Total cost of ownership, or TCO, is a business concept that’s been around for about 20 years now, but it’s an idea that librarians have understood informally for centuries. When a patron loses a book, most libraries charge more than the cover price of the book, because the cover price doesn’t include the cost of ordering, processing and cataloging the book. The staff time involved in getting that book into the system is part of the TCO of that book. If you look out even further, there are costs related to shelf space, repairs, circulation, reshelving it and deaccessioning.
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