Two questions if you're spending money on training

I recently finished teaching a course at the University of Denver called, "Evaluating Training Strategies."  The students' primary project was to find a local firm and create a training evaluation plan.  The key part  of creating an effective training evaluation plan is to tie together the learning objectives, and the business metric(s).  This was also the primary challenge, because many people managing training don't connect the investment in training to making or saving money for the firm.

A lot of people charged with managing training (and their leaders) aren't demanding to see the connection between training and results.  I believe Self Reliant Leadership is synonymous with knowing which questions to ask yourself, and having the courage to answer them and act.  In the case of a training department, it really boils down to asking What and Why.

1. What training should we construct/conduct?
2. Why will we invest in this training?  Is this the most productive way to enhance knowledge, skills and attitudes to improve the business (i.e., save or make money)?

Can it really be as simple as these two basic questions?  What and Why are the "purpose" questions; while Who, Where, When and How are the operational questions.

Does this apply to more than just evaluating training?