A quantitative comparison of acquisitions budget allocation formulas using a single institutional setting

Young, I. R.

doi:10.1016/0364-6408(92)90033-o

Cited by 5 publications

(1 citation statement)

References 13 publications

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“…Applying the formulas in use at seven different colleges to a single data set representing one particular library, Young found substantial variation in the resulting allocations. 29 For example, the proportion of the total book budget allocated to Biology varied from 27 to 47 percent when different weights were used. The proportion allocated to geology varied from 4 to 26 percent.…”

Section: Methods Of Weighting and Combining The Variablesmentioning

confidence: 99%

A Regression-based Approach to Library Fund Allocation

Walters¹

2007

Library Resources &Amp; Technical Services

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51(4) LRTS1 Subsequent studies have presented a wide range of fund allocation methods, including some of great sophistication. This paper reviews the literature on library fund allocation, then presents a systematic, statistically informed method of weighting and combining the variables in a fund allocation formula.The approach described here is most useful for identifying the relationships that underlie a set of previously established allocations-for revealing the formula that best matches the allocation levels set in previous years. It is therefore especially appropriate for institutions that already allocate funds based on historical precedent but without an explicit formula. Other libraries may find the method helpful as a means of evaluating and refining the formulas already in place. Specifically, the regression-based approach to library fund allocation can be used in at least three ways: to generate an allocation formula based on previous years' allocations (in those cases where funds have been allocated based on historical precedent without the use of a formula); to generate an allocation formula based on subjectively established allocations (in those cases where funds have not been allocated among departments); and to evaluate and refine the formulas already in use (in those cases where the current formulas are unsatisfactory or otherwise in need of modification).Rational, well-documented methods of fund allocation have several advantages over informal or ad hoc approaches. According to the Association of Research Libraries, allocation formulas and similar techniques promote transparency and the explicit recognition of underlying assumptions, encourage funding practices that are consistent with the library's goals and priorities, ensure that adequate fund monitoring mechanisms are in place, and help the library demonstrate to the university community how its funds are being spent.2 Fund allocation formulas also are likely to promote budgetary stability over time (i.e., to reduce the

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Section: Methods Of Weighting and Combining The Variablesmentioning

confidence: 99%

A Regression-based Approach to Library Fund Allocation

Walters¹

2007

Library Resources &Amp; Technical Services

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How using an allocation formula changed funding allocations at Long Island University

Guarria

2009

Collection Building

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Purpose -The purpose of this paper is to describe how the Brooklyn Campus Library of Long Island University evaluated the present budget allocation process and took corrective action regarding the distribution of the materials budget (books, CDs, DVDs, and VHS). Design/methodology/approach -A literature review is conducted to discern which (if any) budget allocation formulas would be useful in updating the budget allocation process. Findings -There is some controversy in the literature about the value of using a mathematical equation or formula to distribute the materials budget. Within the group of librarians who favor using these equations there is a debate as to which model is the most effective. Further, there is a division over the best approach to an allocation. The efficacy of allocation formulas, historical spending and circulation statistics are a few of the issues that are debated in the literature. Practical implications -This article provides useful information for acquisitions librarians in analyzing a budget line -in this case, the materials budget that in many libraries is being restricted or reduced. It serves as a reminder that processes need to be reviewed periodically as opposed to simply accepting the process because "that's the way it's always been done". Originality/value -The paper provides insight into an urban mid-sized library's acquisitions department efforts to manage more effectively the monies allocated to the department. Peer institutions may gain a new perspective that helps in their budget allocation process.

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Collection Development

Pastine¹

1996

Collection Management

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A quantitative comparison of acquisitions budget allocation formulas using a single institutional setting

Cited by 5 publications

References 13 publications

A Regression-based Approach to Library Fund Allocation

A Regression-based Approach to Library Fund Allocation

How using an allocation formula changed funding allocations at Long Island University

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