Cost analysis and the effective management of records throughout their life cycle

Abstract

The article deals with the concept of cost analysis in the context of managing records throughout their life cycle. Ways of cost saving or avoidance in managing records are covered. Document management strategies have the potential to provide some substantial cost – saving benefits if they are used judiciously. The document management strategiesc overed by the article include paper, micrographics and electronic formats. Audio-visual records are not given any special treatment because they are part of these formats. The article demonstrates through the literature review that cost analysis is an essential part of planning records management programmes and making informed decisions about costs and benefits that may accrue to an organisation that desires to have a competitive edge. The argument is that cost benefit analysis may be employed as a powerful tool for determiningand assigning costs and benefits, identifying all alternatives and specifying the critical characteristics demanded by a records management system.

Keywords: Benefit cost analysis, document management, record formats, record life cycle, records management