Identifying Training Needs and Evaluating Training

Meticulously planned and executed training and development programs can yield a harvest of tangible benefits for a corporation. One of the primary tasks of a learning executive, however, is to separate the wheat from the chaff and discern which learning initiatives have the potential to generate bottom-line impact and which ones don't. Fortunately, learning executives have more resources at their disposal than a crystal ball. Cost-benefit analysis helps weigh the time and energy expended with the expected outcome and allows learning leaders to arrive at shrewd business decisions.

A simple return on investment (ROI) strategy is one of many types of investment information that would go into a financial decision. A cost benefit analysis is more than a return on investment strategy; there are many other factors that influence a decision. Safety is one of these factors. A cost benefit analysis is sometimes confused with a return on investment (ROI) process. ROI is a type of investment strategy and is generally used to determine if new machinery or equipment is a good investment over time, rather than for a safety and health evaluation.