As resources become more constrained in the library community, many organizations are finding that they need to have a better understanding of their costs. To this end, this article will present one approach to conducting a cost analysis (including questions to ask yourself, project team makeup, organizational support, and data organization). We also provide an example of how shelving costs were analyzed at the University of Arizona Library. Our guidelines and real-world example will equip the reader with a basic understanding of how to start organizing and analyzing costs within their institution. (Contains 3 figures.)