AbstractThe use of financial costs and benefits to analyze human resource development (HRD) proghrams has become common practice. Because financial analysis tools have been used extensively in evaluating HRD programs, the effects of these tools should be examined. Like other instruments, financial analysis tools can produce benefits, but they also have limitations. This article describes the benefits and problems that stem from using HRD financial analysis tools and examines the need to use values as a supplement to fiancial analysis.