"Return on Investment (ROI) and Cost Analysis" Please respond to the following: •Imagine it is your task to calculate ROI for a hypothetical training program. Determine one key element that would factor into your calculation of ROI, and identify the aspect(s) of your hypothetical program that would make the element applicable and your calculation accurate. •Based on the scenario, analyze the ROI of the training that was implemented, using the cost analysis approach.
EXample.. Back in week 6, it was determined that the best training method that Taormina's training program should be focused upon is the lecture/discussion method. The training program for Taormina will provide its employees with the needed knowledge and skills to properly communicate throughout all levels of the business and with customers. The value of providing the employees with the knowledge and skills they lack to perform at a high level is not quantifiable financially. So, ROI should be evaluated using the cost/benefit evaluation. "A cost benefit evaluation of training compares the monetary cost of training with the non-monetary benefits" (Blanchard & Thacker, 2013).
Blanchard, P. N., & Thacker, J. W. (2013). Effective training: Systems, strategies, and practices (5th ed.).