ROI and COST BENEFIT within Human Resource Training and Development
Only need 3 paragraphs
I have attached pag 273 word document
So the general definition has been established for ROI and cost-benefit, but how does that apply to training an development? Consider some of the information provided on P. 273 of the text. The suggestion there is to use cost-benefit as a basis for ROI. “Cost-benefit analysis in this situation is the process of determining the economic benefits of a training program using accounting methods that look at training costs and benefits. (Noe, 2017, p.273)”.
The cost is fairly easy to determine, but the measuring of benefits is more difficult. How do we determine, as an example, of training changed the outcomes we were looking for (benefit), or whether there were other factors to consider?