There are several ways to produce an e-Learning course. The simplest way is build it in Power Point then use one of the many tools available to convert the Power Point to a SCORM or API compliant application that is delivered and tracked by a Learning Management System. The final output will usually be a "page flipper" with images and possibly narration. I've seen many of these and more often than not they are snore fests. This is not something we do.
Effective and actually most affordable e-Learning programs use shot for purpose video in place of still images and narration.
You realize two benefits from this style: an engaging training course that the users enjoy and video that can be re-purposed for other uses such as DVDs, video clips to embed in short Power Points used for an Annual Rules Review, promos on your website and whatever else you wish to use them for.
You can have a CBT with branching scenarios where the user is presented with a problem then must select a course of action, each choice taking the user to another section of the program where they are congratulated for making the right choice or told why the choice they made is not the best and please try again.
I'll be posting some sample courses later this year when we get a bit of downtime. At the moment we're shooting and editing video clips for the current CBT projects and writing the CBT apps a minimum of 60 hours a week.