As a researcher, you don’t need to know all the ins and outs of the full economic costing system used by the research councils, but it helps to have a grasp of the basics. Luckily, Funding Insight columnist Adam Golberg can fill you in.
Full economic costing is far from straightforward. For the purposes of this article, I’m assuming that you’re an academic applying for funding from one of the research councils; you want to know enough to understand your budget and you don’t really want to know much more than that.
If you do already know a lot about costing or research finances, be warned: this article contains simplifications, generalisations and omissions. They might annoy you.