According to Fast Track Impact’s calculations (see: http://www.fasttrackimpact.com/single-post/2017/02/01/How-much-was-an-impact-case-study-worth-in-the-UK-Research-Excellence-Framework
for further details), the best impact submissions to REF2014, i.e. those achieving a 4* star narrative case study, had a currency exchange of some £324,000 (£46,300 per year between 2015/16-2021/22). By contrast, a 4* research output was typically valued at between £5,000-£25,000. Generally speaking, impact case studies are thought to be worth around 5 times more than outputs at higher full-time equivalents (FTEs).
As such, the huge potential value this may bring to institutions cannot be underestimated, particularly given the increased weighting of impact from 20% to 25% for the next REF exercise in 2021. Consequently, institutions employ a number of strategies and resources to ensure the best possible outcomes of their REF impact submissions. For example, there are reports of significant sums being spent by some universities in the REF2014 exercise on copy editors or science writers in order to create compelling narratives that would stand up to the scrutiny of the REF panel members.
A robust internal and external peer review process is one means of tracking progress over time in order to enhance and improve narratives and impact evidence ahead of the final REF submission in 2020.
Upcoming peer review events
The University of Salford is undertaking its first external peer review of draft impact case studies this Summer as part of its REF Readiness exercise. This will give the University a snapshot of where things stand and where improvements still need to made in the 2 years leading up to the REF submission. The feedback from the external peer review will inform the planned internal peer review due to take place in early 2019.
Dates for the diary include:
=&0=&This will include review and annotation of draft case studies, an overview report, notes on potential grades and advice on how to enhance impact.
Monday, 25 June 2018 – Friday, 20 July 2018:
University of Salford Festival of Research