Module 5: Financial, Resource and Risk Management

Introduction

As a researcher, you will need to exercise financial control over your projects. To do this you will need to be financially literate and have a clear understanding of the financial processes associated with research projects. Specifically, you will need to understand how to accurately cost research bids as part of the grant application process, how to prepare and monitor budgets, how to assess and manage risk, and how to interpret financial reports. You also need to understand the importance of financial control and the audit requirements associated with research projects.
This module comprises independent-study online learning material that needs to be reviewed prior to an end-of-module workshop. The total time commitment (including the workshop) is in the order of 10 hours.

Aims

The aim of this module is to equip you with the financial skills to properly cost, manage, and report on research projects for which you are responsible.

Learning outcomes

After completing this module you should be able to:

• Prepare a realistic funding request for a project;
• Prepare a budget for your project;
• Correctly interpret a project budget statement;
• Identify and manage risks and other issues that may arise during your project; and
• Prepare a financial report relating to your project.

Content overview

The module comprises the following topics:

• Topic 1: An introduction to research project financial management
• Topic 2: Costing research proposals
• Topic 3: Preparing and managing a research project budget
• Topic 4: Risk assessment and management
• Topic 5: Financial reporting

Workshop details

There will be a 4-hour workshop associated with this module.

Acknowledgements

The first version of this module was developed for Monash University by Birch Consulting Group, Melbourne. 

The module was revised in 2011/2 by The University of Western Australia.

Principal writers
Cherry Birch, Birch Consulting Group (Version 1)
Geoff Wright, Birch Consulting Group (Version 1)
Professor Shelda Debowski (Revised Version, 2012)
Ms Kathy Kok (Revised Version, 2012)

Educational developers
Bill Potter, Monash University
Associate Professor Len Webster, Monash University

Web developer
Rob Andrew, Monash University
Jane Liang, Go8

Project management
Group of Eight Future Research Leaders Program

Accessing the module material

Now that you have read the module introduction you can access and navigate your way through the module content via the Module 5 Organiser link in the navigation bar at the top left of this page or in the bar below.

If you wish to print this page you can generate a pdf file via this printer icon [ ]. A pdf file for each topic in this module can be generated using the printer icon to the left of each topic title on the Organiser page.