This study fills a gap in the current HRD [human resource development] literature of return on investment (ROI) analysis of technology-based learning interventions. Using a Type IV control group method as defined by Wang (2002), the study empirically analyzed and measured the learning effectiveness and the business impact of an e-learning system implemented in General Electric Company. The e-learning system under study demonstrated significant economic returns in regard to reduced learning response time and reduced project cycle time. The study shows that e-learning, as a means of technology-based HRD intervention, can be highly effective as a performance support learning mechanism, although the results also suggest that e-learning alone is not sufficient to replace the traditional face-to-face learning platforms. (Contains 4 tables and 3 figures.)