You need to know about Full Economic Costing (fEC) because;
The good news is that it is highly likely that your project will be awarded more money than it would have been before fEC.
In return, all you will need to do is cost out your research project in more detail, including;
Fortunately plenty of help and training will be on hand from the Research & Enterprise Office to assist with these calculations.
Once you have a total cost for your project, you will need to consider which of these costs the proposed funder will cover. If they won't cover them all, a decision will be made as to whether the shortfall can be met from other sources (e.g. other funders or your department/faculty), or whether the scope of your project can be reduced and thereby lower some of the costs.