Dear Vishvajeet,
The post was uploaded on 16-May-2008 i.e. quite old one. Your interest has enlivened it. Anyway longevity of the post apart, the most important part is measurement of the effectiveness of the training. Instead of following such a long route, a simple method is to find out various costs associated with the businesses. Cost before the training and cost after the training is simple way of measuring the effectiveness of the training.
For further clarification, you may call me on my mobile.
Thanks,
Dinesh Divekar