This chapter presents seventh step of the training manager's job. There are two kinds of evaluation exercise which the Training Manager can undertake. Internal evaluation most often takes place when a new Training Manager takes over his post. External evaluation essentially involves producing some sort of profit and loss statement for each training project undertaken by the training function. One of the principal difficulties, if not the principal difficulty in evaluating the benefits of training, is that the facts needed are not directly available to the Training Manager. Some very detailed investigations have been made into costs and benefits, especially in the context of operator training, where, of course, it is easiest to do. A method of comparing benefits with costs is to think of the training function as a self-contained entity within the organization, and to charge transfer prices for its services.