Seven employees attended a 2-day training to learn about a new product.
Release Time: $720 per day
Instructional Materials: $35 per person
Food: $40 per person
Travel: $50 per person
What was the total cost of release time?
Answer (1)
Calculate the total release time cost per day: $720 \times 7 = $5040.
Calculate the total release time cost for the entire training: $5040 \times 2 = $10080.
The total cost of release time is $10080 .
Explanation
Understanding the Problem We want to find the total cost of release time for seven employees attending a 2-day training. The release time cost is $720 per day.
Solution Plan To find the total release time cost, we need to multiply the release time cost per day by the number of employees and the number of training days.
Calculations The calculation is as follows: Total release time cost = (Release time cost per day) × (Number of employees) × (Number of training days) Total release time cost = $720 × 7 × 2
Result Total release time cost = $10080
Examples
Understanding the cost of employee training is crucial for budget planning in any organization. For instance, if a company plans to train its employees on new software, calculating the total release time cost helps in determining the overall investment. This ensures that the company can allocate resources effectively and make informed decisions about employee development programs. By accurately estimating these costs, businesses can optimize their training budgets and maximize the return on their investment in human capital.
