The Research Project Budget!

It is not uncommon when developing a research funding application for the budget to be left until the very end and sometimes it becomes a last minute thing! Many academics will see the budget as a wholly administrative task and not something to worry about. It is often viewed as something that can be done by someone else. I don’t agree with this approach and I encourage all academics to think about their budget right at the start of the development of an application. This is important for a number of reasons including:

  • The process through which a budget is developed helps to map out the research, what resources are required and whether it is feasible. It can provide an early ‘sense check’ for the research. By developing a full and comprehensive budget early on it is easier to make adjustments to meet funder guidelines and subsequently identify where there may be shortfalls that need to be met from other budgets. I believe you should start with the full picture and see if the research project will work!
  • The budget can act as a guide to ensure that the written narrative in the proposal is internally consistent. Often when budgets are left to the end of the process things are included in the budget which are not referenced in the text or vice versa. In addition the budget may not match the methods. For example, getting the right number of interviews or trips is crucial both in the budget and the text and shows an attention to detail and a good overall understanding of what you are trying to achieve.
  • The early development of the budget may steer you towards different funders. I have worked with academics in the past who wanted to apply for grants like the ESRC Standard Grant Scheme but after working up a budget the total cost of the research came in much lower than the £200,000 threshold for the scheme. By developing the budget early we can focus our efforts on more appropriate funders.

Now that I have convinced you to start developing the budget early on I know many people start to panic about what should go into the budget. The key thing is don’t worry! All budgets, like applications or journal articles, go through a number of drafts in order to refine them and make them as realistic and robust as possible. Having said this I know it is useful to have a template to start the thinking process. As such the following list should help in developing the first draft of a budget:

  • Start and end dates – are they realistic for the project? Do they fit with the funders guidelines?
  • PI and Co-I time – How much time will be spent on the project?
  • Other researcher time – Will other researchers need to be appointed? If so, for how long and are they full time, part time etc?
  • Travel – Where will you need to travel to conduct the research? How will you get there – train? Plane? How many trips are required?
  • Consumables – these should generally make only a small proportion of costs but are any required? Laptop? Dictaphone? Check the funders guidance.
  • Transcription – How many hours of transcription? Who will do this? Is it in house or outsourced?
  • Experiment costs – Are there any costs to hire equipment or to pay for participant involvement in any experiments?
  • Conferences – Will you be attending any conferences to share findings? Where are the conferences? Are they within the project dates? Are they appropriate to your research?

This list is just for starters. The more you map out your research at the beginning the more detail will be included in the early budgets which will only strengthen the proposal. Lastly, it is worth remembering, you will need to justify your budget? Most funders will expect you to justify the amounts you are asking for so be ready to explain what you have done and why! Further really useful information regarding budget development can be found on the Research Whisperer Blog here. Any other thoughts and suggestions are welcome – what are your tips to developing a good research proposal budget?

2 thoughts on “The Research Project Budget!

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s