Understanding and planning for initial cost is crucial for the following reasons:
Budgeting: Accurate estimation helps in preparing a realistic budget, crucial for securing grants and funding. Feasibility: Helps in assessing the feasibility of the study. If initial costs are too high, alternative methods or scaled-down versions of the study might be considered. Resource Allocation: Ensures that resources are allocated efficiently, avoiding unnecessary expenditures. Project Management: Facilitates better project planning and management, ensuring that the study can proceed without financial interruptions.
