Information for staff
In most instances costing is a simple process which will use an assessment of staff time, valued via Worktribe, plus any consumables or travel expenses. This is the case for contract and collaborative research, and also for KTPs. In activity which is more commercially-focussed, such as CPD, consultancy or the creation of a company, an element of profit can be built into the costings. The total value is then the price, and the difference between the cost and the price is the profit margin that can be derived from the activity. This margin will depend on many things, such as market rates, value of the service to the recipient, and competitive landscape. The Commercialisation Team Team or CPD Unit team will assist in the pricing process and the negotiations.
In most instances your Management Accountant will be the first point of contact for costing as s/he will provide the very basic understanding of the cost of time involved. The Commercialisation or Continuing Professional Development team will then work with you to understand the value of the offer you have, which can be costed accordingly if there is an opportunity to do so.
Head of Commercialisation
Research, Innovation and Knowledge Exchange
+44 (0) 1904 326564
+44 (0) 7385 035282