Abstract
ABSTRACT Two historic house museums, a municipal art gallery, and a provincial archive have had comprehensive risk and option assessments done by the Canadian Conservation Institute. For each institution, an average of 60 options addressing 40 risks was analyzed in terms of risk reduction, cost, and cost-effectiveness. A meta-analysis found that cost-effectiveness follows a strong economy of scale within each institution. By estimating valuation of each collection, cost-effectiveness was converted into benefit–cost ratio of dollar spent per dollar value saved and was found not to follow an economy of scale between small and large institutions. Optimization software was applied to see if precise maximization of risk reduction gave significantly different recommendations than those in the original reports which relied on the Pareto rule of addressing the largest risks first.
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