Which statement best describes the review process for grant proposals?

The statement that funding agencies typically have committees with external reviewers assessing the quality of the proposal accurately reflects the standard review process for grant proposals. This process is designed to ensure that funding decisions are made based on an objective evaluation of the proposals' merit, feasibility, and alignment with the agency's priorities.

External reviewers bring diverse perspectives and expertise to the evaluation, helping to uphold the integrity and quality of the funding process. Committees often consist of experts in the relevant fields who assess various aspects of the proposal, including the significance of the research, the innovation it represents, and the approach or methodology proposed. This robust review structure helps funding agencies allocate resources effectively and supports the advancement of high-quality research.

In contrast, other options do not align with the established practices in grant proposal review. The principal investigator does not conduct the review alone, nor are all proposals guaranteed funding without evaluation. Furthermore, feedback from reviewers is typically provided to applicants, which is an important part of the process that helps researchers improve their proposals in future submissions.