What is the difference between costing and pricing?
Costing and pricing are key elements of the research proposal development process, and there is a clear difference between the two:
- The cost of a piece of research is how much it will cost the University of Cambridge for you to undertake the research in question. In the UK this amount is calculated and described as the full economic cost (fEC). See the fEC website
- The price is how much you request (or receive) from your funder
The key issue for a Principal Investigator is to be sure that the funds awarded will cover the costs of the research, and your Departmental Administrator or Research Grants Administrator can assist you with this.
X5 is the costing tool used by the University of Cambridge to calculate the full economic cost of your project.