What is the opportunity cost of doing research?

What would you be doing right now if you weren’t reading this article? If you weren’t working at your current job or progressing your current research?

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The adage, ‘You can do anything, but not everything,’ rings true in the world of research.

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Choosing one job, project, activity, or meeting means you forego other options. Opportunity cost refers to the value of the next-best alternative you have foregone.

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Typically, we consider time use in the context of productivity and getting as much done as quickly as possible. But there’s also an opportunity cost to not undertaking alternate tasks that may impact your career goals.

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So how can researchers feel confident in how they are using their time? Consider these factors:

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Your profession and career path

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Most researchers and academics have more than one professional identity. Their origin profession (e.g., teaching, nursing, engineering, biomedicine) can continue to flavour their academic opportunities and demands on their time.

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Clinician researchers may see patients each week and subject matter experts may continue to do consulting work beyond the realms of their research (and teaching) portfolio. These activities come with an opportunity cost away from research activities. Rather than only considering productivity during time spent on research, also consider the value of the alternate activities for your overall research career (such as maintaining clinical currency and creating new collaborations).

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Job opportunities may be afforded to some researchers due to their professional identity, while others may thrive in academic life being quite different to their original profession. For some people, the opportunity cost of pursuing research is high (for example, their earning potential may be higher in their original profession). For others, the value of the opportunities foregone may be modest or even low (for example, the emotional or physical load in their original profession may have been significant).

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If the opportunity cost for undertaking research is very high, some people may want to transition out of research-based positions. However, most people in research highly value all opportunities to spend time on research activities.

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Your career stage

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The ideal time spent on different research activities may depend on a researcher's stage of career.

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For emerging researchers who are conducting a project for the first time, it can take longer to complete tasks because they are learning as they progress. A good use of time can involve consulting the literature, discussing ideas with colleagues and supervisors and carefully designing work to feel confident in moving ahead. Many emerging researchers find the Pomodoro technique useful in maintaining focus during high-value tasks. Activities such as tutoring, professional leadership roles and university service can add to a comprehensive learning phase, but ultimately there will be an opportunity cost related to the time dedicated to research.

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For mid-career researchers, the alternate options for the use of time can feel overwhelming. Beyond undertaking projects, they often supervise students, prepare grant submissions, teach, contribute to department committee work, and manage other professional opportunities. A variety of time management strategies can be helpful, such as the Eisenhower Matrix or Time-Blocking. Recognising high-value activities is key, while still balancing commitments – work smart, not just hard.

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Senior research leaders take the concept of opportunity cost to a whole new level. On the one hand, the pull away from foundation research activities can feel strong, particularly if they are leading a discipline, research centre or school. Activities for capacity planning and managing a team can take up many hours each week. Rather than considering these activities as an alternate to research, they are fundamentally enabling research to happen within their teams.

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For all levels of research, using your time productively is fundamental for research performance. However, it is also important to recognise the value of the task you are completing in the context of other tasks that you are unable to do as a result.

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Your daily routines

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Our work-life schedules are not regimented in the way they once were. Rather than a finite time limit, most researchers have creative ways of blending their work commitments with their lifestyles. For some, they prefer the quiet hours pre-dawn to write or concentrate on key tasks. For others, they exercise first thing in the morning to add to productivity.

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Like any job, research can come at the expense of other activities including physical activity, parenting, leisure and recreation. Opportunity cost is not just work-related; if you are choosing to spend time on certain tasks, also consider the value of tasks you are not able to spend time on, which can include health, social, family related activities that are considered high-value to many researchers.

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There are many guides available to support people to plan their daily routines in a way that reduces opportunity cost and allows you to spend your time in the most valuable way possible. There’s no single right way to plan your day, yet considering all alternate options for your time is key.

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I’d love to hear your thoughts on how you manage the opportunity costs brought about through your research career.

You can reach me on X: @ProfLaurenBall or [email protected]