Cost‐benefit analysis: a primer

Purpose – This paper seeks to show that when managing strategically a library administrator might want to use cost‐benefit analysis to prudently spend money and, consequently, would need to understand this methodology. Design/methodology/approach – The paper discusses the various types of cost‐benefit analysis and discusses some of their strengths and weaknesses. Findings – It is helpful for library managers to have a proper knowledge of cost‐benefit analysis. Practical implications – One methodology is provided that librarians should consider when contemplating what purchases to make. Original/value – This paper will help librarians better manage their libraries by making them aware of cost‐benefit analysis.