Businesses, government entities, and other organizations face great uncertainty and risks when making decisions about major investments in new manufacturing facilities, new products, new markets, new technologies, new programs etc.. Economic feasibility studies provide the facts and analytical rigor to improve these types of strategic decisions.When developing new technology concepts, it is important to consider the economic implications of the design.
Technology Feasibility and Cost Analysis is performed to determine the potential economic viability of a process or technology, and helps to identify which technologies have the greatest likelihood of economic success. Results from technology feasibility analysis efforts provide input to balanced portfolio development and technology validation plans. The economic competitiveness of a technology is assessed by evaluating its implementation costs for a given process compared to the costs incurred by current technology. These analysis are therefore useful in determining which projects have the highest potential for near, mid, and long term success. Parameters studied include production volume benefits, economies of scale, process configuration, materials, and resource requirements. Of principle importance, technology feasibility analysis can help direct research toward areas in which improvements will result in the largest cost reductions.
Rural population involved in different activities like agriculture etc. is in need of innovative products for the improved performance in their business.New technological products which are cost effective as well as practicable is required to be implemented at the grass root level.Gramin Mitra is working on these Projects under ministries of Govt. of India in CIMFR,Dhanbad to make economically feasible new technology products. To discover the effective strategies for the improvement of village products using new technologies,CIMFR,Dhanbad came up with new innovative projects to help rural people.To name a few of them like Solar Based Dryers for protection against pest, flies, rodents etc. ,Solar Based Cold Storage for the storage of the food items produced,Farm Mechanization for using agricultural machinery to mechanize the work of agriculture consequently greatly increasing farm worker productivity , Food Canning System for preserving food in which the food contents are processed and sealed in an airtight container and Waste to Wealth for using the wastage to convert it into potential valuable product are some of the ways for the improvement of village products using new technologies.Rural people can access the information on the Gramin Mitra site and get benefited from it.
Therefore, Making of Economically Feasible New Technology Products is a small step towards making lives of the rural people easier and convenient .Rural people engaged in agricultural activity can utilize the information given on the site for their own benefits.