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As there are possibly hundreds or thousands of types of researches done daily, there is no hard and fast rule on the details that need to be in such a sample document.However, the rule of thumb demands that the names of the researchers be included, along with the identified challenges and expected financial investment for each challenge.The need to travel to professional meetings should be tied to the proposed project, if possible. Cost estimates need to be as accurate as possible to cover the expenses proposed in the project.
Drafting a research budget is no walk in the park because you have to know exactly how much will be needed to see the process through, not to mention you may have to account for every penny spent.
By virtue of being such a technical document, you will always need some help drafting it; and that’s where the research budget template comes in.
The category of Personnel includes not only the base salary or wage for each person on the project, but also (listed separately) the percentage added for staff benefits.
The current figure used for approximately the average cost of staff benefits is 30% of the total salaries and wages.
Indirect costs (IDC) are shown as a separate category, usually as the last item before the grand total.
Indirect costs are figured as a fixed percentage of the total direct costs (modified by various exceptions).
For additional help and samples, see Budget Planning & Preparation A.
Research is not only a time-intensive exercise; it is also a capital-intensive one and as such, it needs a budget.
The template enables you to get a rough idea of some of the elements to include in the budget, so you do not run into any financial dead ends.
Let us learn more of this critical template and see why you need it.