Introduction Cost is the major player in any research, and determining the cost of research and equipment is essential. Many researchers measure this
Cost is the major player in any research, and determining the cost of research and equipment is essential. Many researchers measure this during case studies and before commencing the actual research. Many variables play a significant role in determining the cost of the research project. Those variables change with the research type and level of the study. The ways to measure the cost are different for the masters and PhD levels. It is because Ph.D. research is extensive and demands more capital than masters.
Many researchers do not know how to determine the cost of research and equipment precisely. They do not know about the variables that affect the project’s overall cost. Keeping this in view, today’s article is about determining the cost of a research project during a case study. It will discuss all the different variables and types of costs. So, let’s start our discussion with the following question.
Determining the cost of Ph.D. research and equipment
The cost of research and equipment in the case of a PhD degree is very high. It is due to the originality of the research. PhD research is extensive and can take years to complete. Based on this the cost is also very high. No one can exactly tell how much it costs to conduct a PhD research. It is because it varies from program to program.
Moreover, PhD research is often funded. Any sponsor or foreign agency funds the research and provides the required equipment to the researcher or institution. There are two types of costs related to the sponsored research. A brief description of each type of cost is as follows;
Direct costs are those which are directly allocated to a research project. These costs are specific. No research can be performed without these costs. It is why direct costs are called the basic costs needed to perform research. The question is, what are the things that fall under this cost. Those things are:
- The salaries of the researchers come under direct cost.
- PhD researchers have to travel a lot to gather the original data. Hence, travelling costs are also included in direct costs.
- Scientific PhD research requires the use of modern equipment. The sponsoring agency buys the modern equipment, which is also a direct cost.
Indirect costs or overhead costs are incurred to support the overall research project. The cost of research and equipment are not the only expenses of research. There are several other expenses required to keep the research going. A brief description of all those costs is as follows:
- The researchers need to read tons of information. Not every piece of information is available for free on the internet. Some databases require subscription charges to download and read the relevant literature. The cost of such subscriptions is indirect.
- The maintenance of the research equipment is also very necessary. Hence, machinery maintenance cost also falls under the indirect cost category.
Determining the cost of a Masters’s Research And Equipment
A master’s degree research is not broad and extensive compared to a PhD. Therefore, the cost of research and equipment at the master level is also less. In reality, at the master’s level, there is no equipment cost. Students conduct their research in university laboratories and do not travel a lot. Further, many students Buy dissertation online from different companies to avoid any direct research cost. It means that there are no direct costs involved in the research at the master’s level. Still, there are some indirect costs that play an important role. Let’s look at those costs one by one:
Students often need to travel outside their university premises for research purposes. The sociology and psychology students study the social trend and human behaviours. They may need to travel to other cities to collect responses from people. Also, sometimes science students have to travel to different locations for field sampling. They go to the field to observe some phenomenon or collect samples.
Research supplies cost
Not every student researches the same topic. The research supplies cost is also an important factor to consider when determining the cost of research and equipment. Research supplies mean that there should be enough material to work if it finishes. For example, you are researching your chemistry and running out of a chemical. So, you need to buy that, and therefore you should incur this as a supply cost.
Stationary cost is also important because you need to send letters to your respondents. Students of sociology need it the most. They have to send letters to their research participants. They have to invite them for interview sessions. It does not include general supplies like pencils, pens and registers etc.
Photocopying and printing cost
Once you have finished your research, you take a print of it and bind it before final submission. You also have to consider the cost of printing and binding while determining the cost of research and equipment. Not the thesis printing, but the cost of printing letters and invitations comes under this.
Costs of research
After reading the information above, you know very well about the factors and different costs required to determine the cost of research and equipment. A PhD is the most expensive research, and its reason is pretty straightforward, i.e., original research. To conduct original research, you need to purchase new equipment and travel to a lot of places. So, the expense of a PhD research is more than that of a master’s research. Many sponsoring agencies fund the PhD dissertation. The funding value of those agencies ranges from 15 to 50 thousand dollars. As a rough estimate, this amount is enough to carry out research.
On the other hand, master’s research is less expensive. It requires less capital as you can use the university resources. It is why the cost of research and equipment for a master’s degree ranges between 10 to 15 thousand dollars.
Cost is a tremendous player in the research. It also relates to the size of the research. The broader the research is, the more expensive it will be. A brief description of some of the costs mentioned above can help you determine the cost of research and equipment. You can also use them to estimate the cost of your research project.