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Summary
Summary
GET THE TOOLS AND KNOW-HOW THAT MAKE ROI MORE THAN JUST A NUMBER
"Ron does such a great job answering the question that has baffl ed many learning professionals for years: How do we measure and demonstrate the value of training. Applying his methodology of ROI is inspiring in that the exercise helps to translate training activities into improved performance and, ultimately, tangible business outcomes, rather than mere calculation of numbers."
-- JUDY FENG, Director, Talent Management, Baxter Asia Pacific"Those who have criticized ROI will be pleased with Stone's ROI Quality Analysis (RQA). HR directors and training managers will benefit from implementing this credible technique, and Stone's 'secret sauce ingredients' allow instructional designers to serve up a five-star training program."
-- STEPHANIE MOOSHEGIAN, Ph.D., Chair, Saint Louis University's Organizational Studies Program"Loaded with robust and practical methodologies, templates, and proven tools, The Real Value of Training masterfully demystifies ROI. As a seasoned learning and development practitioner, I can now add a valuable ROI approach that when used with both tangible and intangible results tells a powerful story of how signifi cant learning events contribute to positive business outcomes. Great book!"
-- MERIBETH GERMINO, Master of Arts in Law and Diplomacy, Biopharmaceutical Industry Leadership Development Executive
"The uniqueness of this book is that it will benefit any leader who wants to transform the organization through training solutions totally focused on alignment with performance through integrating training with individual development and business goals."
-- VIDYADHAR S. DABHOLKAR, Head of Human Resource Development, HILTI Manufacturing India Pvt. Ltd.The financial crisis and ensuing recession permanently changed how business is conducted. Executives and other decision makers, pressured to accomplish higher goals with lower budgets, are demanding greater levels of accountability from their people. And when it comes to investing in business processes, they want quantifiable proof that any new initiative will contribute to solving problems, serving customers, and improving the business.
The Real Value of Training gives you the tools not only to prove that your program will deliver solutions; it goes one step further, so you can explain exactly how much it will deliver. Presented by training ROI expert Ron Stone, The Real Value of Training offers an 11-step process for qualitatively and quantitatively measuring the value of training.
Stone's methodology brings ROI to a new level of scrutiny and credibility by helping you successfully:
Collect critical performance data Analyze results and adjust for causal influence and sustained impact Assign a monetary value to business-outcome data Calculate the fully loaded cost of the solution design Calculate the ROI and its level of quality Predict and quantify performance improvementUsing Stone's groundbreaking methods, you will create a training program that is powerful but flexible enough to refocus at a moment's notice, so it remains aligned with the organization's interests, no matter what happens--whether it's another economic meltdown or a shift in business strategy.
Take your training ROI to a new level of credibility! With The Real Value of Training , you have everything you need to verify that your training solution is directly aligned with business strategy and to determine and communicate its ultimate value to the organization.
Author Notes
Ron Stone is a globally recognized authority on analyzing and improving training and performance interventions and measuring results. President of the Center for Performance and ROI, Inc., he is the author of Aligning Training for Results and coauthor of The ROI Field Book , How to Measure Training Results , and The Human Resources Scorecard . Stone lives in Birmingham, AL.
Table of Contents
Acknowledgments | p. VII |
Introduction | p. ix |
Chapter 1 Talking about Performance Results | p. 1 |
Viewing Results through a Performance-Centered Lens | p. 1 |
Creating a Performance Design That Clients Will Support | p. 7 |
Business Metrics from A to Z | p. 12 |
What Managers and C-Suite Executives Want to Know | p. 15 |
Chapter 2 Stone's Measurement and ROI Process: A View from Above | p. 19 |
Components of a Successful Evaluation Methodology | p. 20 |
Overview of Stone's Measurement and ROI Process | p. 28 |
The Misunderstanding about ROI and the Benefit-Cost Ratio | p. 33 |
Hurdle Rate for ROI | p. 35 |
Criteria for Business Outcome and ROI Evaluation Decisions | p. 36 |
Chapter 3 Begin on the Right Foot: Partner to Create a Measurement Strategy | p. 39 |
Step 1 Confirm Sponsorship and Negotiate Purpose and Expectations for the Evaluation | p. 39 |
Step 2 Go/No-Go Evaluation Decision | p. 46 |
Step 3 Finalize the Evaluation Strategy and Collect Baseline Data | p. 47 |
Beware the Silent Evaluation | p. 56 |
Case Study Introduction | p. 58 |
Case Study Part 1 TechRead Smart Metering Company | p. 58 |
Chapter 4 Collect Relevant Performance Data | p. 65 |
Collecting Initial Reaction and Performance Readiness Data | p. 65 |
Collecting Follow-up Performance Data Tips to Make Your Journey Easier | p. 73 |
Credible Sources for Follow-up Performance Data | p. 78 |
Eight Best Practice Methods to Collect Follow-up Performance Data | p. 84 |
Twelve Key Focus Areas for Collecting Business Outcome and ROI Data | p. 91 |
Case Study Part 2 TechRead Smart Metering Company | p. 102 |
Chapter 5 Analyze Results and Adjust for Causal Influence | p. 109 |
Sending the Right Message to Stakeholders | p. 109 |
Credible Methods to Determine Causal Influence | p. 113 |
The Causal Influence Decision: Using a Fail-Safe Tool to Choose a Method | p. 130 |
Case Study Part 3 | p. 132 |
Chapter 6 Analyze Results and Adjust for Sustained Impact | p. 143 |
The Volatility of Modern-Day Organizations and Its Effect on Sustaining Performance | p. 143 |
If It Can't Be Sustained, It Can't Be Claimed | p. 145 |
The Serious Flaw of Overstating the ROI | p. 146 |
Making Adjustments for Sustained Impact | p. 151 |
Case Study Part 4: TechRead Smart Metering Company | p. 157 |
Chapter 7 Go/No-Go: Assign a Monetary Value to Business Outcome Data | p. 163 |
In Search of ValueùTraining Is Not Alone The Distinction between Hard and Soft Data | p. 164 |
To Be or Not to BeùAssigning a Monetary Value | p. 171 |
Credible Methods for Assigning a Monetary Value | p. 175 |
Determining Unit Value and Calculating an Overall Improvement | p. 188 |
Case Study Part 5 TechRead Smart Metering Company | p. 195 |
Chapter 8 Calculate the Fully Loaded Cost of the Solution Design | p. 199 |
Consequences of Failing to Use Fully Loaded Costs in ROI Calculations | p. 199 |
Cost Guidelines | p. 201 |
Avoid Improper Cost Comparisons | p. 202 |
Typical Cost Categories | p. 204 |
Considerations and Tips about Costs | p. 207 |
Capturing and Spreading Costs throughout the Life Cycle of a Program | p. 211 |
TechRead Smart Metering Company | p. 217 |
Chapter 9 Calculating the Return on Investment and Assessing the Quality of ROI | p. 219 |
The Before and After ROI | p. 219 |
Benefits of Calculating a Postprogram ROI | p. 221 |
Calculating the ROI | p. 223 |
Analyzing the Quality of the ROI to Discover the Truth | p. 224 |
Dealing with a Negative ROI | p. 235 |
Case Study Part 7 | p. 239 |
Chapter 10 Measuring the Contribution of Solutions: Alternatives to ROI | p. 243 |
The Significance of Intangible Benefits | p. 243 |
Conducting the Outcome Quality Analysis for Intangibles247 | |
Case Study Part 8 | |
Chapter 11 Communicate the Results | p. 253 |
Communicating the Complete Story | p. 253 |
Comprehensive Format for Communicating the Results | p. 255 |
Tips for Communicating with Executives about Results | p. 258 |
Three Channels of Follow-up | p. 262 |
Case Study Part 9 TechRead Smart Metering Company | p. 264 |
Chapter 12 Opportunity Forecasting: Predicting Performance Improvement and ROI | p. 271 |
Benefits of Forecasting | p. 271 |
Realities of Forecasting | p. 273 |
Two Approaches to Forecasting ROI | p. 276 |
Predelivery Opportunity ForecastingùImplementing the Guidelines | p. 280 |
References | p. 289 |
Index | p. 291 |