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There are many ways to evaluate a library collection. Each is useful and which one you use depends why you need to evaluate in the first place. Are you evaluating b/c you need to be a standard to get accreditation? Are you evaluating b/c you want to know whether or not the library is missing anything it should have? Are you evaluating to see whether or not people are using the collection and what they are using? Also consider whether or not you are only going to look at print resources or whether you will include electronic databases in the evaluation (the library may not have many print journals in communications b/c they have purchased an online subscription instead.)
Here are some approaches to evaluating a library collection.
There are collection-centered approaches including: Comparing the contents of your collection against another collection (like a similar library or a better library); You could have an expert come in to look at the collection to determine its value; You could compare the amount of use in your library with the use of a similar collection in another library.
There are use-centered approaches as well:
You could use circulation records and do a circulation study, you could use the opinions of library users; you could look at ILL statistics to see what people are borrowing from other libraries (b/c they can’t find it in your collection.)
There are just a few of the ways to evaluate a library collection.
I hope this helps.