This report summarizes the procedures and outcomes of a study undertaken to provide educational decision-makers with an array of cost effective strategies for assessing the individual competencies of school library media specialists. It provides a literature review of the field and discussions of the classification and definition of assessment methods, measures of their effectiveness and efficiency, a cost effectiveness model, general competency assessment by faculty, the dissemination of project results, and the research agenda. Appendices detail the competencies for media specialists, competency evaluation techniques, interview protocol for determination of faculty assessment activities, and interview protocol for estimates of faculty assessment costs. (FM)