Describe the Benefits of Planning for Individuals and Organizations

question 26

Essay

Describe the benefits of planning for individuals and organizations.

Calculate training program utility and interpret its implications for decision making.

Comprehend the various cost components involved in a training program and their impact on ROI calculations.

Understand the concept and application of cost-effectiveness in training programs.

Recognize the importance of linking training and development to return on investment (ROI) from the perspective of CEOs.

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Definitions:

Utilitarian Products

Goods that are primarily bought and used for their practicality and function rather than their aesthetic or luxury attributes.

Experts

Individuals who possess a high level of knowledge or skills in a particular area or field.

Buzz

Refers to the communication and excitement generated around a brand, product, or event through word-of-mouth or other channels, contributing to its visibility and potential success.

Hype

intensive promotional activities and advertising designed to create excitement or anticipation.