Q. What is Cost value relationship ?
Cost value relationship: cost factor in the training should be taken into consideration in evaluating the training effectiveness. Cost of the various techniques of training and their value in the form of reduced learning time, improved learning and higher performance can be taken into account. Cost of training includes cost of the employing trainers and trainees, providing the means to learn, maintenance and running of training centres, wastage of low level of production opportunities cost of the trainees and trainers etc. the value of the training and trainer and their contribution to raise production, reduce wastage, breakage, minimization of time requirements etc. Cost value relationship of a training programme or a training technique is helpful in:
a. Determining the priorities for the training (for present and potential managers, age structure of the trainees etc.)
b. Matching the employee and job through training.
c. Determining the worth of the management scarifies (like time taken by the training programme, non availability of staff for production during training period etc.
d. Choosing the right training method.