Let's talk about uncertainty in funding allocation

It is well known that peer review has limitations and may be biased. However, funding bodies rely on peer review to select the grant proposals deserving funding. They have the challenging tasks of aggregating evaluations and distributing the often limited funds. Given the increasing evidence of low inter-rater reliability of (grant) peer review, this responsibility becomes even more challenging as competition for funding increases. Since funding decisions can make and break academic careers, funding bodies must constantly critically evaluate their funding allocation system. Methods are needed to ensure that the low reliability, uncertainty and bias in the evaluation process are addressed in the decision-making. This keynote will summarise the evidence on bias and uncertainty in grant peer review, talk about their consequences and suggest practical solutions for funding bodies and alike to scrutinize and improve their decision-making