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Return on Investment (ROI) and Libraries

Posted by Editor on December 4, 2008

Librarians are increasingly choosing or being asked to address, identify or quantify the ROI of the library to its parent organization.  The National Network of Libraries of Medicine (NN/LM) has provided a page of links to help librarians evaluate and promote the library and its services at http://nnlm.gov/mcr/evaluation/tools.html:

Calculators

Valuing Library Services Calculator

Determining the value of resources and services provided by a library can be complicated and time consuming. Use this calculator to find out what a user would pay to get the same resources or services elsewhere in the event the library is no longer an option.

CBA/ROI Calculator

How much benefit does your institution, your user, receive for every dollar spent by the library? What’s the annual return your institution realizes on what you spend on your collection? Use this calculator to deteremine the Cost/Benefit ratio and Return on Investment of your services and collections.

I just noticed that the Glendale Public Library uses a similar methodology on its website at http://www.glendaleaz.com/Library/ServicesCalculator_2.cfm.

It is an interesting way to get library users and non-users thinking about the value of a library to its community!

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