Cost‐benefit analysis: a disparagement of its misuse and misexplanation

Abstract

PurposeThe purpose of this paper is to argue that when managing strategically, a library administrator might want to use cost‐benefit analysis to justify spending and, consequently, would need to understand this methodology.Design/methodology/approachThe paper discusses and gives examples to illustrate how others have needed a better knowledge of cost‐benefit analysis.FindingsIt is helpful for library managers to have a proper knowledge of cost‐benefit analysis.Practical implicationsThis provides one methodology 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.