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An Evaluation of the Benefits and Value of Libraries by Linnéa Sjögren, Viveca Nyström

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5

Cost-benefit analysis of one-time investments

Business case

A cost-benefit analysis is used as the business case for an investment – that is, in order to decide whether or not to go ahead with it. It can also be used to follow up on the investment at a later stage in order to find out whether savings have actually been achieved or whether other anticipated improvements have actually occurred.

Orderliness

If the library does regular user surveys, you may be able to trace any changes in outcomes back in time to an investment. You may also need to trace back to a decision if conditions have changed. A cost-benefit analysis is one way of creating a knowledge base about one’s operations, and will also produce financial orderliness.

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