FLRP Module 5: Financial, Resource and Risk Management
Introduction
As a future research leader, 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 prepare financial reports. You also need to understand the importance of financial contol and the audit requirements associated with research projects.This module comprises independent-study online learning material that needs to be completed prior to an end-of-module workshop. The total time commitment (including the workshop) is in the order of 8 to 12 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:- Understand, read and interpret financial information and reports in respect of research projects;
- Fully and accurately cost research proposals and understand how costs can be controlled;
- Prepare and monitor project budgets;
- Proactively analyse and manage the risks and resources associated with research projects;
- Prepare required financial reports and understand audit requirements.
Content overview
The module comprises the following topics:- Understanding financial information and reports
- Costing research proposals
- Preparing and managing budgets
- Risk assessment and management
- Financial reporting for audit purposes
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