How to select which funding mechanism is right for me?

There are many different types of NIH funding mechanisms, and it is easy to get lost in the alphabet soup.  R01, F32, U01, R21 - how do you decide?  To help with this often-encountered confusion, NIH has provided a tip sheet that describes the various funding mechanisms and offers guidance on determining which is appropriate for your project. The document is located here.  This document also provides clarification on the different types of NIH funding instruments, including grants, cooperative agreements, and contracts.  If you are seeking more information, a helpful page on the NICHD website (located here) also provides a nice breakdown.