Demystifying Technical Training: Partnership, Strategy, and Execution

6.3. Managing the Budget

Managing a training budget involves tracking expenses, making monthly or quarterly adjustments, providing regular updates to the parent organization, and complying with any new budget directions from finance. A multitude of books can be found that go into great detail on the mechanics of budget management, and therefore standard budget management is not the focus of this chapter. In this section, we focus on budgeting considerations related to technical training that are critical to funding and executing the technical training agenda.

6.3.1. Understanding Return on Investment

Often, the first thing finance and executives ask for in response to funding requests is the return on investment (ROI) of training. ROI is calculated ...