Cost Effectiveness

One of the ways that a library may wish to demonstrate value is by providing evidence of economic impact or value for money. 

There are different ways of measuring costs and economic impact. Urquhart and Turner (2016) suggest that economic impact is usually measured by cost benefit analyses or Return on Investment studies. 

A basic cost analysis of a clinical librarian service was conducted by Booth et al (2002). 

Cost effective analysis is a comparative analysis of the costs and effectiveness of alternative interventions or services.  

For example:

  • competing methods of providing training
  • use of different databases for information retrieval.  

See a beginners guide to cost effectiveness analysis, by Hulme C., 2006.  This uses a case study of mediated searching v information skills training in health libraries as an example.

Willingness to Pay is a method that has been used as a proxy for determining the economic benefits of health library services see Urquhart et al. 2005, Urquhart et al. 2006, Urquhart et al. 2007