A good Grant is one that has been used effectively (to an extent), which is usually in a non-critical setting. It is the kind of Grant that is more of a “catch-all” and can be used in many different areas of research and applied research that are usually not covered by any given grant.
Smart Grant Example: Grant #153536:
It’s an 8-week course about machine learning – this course will be used to teach a new generation of computer science students the basics of these techniques, through example problem sets. I’d like to see all of my students complete this course by January 2018.
The grant is a good candidate for Smart Grant because:
it’s an easy to use grant; and
it covers the basic topics of a specific area of research.
What’s the difference between Smart and Poor Grant?
There are a couple of key points to be aware of when choosing a Smart Grant:
The Grant should be specifically targeted to the work you’re proposing, it should not cover a range of related topics (ie. “Data Mining for Social Networks” should not be considered for a “Machine Learning” grant).
The Grant should have an expected return on investment (EROC) that can be compared to the cost of the project or course/approximate cost it should cover.
The Grant should have a high expected rate of return (ERR) and a high maximum possible return (MVP).
There’s a little more to it than that, but the important thing is to consider these things while deciding which Grant would serve you best (for a couple of very good reasons!).
Let’s review the differences between Smart and Poor Grant:
The Grant should have an EROC that is high. (this means the grant you get is a good deal greater than the actual cost of completing the grant).
The Grant should provide a high level of return. (this means the funding will help to deliver the desired outcomes – but that is not a bad thing – in fact it is pretty cool).
The Grant should provide a high maximum possible return, but with a maximum possible ERR (because it could be very unlikely that you get the project you are proposing funded – but if your project is worth its weight in gold, there’s a good chance you will get funded, especially if you get the right grant).
Which Grant is most suited to you?
It is tempting
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