Peer Assistance and Review (PAR) is a local labor-management initiative designed to improve teacher quality. In PAR, expert "consulting teachers" mentor, support, and evaluate novice and underperforming veteran teachers. Evaluations under PAR can lead to dismissals. The authors examine the costs and benefits of PAR, both financial and organizational. Although PAR is an expensive reform, costing US$3,000 to US$10,000 per teacher served, it affords the district a range of financial savings and organizational benefits that offset program costs. The authors argue that limiting the scope of an educational cost-benefit study to only quantifiable elements artificially constrains understanding what a reform actually requires and offers. (Contains 4 tables and 10 notes.)