Economic and Financial Monitoring of Research Organizations

A research project achieves its utmost utility when it manages to combine the achieved technical-scientific results with the optimization of economic and financial resources adopted. Effective research budget structuring is required as well as focused monitoring of the use of resources on the basis of planned scheduling. When creating the budget, it is essential to optimize the times and ways of use of researchers because resources are fundamental. The monitoring phase should make sure that the controlling body is not related to the scientific director of the project itself. Furthermore, monitoring should ensure prompt notification of budget deviations so that the research director can make the required corrections.

Objective: The paper aims at showing the essential role of economic and financial control in order to achieve optimum effectiveness and efficiency of research. The demonstration was achieved by simply using an in-field experience within a private research organization.

Methodology: The sources for this paper included the ones from a process of participating observation.

Findings: The source is specific to the case studied in a participative way by the authors

Value Added: The value of the paper can be seen from the illustration and comment on an operational situation concerning a private research organization. It is especially important for these organizations to achieve an economic and financial equilibrium in order to survive and to become operationally independent with respect to financing entities.

Recommendations: The achievement of an economic/financial equilibrium is essential for all organizations including research entities. The priority given to effectiveness and efficiency in research projects would be desirable in public and university research organizations as well. Field studies for these organizations may highlight ample margins of recovery of efficiency and effectiveness as well as detecting improvement methodologies.