An e-learning training plan on LMS platforms needs to be developed like any other and ensuring the cost does not go out of the set budget is an important task. This means proper budgeting for the entire training project. It is a process that should be followed so that you don’t end up spending more than you should out of your training budget.

Evaluate Current E-learning Resources

This is a very important step of the process. All the available e-learning resources that are available to you should be accounted for. Your old LMS must have had the authoring tool, learning resources or templates, and even activity videos, etc. All these resources should be located and evaluated for usability. If they are at all usable in the current training program, they can be repurposed to get the desired result. For example, the training activity held before can be incorporated as a training video for the current program and as an example.

Comprehensive Price Breakdown

All the e-learning development costs should be pondered upon and decided how much you are willing to spend. Different aspects of an e-learning project such as training needs analysis, authoring tools, research of the audience, etc. should be assigned the budget and a comprehensive breakdown of the price must be prepared to assign the rightfully required budget according to your needs.

Consider Risks

Every activity taken up in business poses certain risks. These risks must be considered before actually blocking the money in the case of a Learning Management System. Some unexpected circumstances might be looming ahead and a proper budget for such unforeseen conditions must be assigned. It is only practical. There might probably be an issue with the content of the LMS used for training, proper time, as well as money to correct such mistakes, which must be assigned for a smooth transition into new LMS.

Maintainance Costs

The costs of the upkeep of the LMS must also be assigned for realistic budgeting. These maintenance costs can be in the form of new required updates, course reviews, etc. must be considered. Although the maintenance seems to be in the distant future, it must still be accounted for. If the course material needs constant refreshment to be relevant to the users, the cost of such refreshment must be allotted in the budget as a practical approach.

Current Budget Evaluation

The current e-learning budget with the cost breakdown and itemized cost requirement is your friend. This also helps in learning your spending habits for the LMS, such information should also be given heed and accounted for in the next budget. Each itemized component gives you a generalized idea as to where the major spending in the budget will take place considering the past trend. For example, if last time, the major chunk of your budget was spent on constant course updation and animation, then it makes perfect sense to assign the budget under the mentioned heads because the chances are that these heads will once again require the same attention.

Consider Rapid E-development Training Approach

The traditional approach of the LMS development is time taking and there being no testers available, the onus of the viability will fall upon the final unveiling of LMS to the users. On the other hand, the rapid e-development can be considered to give a sneak peek into the minds of users, using the MVP template to release before the actual unveiling. This helps counter any requirements that users have or any limitation that they observed. These insights can further help the developer to correct these above-mentioned limitations before the LMS is brought for final introduction into the market.

Above mentioned pointers must be used to avoid overspending for the LMS.