Guidelines for Providing Quantified Benefits in Proposal Applications
Updated 4 July 2023
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Q: Can you please provide guidance on the necessary information and evidence required to support the benefits that are described in our application?
A: Quantifying benefits is a critical aspect of assessing the potential impact and value of a proposal. Section 3 (Catalysing Investment) is the main section in the application form where benefits are considered. While some benefits, such as increased revenue or job creation, are more straightforward to quantify, we acknowledge that proposals may also involve new technologies or intangible benefits that are more challenging to assess. In such cases, we encourage you to provide evidence and supporting information to strengthen your proposal.
The following approach, which is accompanied by an easy to follow Excel template, will ensure the benefits from your proposal are presented effectively. Please do not deviate from, or adapt the template.
1. Clearly Identify Benefits
Clearly identifying the benefits expected to be generated by your project by categorising them into direct and indirect benefits (as described in the “Announcement of Opportunity” notice) and provide a brief description for each and the year(s) in which you expect them to be realised.
Example:
Benefit: Job Creation
Description: The project will create 100 high-skilled job opportunities within the space R&D sector, contributing to economic growth and innovation.
2. Methodology and Assumptions:
Explain the methodology and assumptions used to calculate or estimate the benefits. This ensures transparency and allows assessors to understand the basis for your figures. If applicable, reference established models or industry standards to validate your approach.
Example:
Benefit: Increased Revenue
Methodology: Projected revenue growth based on market analysis and anticipated market share gain of 5% in the next five years.
3. Supporting Data and Research:
Provide supporting data, research, or market analysis to validate your benefits. This may include industry reports, market forecasts, competitor analysis, or any other relevant data that helps substantiate your claims.
Example:
Benefit: Improved Collaboration
Supporting Information: A survey conducted with key stakeholders, demonstrating a 30% increase in collaboration opportunities and knowledge sharing within the space industry.
4. Track Record and Case Studies:
Highlight any relevant track record or case studies that demonstrate your organization’s capability to deliver similar benefits. This could include previous projects, partnerships, or collaborations that have resulted in quantifiable positive outcomes.
Example:
Benefit: Technology Transfer
Case Study: Our organization successfully developed and transferred a space technology to the commercial sector, resulting in a 20% increase in revenues for a partner company within two years.
5. Risk and Sensitivity Analysis:
Acknowledge and address potential risks and uncertainties associated with your quantified benefits. Conduct sensitivity analysis to demonstrate how changes in underlying assumptions may impact the results. This helps assessors understand the robustness of your projections.
Example:
Benefit: Cost Reduction
Risk Analysis: Identified risks include changes in market demand and regulatory landscape. Sensitivity analysis shows that even under conservative scenarios, the project is expected to achieve a cost reduction of 15%.
6. Qualitative Benefits:
For benefits that are difficult to quantify, such as improved collaboration or training opportunities, provide a qualitative description supported by specific examples, testimonials, or success stories. Explain how these benefits align with the objectives of the grant fund.
Example:
Benefit: Enhanced Collaboration
Description: The project will facilitate regular knowledge exchange workshops, bringing together leading experts from academia, industry, and government agencies. Participant testimonials and success stories will be documented to demonstrate the value of collaboration and the transfer of expertise.