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Professions - Grandmaster Not Reflecting Proper Percentage

I'm posting this up as a bug report since it doesn't seem right to me. It is something I've never paid attention to until recently noticing this.

Grandmaster crafters say they have a 50% speed increase. If I go to craft something in professions and for example it says whatever I'm crafting takes 1 day (24 hours) then if I use a Grandmaster crafter that says gives you a 50% speed increase, then shouldn't that 24 hours be cut exactly in half by 50% to be only 12 hours?

It doesn't as it only cuts that 24 hours down to 16 hours which is not 50% as described. That is actually only about 33%. Why are we losing that much percentage on something that claims to be a 50% speed increase?

Now also if I have the option to use multiple Grandmaster's, shouldn't each one as described cut the time by 50%? This doesn't do that either as each time you add another Grandmaster to crafting an item, each one's 50% is dwindled down much less for each one you add.

If this is intended functionality for using multiple Grandmaster's on the same crafting job I understand but using only one to cut it by 50% and it not actually being cut exactly in half doesn't make sense.
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