Cost‐benefit analysis: a primer

Abstract

PurposeThis paper seeks to show that when managing strategically a library administrator might want to use cost‐benefit analysis to prudently spend money and, consequently, would need to understand this methodology.Design/methodology/approachThe paper discusses the various types of cost‐benefit analysis and discusses some of their strengths and weaknesses.FindingsIt is helpful for library managers to have a proper knowledge of cost‐benefit analysis.Practical implicationsOne methodology is provided that librarians should consider when contemplating what purchases to make.Original/valueThis paper will help librarians better manage their libraries by making them aware of cost‐benefit analysis.