Thanks for your inputs folks!!
I had to reassure myself that it IS difficult to arrive at a definite metric. It will always be relative. Anyway, after brainstorming with my management, It was agreed to look at Performance Improvement, Crunching the Training Schedule, Minimizing the Tech Resource Involvement as the immediate goals.

Some great stuff. Who is the target audience? If you are doing product training for sales professionals, there may be a way to link training to sales. To do this, you would need to track sales, identify other variables (isolate the impact of training) to determine the impact of training. With associated costs you can then determine ROI.

You could also use level 2 and 3 assessments to demonstrate that learning and application is taking place.

If your training reduces time to proficiency, this is also another way to look at it. The training may also link to performance objectives of the participant. These could be in measurable terms. Again, your training course may only be one component of performance achievement.

Your intrnal client should be able to provide some insight into the link of training to goal achievement.

I agree that the training we do should have a client with a business objective that links to company objectives and strategy. The client will have measurable objectives that have dollar values and tracking mechanisms in place. Leveraging the client will help determine the value and measurement.

Having learnt my profession as a trainer in the British Royal Air Force, and been heavily involved in flight safety and related training aspects I am used to training having 2 fundamental requirements: to deliver operational effectiveness and to deliver it as safely, efficiently and quickly as possible.

So, even though internal training may not be a revenue earner, doing it 'properly' IS about minimising costs of operation and maximising the effectiveness of the operation - be it selling, maintaining, manufacturing, operating etc.

I would look closely at the training objectives for each internal course and satisfy myself and my customers of this training that the training objectives are meeting their needs. I would next look at the delivery methods and instructors to make sure that the output of the course meets the needs of the customers (usually the line managers of the trainees), and that it does so with minimum risk to body, soul, equipment and business.

I would document all of this as evidence that the training is effective, relevant & valued, and safe and efficient.

Paul Kearns' wonderful and simple 3 box model is useful in such circumstances: Box 1 = must-have training (regulatory/contractual reasons), Box 2 = value-add (not doing it won't damage the organisation any time soon, or at least stop it from operating) and Box 3 = luxury (doing this adds no material value to the organisation but may make some people feel good)