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Cost Types
Training cost types are categories that classify the various types of expenses associated with planning, developing, and delivering training programs within an organization. Accurate cost tracking is essential for budgeting, resource allocation, and assessing the return on investment (ROI) of training initiatives. Here are some common training cost types:
- Direct Training Costs including instructor fees, participant materials, venue rental, travel, and accommodation.
- Indirect Training Costs including Administrative costs, marketing and promotion, software, and LMS.
- Participant Support Costs including mentoring and coaching, tuition reimbursements, certification and exam fees, etc.
- Miscellaneous Costs including refreshments and catering, printing, and supplies.
These are general categories of training costs, and specific organizations may have unique cost types based on their training programs, industry, and objectives. Accurate cost tracking and categorization help organizations make informed decisions about their training investments and optimize their training resources.
Enter the new Cost Type
Cost Type Code: Enter an acronym for the Cost Type description.
Cost Type Description: Enter the description of the Cost Type. e.g. Per Diem, Meal Allowance, etc.
Default Cost: Enter the default cost if this is a fixed cost for every course. The Default Cost can also be set to zero(0) if this is a variable cost. This can then be entered for the specific instance of training.
Save the record and repeat to enter additional cost types.