The benefits of research and development (R&D) are not always obvious. One reason for this is the lag that frequently exists between the point in time when a project is funded and the point at which its benefits become apparent. This is also in part due to the fact that even when we know that science has played a crucial role, it is not always possible to distinguish the contribution of particular research investments to the solution that has been developed based on that knowledge.
In spite of these challenges it is important that we monitor and transparently report on the impact of R&D investments. This helps us to determine what’s working and what’s not working in our research process, so that we can allocate resources more effectively to maximise return on investment for our stakeholders.
That’s why FRDC undertakes a number of benefit/cost analyses each year. In doing so, we apply guidelines produced by the Council or Rural Research and Development Corporations (CRRDC). This promotes uniformity in how Australia’s 15 RDCs (including FRDC) assess and communicate results from our R&D investments to our stakeholders.
Economic consequences have been the primary focus of benefit-cost studies to date, with attempts made to assess environmental and social implications when available and where appropriate assumptions can be made. Future FRDC assessments will aim to incorporate assessment of environmental and social effects more thoroughly.
Reports summarising the results of benefit/cost analyses for recent years are provided below:
FRDC Benefit/Cost analyses for 2015 - present
