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Creating an elearning Budget

Creating good quality, engaging eLearning needn’t cost the earth. However, even the most frugal of projects require some level of money being put behind them. So with that in mind, we’re going to discuss how best to create an eLearning budget.

Be Realistic

It sounds obvious, but honesty really is the best policy. You want to create the greatest eLearning ever with live video, animation and graphics that would make Apple blush? Well if you want a blockbuster, you’re going to need a blockbuster budget. Now more than ever money is tight, so you have to be honest with yourself and create something that works with the funds you have available.

However, not having a mega budget doesn’t mean you can’t still create something special! See how you can best utilise the resources available to you. If you have members of your team who are multi-skilled, capitalise on that! But at the same time, you need to be realistic. You can’t expect a limited number of people to create A-list eLearning. Not in any decent time, anyway. Like with anything in business, if you want a project done quickly, you need resource. So before you begin any eLearning development, be realistic.

Consider Maintenance Costs

When creating any eLearning, it’s not enough to just create something then think that’s the end of it. Maintaining your eLearn is a necessary part of the lifecycle of the piece. No matter what you create, it will eventually require some form of edits and updating. So, when planning your budget, take into consideration how long your eLearn will last. It might be a compliance piece that only needs updating when legislation changes. Conversely, if it’s a bespoke piece for a company, they might change their process frequently and thus your eLearn will need changing too.

Changing your eLearn might not require much effort. However, these small amounts of time spent editing can really stack up once you take into consideration everyone involved. Re-scripting, rebuilding, re-animating – these all cost money in the form of time that could be spent on a new project. Be sure to factor maintenance costs into your eLearning budget!

Know the Risks

You’ll probably be aware of this, but you’d be surprised how often risks aren’t factored into creating eLearning. As with any project, stumbling blocks will be hit and unforeseen circumstances will come into effect. Ensure that you have contingencies in place to accommodate for these setbacks. The easiest thing you can do for your team is to ensure you have some time budgeted at the end of a project, whether it be for additional scripting, building or god forbid any last-minute structural changes, having some extra time to keep your project on track is essential. Know the risks going in, and factor them into your budget.

There are many factors to consider when creating an eLearning budget, but with some astute planning, your eLearn can be built on time, to brief and with great satisfaction for all involved.