ROI [3] - Cost Benefit Analysis - BENEFITS
When doing a Cost Benefit Analysis for training and education programs there are many factors that result in benefits and economic returns. Some of them are: Labor Process efficiency Sales Management Time-to-fix Vendor costs Up-time Marketing costs Delivery efficiency Headcount Competitive advantage Market share OSHA (USA or local equivalent) - work safety agency EPA (USA or local equivalent) - environmental protection agency Where are the benefits in each of these? LABOR - Typically there are efficiency improvements. Do job better,quicker, less headcount. PROCESS EFFICIENCY - Same here; more product, less waste, quicker change-over, quicker start-ups, etc. SALES - more, higher margin, new market, customer satisfaction MANAGEMENT - fewer, can do more, better direction VENDOR COSTS - reduced through close project management, purchasing supply management better prepared DELIVERY EFFICIENCY - could be in terms of delivery type chosen (e-learn...