Explanation:

Correct Answer is (b).If we observe the words in the options for the first blank, we find that the context is about the acceptance and responsibility for a research project. Therefore any of the words ‘launched’, ‘tackled’, or 'attempted' does not fit the first blank. ‘Tried’ is also unsuitable as the sense doesn’t go to effort here. It goes to responsibility.
Further, the ‘outlay’ is the amount of money that you have to spend in order to start a project and it goes well with the context of the sentence.
Clearly, option B is the correct answer.