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Training Budget (Typical Items that should be accounted for: (Initial…
Training Budget
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Importance
Forecasting
Forecast training needs based on training gaps by comparing the knowledge, skills and abilities demanded by the plan with what is in place and establish learning priorities.
Planning
Based on the learning priorities set in forecasting training needs, there is a need to attach a price to these priorities and establishing such cost estimates requires comparing and selecting format, content and location options.
Monitor
A training budget would give the organisation a means to control the learning activities and investment by acting as a benchmark against which to measure expectations against reality.
Flexibility
The training budget that has been prepared can allow the organisation to make a decision to offer a new training programme that carries development costs.
Categories
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Indirect Costs
Expenses not as evident and are less obvious as it is not directly related to the training programme.
Examples
Overhead costs such as general organisational support, administrative assistance, fringe benefits and use of facilities
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Cost of management time spent setting up the required training such as a manager trying to prepare for training etc.
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Administrative costs and utilities related to the training activity such as administrative and clerical salaries
Definition
Define how money can be allocated for training development and delivery for an organization. Training budgets include direct and indirect cost required analyzing needs, making decisions and monitoring results.