Edited by Tom Cheek, Wednesday, 29 Apr 2015, 14:17
This is my summary of understanding Cost-Benefit Analysis when reflecting upon social rather than financial aspects of education. It can be used when reviewing whether there should be an extension of eLearning with less reliance on campus based provision.
Three distinct questions are raised when considering the movement to using technology to reduce or end campus delivery:
1. Is it possible to reach new student groups by the use of elearning tools?
2. Are learning programmes and courses of the same quality as similar on-campus provision?
3. Are investments in eLearning motivated from a welfare perspective?
These three questions I find incredibly powerful as if the answer is 'yes' to them all, it is hard to argue that the use of technology and eLearning shouldn't be implemented.
The cost-benefit tool is focused on citizen welfare and can be used at both local and national level. The tool reflects upon following the student after training.
5 Key Phases of a Cost-Benefit Analysis:
1. Identification of costs and benefits - the impact of education can be increased productivity. Enhanced knowledge and skills results in increased productivity and income for both individual and socity (reducing migration). Costs resulting from education could be production losses and the goods/services associated with the education
2. Quantification of Costs and Benefits - Use of statistics to predict production values (loss or increase) - there is some level of assumption in the process
3. Calculation of Net Present Values - Education programme has costs today whilsts the main benefits arise in the future
4. Decision Criteria - Costs and benefits are discounted to present values. If the discounted benefits exceed the discounted costs, the net social benefit is positive.
5. Sensitivity Analysis - Across the analysis there is some level of uncertainty. This part of the analysis measures the impact on results from small changes in key variables.
So with my new and improved understanding of the Cost-Benefit Analysis I have added below some comments to analyse the increased use of eLearning and reduced/end of campus based provision for Apprenticeship learners:
Benefit - Improved retention of qualified individuals with progression pathways
Benefit - Improved productivity due to less campus attendance and more provision direct into the workplace
Benefit - improved, authentic assessment that will prepare learners for industry and therefore improve productivity
Cost - Potential loss of socia interaction - the LMS/VLE will need to ensure suitable tools to allow for communication and collaboration
Cost - Potential initial loss of staff wishing to maintain face to face provision in classroom format
Benefit - Improved access to remote learners in the region. Infrastructure of public transport is very poor to the campus from some areas of the region - this model will illiminate the issue
Cost - Potential increase in non-pay costs such as travel expenses
Reference:
Hanes, N and Lundberg, S. (2008). E-Learning as a Regional Policy Tool: Principles for a Cost-Benefit Analysis. . 5 (1), 12-21.
Principles for a Social Cost-Benefit Analysis
This is my summary of understanding Cost-Benefit Analysis when reflecting upon social rather than financial aspects of education. It can be used when reviewing whether there should be an extension of eLearning with less reliance on campus based provision.
Three distinct questions are raised when considering the movement to using technology to reduce or end campus delivery:
1. Is it possible to reach new student groups by the use of elearning tools?
2. Are learning programmes and courses of the same quality as similar on-campus provision?
3. Are investments in eLearning motivated from a welfare perspective?
These three questions I find incredibly powerful as if the answer is 'yes' to them all, it is hard to argue that the use of technology and eLearning shouldn't be implemented.
The cost-benefit tool is focused on citizen welfare and can be used at both local and national level. The tool reflects upon following the student after training.
5 Key Phases of a Cost-Benefit Analysis:
1. Identification of costs and benefits - the impact of education can be increased productivity. Enhanced knowledge and skills results in increased productivity and income for both individual and socity (reducing migration). Costs resulting from education could be production losses and the goods/services associated with the education
2. Quantification of Costs and Benefits - Use of statistics to predict production values (loss or increase) - there is some level of assumption in the process
3. Calculation of Net Present Values - Education programme has costs today whilsts the main benefits arise in the future
4. Decision Criteria - Costs and benefits are discounted to present values. If the discounted benefits exceed the discounted costs, the net social benefit is positive.
5. Sensitivity Analysis - Across the analysis there is some level of uncertainty. This part of the analysis measures the impact on results from small changes in key variables.
So with my new and improved understanding of the Cost-Benefit Analysis I have added below some comments to analyse the increased use of eLearning and reduced/end of campus based provision for Apprenticeship learners:
Benefit - Improved retention of qualified individuals with progression pathways
Benefit - Improved productivity due to less campus attendance and more provision direct into the workplace
Benefit - improved, authentic assessment that will prepare learners for industry and therefore improve productivity
Cost - Potential loss of socia interaction - the LMS/VLE will need to ensure suitable tools to allow for communication and collaboration
Cost - Potential initial loss of staff wishing to maintain face to face provision in classroom format
Benefit - Improved access to remote learners in the region. Infrastructure of public transport is very poor to the campus from some areas of the region - this model will illiminate the issue
Cost - Potential increase in non-pay costs such as travel expenses
Reference:
Hanes, N and Lundberg, S. (2008). E-Learning as a Regional Policy Tool: Principles for a Cost-Benefit Analysis. . 5 (1), 12-21.