This document provides an introduction to return on investment (ROI) analysis for training and development programs. It discusses two common models for evaluating training effectiveness - the Kirkpatrick and Phillips models - and compares their levels of evaluation. The document also provides examples of evaluation targets and ROI figures obtained by other organizations. It then discusses how to measure intangible benefits, leverage advantages from intangibles, and provides a sample implementation plan and reporting structure for conducting an ROI analysis.