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Measuring Return on Investment for Professional Development Activities: 2018 Updates.
Cathleen Opperman1, Debra Liebig, Judith Bowling
1Cathleen Opperman, DNP, RN, NEA-BC, CPN, is Professional Development Nurse Specialist, Nationwide Children's Hospital, Columbus, Ohio. Debra Liebig, MLA, BSN, RN-BC, is Program Manager, Accreditation & Regulatory Readiness, Children's Mercy Kansas City, Missouri. Judith Bowling, PhD, MHA, RN-BC, is Clinical Learning Educator, Baptist Health South Florida, Miami. Carol Susan Johnson, PhD, RN-BC, NE-BC, is Principal, Innovations LLC, Fort Wayne, Indiana.
Evaluating the return on investment for professional development requires financial analysis. This update reviews recent studies on educational intervention costs and economic outcomes to guide decision-making.
Area of Science:
- Healthcare Education
- Health Economics
Background:
- Professional development is crucial for healthcare professionals.
- Previous literature reviewed financial analysis of educational activities to drive decision-making.
- Evaluating the economic impact is the next step in assessing professional development.
Purpose of the Study:
- To update the literature on the return on investment for professional development activities.
- To review recent studies on the costs of educational interventions and their economic outcomes.
- To provide an updated "Known Costs of Outcomes Table" for financial analysis.
Main Methods:
- Literature review of recent studies on professional development costs and economic outcomes.
- Analysis of financial data related to educational interventions.
- Updating a table of known costs associated with specific outcomes.
Main Results:
- Recent studies provide data on the costs of educational interventions.
- Economic outcomes of professional development activities are described.
- An updated "Known Costs of Outcomes Table" is presented.
Conclusions:
- Financial analysis of professional development is essential for informed decision-making.
- Understanding the economic impact enhances the evaluation of educational activities.
- This updated review supports the strategic allocation of resources for professional development.
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