Although Learning Management Systems (LMS) have become a common place in higher education many stakeholders invest in this technology once the expected benefits align with the strategic goals of the institution and the technology falls within a given budget. However, it is not immediately apparent how stakeholders can determine whether the level of investment associated with implementing the LMS is justified by the benefits obtained. In this paper, a case study will be used to identify the costs and benefits associated with the implementation of a web-based LMS. In the instances where these costs and benefits and indirect, measures will be proposed that can be used to quantify them. The goal is to produce information that stakeholders can use to understand the value of their investments and at the same time, practitioners can use the information to maximize the value of the investment in a LMS.