{"id":1646,"date":"2020-11-25T00:00:00","date_gmt":"2020-11-25T00:00:00","guid":{"rendered":"https:\/\/oneocean25stg.wpenginepowered.com\/insights\/counting-the-costs-of-maritime-training"},"modified":"2025-10-30T12:58:22","modified_gmt":"2025-10-30T12:58:22","slug":"counting-the-costs-of-maritime-training","status":"publish","type":"post","link":"https:\/\/www.oneocean.com\/insights\/counting-the-costs-of-maritime-training","title":{"rendered":"Counting the Costs of Maritime Training"},"content":{"rendered":"

The costs of training are naturally a major consideration for any business, but especially for shipping. However, there is a danger that in looking at money alone, other aspects are overlooked and ignored. We look at the value, results and the importance of cost benefit analysis when it comes to maritime training.<\/em><\/strong><\/p>\n

Costs Matter<\/strong><\/h4>\n

Budget<\/p>\n

When conducting maritime training, it is obviously important to know how much it is going to cost. Budgets have to be drawn up and complied with after all. However, when carrying out an evaluation it\u2019s important to consider all training costs, including indirect, for example, participants\u2019 time.<\/p>\n

This will ensure you have an accurate and credible view of the potential benefits of the programme in comparison to its cost. Even if you aren\u2019t conducting an evaluation, accurate cost information can give you an idea of how much you spend in comparison to other similar companies in the shipping industry, and to stimulate discussion on how much you should be spending on training.<\/p>\n

When calculating the cost of training, it\u2019s obviously important that you use accurate, reliable, and realistic figures so that any resulting costs are seen as credible. This also means that budgets have a chance of balancing and aren\u2019t based on best guesses alone. One of the biggest mistakes when it comes to considering maritime training costs is to forget to factor in the time and demands on internal resources. By budgeting for only external costs, or for actual cash, then there can be holes in the forecasts.<\/p>\n

The question, \u201cdo you spend too much on your training\u201d is far from simple, but let\u2019s look how we can get a better idea of what to spend, how to save, and how to maximise the benefits.<\/p>\n

Counting the Costs<\/strong><\/h4>\n

So how are the main component costs of training broken down, and where can savings be made, and most value for money found? Let\u2019s explore the key cost areas in more depth:<\/p>\n