USE OF ECONOMETRIC INSTRUMENTS IN DETERMINING THE FINANCIAL RESOURCES NEEDED FOR PROFESSIONAL SKILLS DEVELOPMENT PROJECTS

The market shows no signs of sustainable recovery after the crisis that hit the world economy in 2007, and therefore public intervention in the area of professional re-conversion is highly desirable. Public spending on training programs needs to be economically justified and closely monitored. We describe an econometric method to evaluate needed costs for training programs for professional skills development, based on a sample of pair values extracted from training projects implemented between 2008 and 2009. We find that, although the unitary value as resulted after applying the econometric model corresponds to the national available amount, by applying other types of indicators, such hour of training, can determine more efficient (less resources needed), cost-effective and effective (increased number of trained individuals for less costs) values in what regards the process of delivering training programs.