Hard Values
Hard values are tangible values that can be easily calculated,
and are often the easiest values to compile. Many hard values
can contain collateral values to get a more complete picture,
remember to add equal amounts of hard and collateral values to
both the Return and Investment sides of the equation.
Soft Values
Soft Values can be hard to assess, and are often impossible to
assign a concrete amount to them. These values come in the form
of potential gains and losses: increased morale, increased
productivity through decreased total training time and
knowledge retention, Closed-Loop system benefits, improved
training programs through knowledge assessment, and many more.
Soft Values are often used to paint the whole picture after the
Hard Values are assessed, to give a complete look at a proposed
program creation or change.
Investment Costs
Software Cost – How much will it cost to deliver your program
in an online form?
- Monthly Administration Charges
Program Development Cost – What will you need to customize the
software package purchased to fit your needs? Will you need to
build a software package from scratch on your own?
- Internal Time to Design and Develop the Program
- Cost of External Programming and Development
- Commercial-Off-The-Shelf Software Costs
Promotional Costs – Will you wish to promote your online
education program to build a higher ROI through greater
use?
- Possible External Promotional Services
- Promotional Material Costs
Administration costs – Your program, once established,
will need administration.
- Time to Administer Each End User
- Time to Administer New End Users
Help Desk – A Help Desk can be established to help with the
transition phase once an online education program is finished
and Rolled-Out. If establishing this Help Desk, consider the
following:
- Total Time the Help Desk is Live
- Is it Live 24/7 or During Business Hours?
- How Many Months is it Live?
- Depth of Program’s Built in Help Functions
- Total End-Users at Program Roll-Out
Return Benefits
Instructor Cost Cuts – Instructors normally needed for training
groups repetitively can now focus time on productivity. Most
organizations will create a program and use its instructors to
enhance the program throughout its lifecycle, and since the
enhancement phase is considerably shorter than repetitive
training, the instructors can then focus their experience on
productivity issues.
- Training Facility Reductions
- Training Material Cost Cuts (Printing vs. offering online, etc.)
- Reduction in Multiple Training Sessions (Build the course once and use it many times online)
Many organizations use training programs to educate clients on
their products, product improvements, and upgrades. These
programs can either be for profit or offered free.
- Decreases Help Desk Calls
- Increased Revenue through Training Profits
ROI calculator:
This ROI calculator is a tool we created to give you a general
idea of the possible return on your investment with the Professor Web LMS solution. We use the formula:
This calculator is for informational use only and does not
imply or guarantee any ROI.
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