Using economic data to demonstrate the value of the library
Keywords:
economic valuation, return on investment, cost benefit analysisAbstract
Libraries have always collected data from the number of books to the number of web page views. These statistics do not give a complete accounting of the library’s value. To fully demonstrate the value of libraries, and justify budgets, librarians have increasingly turned to economic valuations. Yet, economic valuations are challenging for non-profit, cultural and educational institutions. This paper reviews the positive and negative aspects of economic valuation for libraries.