Asked by Na'Diamond Swain on Jun 28, 2024

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What is the concept that fundamentally attempts to attach a dollar value to the effectiveness of a training initiative?

A) cost-benefit analysis
B) break-even analysis
C) utility analysis
D) benefit-cost analysis

Cost-Benefit Analysis

A financial assessment comparing the costs and benefits of a project or decision to determine its worth.

Utility Analysis

A method used in human resources and organizational psychology to assess the economic value or effectiveness of interventions like training programs, by comparing costs and benefits.

Training Initiative

A strategic approach aimed at developing skills and knowledge within an organization through structured training programs.

  • Comprehend different methods for categorizing costs and calculating the utility of training programs.
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SG
Stephanie GarrowJun 29, 2024
Final Answer :
C
Explanation :
The concept that fundamentally attempts to attach a dollar value to the effectiveness of a training initiative is utility analysis. This analysis involves estimating the dollar value of the benefits of a training program and comparing it to the costs of the program to determine its overall effectiveness. Cost-benefit analysis and benefit-cost analysis are similar concepts that also attempt to measure the value of a training initiative in monetary terms, but utility analysis specifically focuses on the outcomes and impact of the program. Break-even analysis, on the other hand, is used to determine the point at which the costs of a project or program will be equal to its revenue or benefits, and is not directly related to the effectiveness of training.