
    • Payroll
    • Superannuation
    • ATO lodgements
    • Year-end Tax preparation through Tax Agent partners
    • Establishing New or Updating Procedures
    • Improving Data Entry
    • Accounting Software Services
    • Business Analysis
    • Business Support

    They specialise in a range of software including XERO, MYOB, and QuickBooks, and have experience with larger enterprise software as needed. They also are savvy enough to understand and use any system requirements.

    Highly recommended!

    ReplyDelete
  36. Get ultimate hot and sexy call girl in saket. we are here to provide you full physical satisfaction at very down rates. check our rate list visit our site [ http://anushkaaggarwal.com/escorts-service-dwarka.html ] call 9999965857
    saket Escort Service ***

    lajpat nagar Escort Service ***

    vasant vihar Escort Service ***

    hauz khas Escort Service ***

    vasant kunj Escort Service ***

    malviya nagar Escort Service ***

    aerocity Escort Service ***

    dwarka Escort Service ***

    pitampura Escort Service ***

    ReplyDelete
  37. What is your desire from an escorts Agency, would you have the capacity to find any reputed Independent Call Girls and escorts Service Call:9711199012 who can deal amazingly with your prospects.Do you have real VIP Call Girls In Delhi.

    call girls wazirpur ####
    call girls shastri nagar ####
    call girls pragati vihar ####
    call girls safdarjung ####
    call girls saket ####

    ReplyDelete
  38. Every time you rent the city's amazing Delhi Escort's center, you will find some impressive and excellent search, independent escorts Delhi provides you the best sexual pleasure.

    call girls vasundhra!////!!!////!!!
    call girls faridabad!////!!!////!!!
    call girls ghaziabad!////!!!////!!!
    call girls gurgaon!////!!!////!!!
    call girls noida!////!!!////!!!
    call girls greater noida!////!!!////!!!

    ReplyDelete
  39. Aerocity Housewife Escorts Service at very cheap rate | Hot Call Girls :: visit == http://www.diptikaur.com/munirka-escorts.html == : for Vip Model Girls Russian call Girls | Contact (9999965857)
    pitampur escort Service

    Female escorts in daryaganj

    chattarpur Housewife escorts

    Call Girls in munirka

    hauz khas escorts

    mayur vihar escort Service

    Dwarka Call Girls

    Escorts in Dwarka

    Female Escorts Dwarka

    ReplyDelete
  40. Find dwarka call girls and escorts online today at dwarka female Escorts India's #1 escort site. Over 50000 Full Satisfied customers. visit now for fun unlimited. http://shwetakaur.in/call-girls-dwarka.html
    call girls dwarka

    call girls greater kailash

    call girls greater noida

    call girls gurgaon

    call girls hari nagar

    call girls civil lines

    call girls connaught place

    noida russian call girls

    Housewife Escorts noida

    ReplyDelete
  41. Book Noida Escorts Service to fulfill all your secret desires with hot female Call Girls in Noida. Dial 9873940964 and book VIP Escorts in Noida Hotels.

    call girls ahinsa khand ####
    call girls ashok nagar ####
    call girls ashok vihar ####
    call girls chanakyapuri ####
    call girls chandni chowk ####
    call girls chattarpur ####

    ReplyDelete
  42. Book now 9899900591 sexy and awesome Noida escorts girls for hotels service for ultimate romance and fun. Contact us for all your needs, rovide you best Noida Escorts. Service.

    Noida escorts ####
    escorts in noida ####
    http://www.missdipika.com/charges.html ####
    http://www.missdipika.com/gallery.html ####
    http://www.missdipika.com/contact.html ####
    http://manishasharma.in/gallery.html ####
    http://manishasharma.in/links.html ####
    http://manishasharma.in/contact.html ####

    ReplyDelete
  43. We are availing the Young Russian Call Girls in Noida for deepest sexual pleasure. Ring us on 9873940964 and book High Class Noida Escorts Service.

    call girls noida ####
    escorts in noida ####
    http://simrankour.in/rates.html ####
    http://simrankour.in/gallery.html ####
    http://simrankour.in/links.html ####
    http://simrankour.in/contacts.html ####

    ReplyDelete
  44. My name is Arpita Jain. I run my independent Mumbai Prostitutes. I am an independent Mumbai escort girl. My service charge is low according the current market price. My service is super, because I know very well the personal requirement of my each customer. I am comfortable to provide my Mumbai Escorts Service at your home or in Hotel. Visit- http://www.arpitajain.org/mumbai-prostitutes/
    Call- +91 9OO4458359
    Mumbai Escorts Service

    Juhu Escorts
    Mumbai Call Girls
    Escort Service In Mumbai
    Andheri Escorts
    Bandra Escorts
    Mumbai Prostitutes

    ReplyDelete
  45. I Saw Your Website Carefully. Thanks For Create Such Kind Of Informative Website. Your All Content Is Relevant To Your Subject. I Say Keep It Continue, Because Your Website And Subject Is Meaningful For The Users. I Have Recommended Your Website With My Friends Also. I Am Ritu Sharma. I Am An Independent Mumbai Escort Girl. I Deal In Mumbai Escorts service. I Am Very Hot And Sexy. Being A Mumbai Escort Girl I Have Five Years’ Experience. That’s Why I Understand The Each Personal Needs Of My Every Client. My Service Charge Is Low And Service Is Super. You Can Avail My VIP Mumbai Escorts Service At Your Home Or In Hotel. I Am Comfortable To Provide Mumbai Escorts Service In Local And Outside Also. Visit www.escortservicemumbai.net Call +91- 9OO4OO9481
    Visit The Links Below And Have A Look At My Various Mumbai Escort Services-
    Mumbai Escorts
    Mumbai Call Girls
    Mumbai Escorts In Vile Parle
    Bandra Escorts
    Juhu Escorts
    Andheri Escorts
    Mumbai Escorts In Colaba

    ReplyDelete

  46. Noida Escorts service welcomes you. your waiting for search call girls is complete. we provide to you girls on call. contact us on:- 9873940964. our service is available 24x7. visit my website :-
    noida call girls

    noida escorts

    Escorts service in noida

    noida escorts service

    ReplyDelete
  47. we provide hot and sexy college call girls who provide professional escort service in Vasant Kunj to complete their hot desire. if you want to fun with them then what are you waiting for contact us now.
    vasant kunj Escorts ###

    Connaught Place Escorts ###

    saket Escorts ###

    rohini Escorts ###

    mehrauli Escorts ###

    vikas puri Escorts ###

    kapashera Escorts ###

    greater kailash Escorts ###

    uttam nagar Escorts ###

    ReplyDelete
  48. chanakyapuri Call Girls big busty escort girls. female escort proper hot girl for dating and sex don't miss the chance to get vip model girls in Chanakyapuri.
    chanakyapuri Escorts ###

    dwarka Escorts ###

    ahinsa khand Escorts ###

    crossings republik Escorts ###

    sahibabad Escorts ###

    wave city Escorts ###

    jaipuria enclave Escorts ###

    vasundhara Escorts ###

    raj nagar Escorts ###

    ReplyDelete
  49. This comment has been removed by the author.

    ReplyDelete

  50. Ghaziabad Escorts service provider welcomes you.Get fully sexual satisfaction by expert girls.contact us on:- 9873940964.visit my website :-
    Call girls in ghaziabad

    ghaziabad call girls

    ghaziabad escorts

    ReplyDelete
  51. Thanks For Create Such Kind Of Informative Website. All Content Is Relevant To Your Subject. Keep It Continue, Because Your Website And Subject Is Meaningful For The Users. After See Your Niche I Have Recommended Your Website With My Friends Also.
    My Name Is Priya Singh. I Run My Own Mumbai Escorts Service. I Am An Independent Mumbai Escort Girl. I Am Beautiful And Hot. My Service Charge Is Low And Service Is Super. Being Professional I Have Seven Years’ Experience As An Escort Girl. So I Understand And Feel The Real Needs And Requirement Of My Each Client. You Can Taste Me Any Time. According The Convenience You Can Avail My VIP Escort Service At Your Home Or In Hotel Also. To Book My VIP Mumbai Escort Service Call +91 9987215552. Visit http://www.escortagencyinmumbai.com/
    Visit The Links Below And Have A Look At My Various Mumbai Escort Services-
    Mumbai Call Girls
    Mumbai Escorts In Vile Parle

    ReplyDelete