Value-based Journal Metrics
In 2008, the UC libraries adopted a new value-based strategy developed by CDL which is now used in negotiations with major publishers. The strategy involves using objective metrics to compare the value of scholarly journals, establish price containment targets, and identify titles of poor value to consider for potential cancellation. The process is objective and quantifiable and is based both on cost and value with a goal of leading to more sustainable prices overall.
A key aspect of this new methodology is the use of a Weighted Value Algorithm to assess multiple vectors of value for each journal title under review. Value is assessed in three overall categories: Utility, Quality, and Cost Effectiveness. For example, usage statistics contribute to a journal’s Utility score, impact factor contributes to its Quality score, while both cost per use and cost per impact factor contribute to its Cost Effectiveness score. A composite score is then assigned to each journal to assess its overall value in comparison to other journals in the same broad subject category. In addition to the weighted value algorithm, many other metrics are compiled and provided to campus librarians by CDL to ensure the richest possible set of information with which to make important selection decisions.
Journal Review / Metrics Definition and Explanation:
Value-based Journal Metrics Assessment, 2010