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was based on the after-tax time value of investment capital, operating costs, and income cash flows. The computer program uses 70 inputs to estimate the feasibility of a drying operation, including many of the fixed and variable costs associated with determining the annual cost of drying lumber. These inputs are summarized in Table Appendix I. Govett et. al (2006) developed a model for feasibility or investment analysis of a drying operation using Microsoft Excel. The program, DRYFEAS, consists of a spreadsheet that includes different aspects of the drying process beginning at the year ‘’0’’ of investment and includes the option to analyze the costs to a period of 20 years. The user introduces the required inputs and estimations for the first year, and the amount of years to be analyzed are estimated (Govett et al 2006). One of the goals of the model was to provide the ability to easily change variables to see if the financial performance can be improved. The inputs of the program are divided in main five sections which are: lumber, kiln, and pre-dryer information, process lumber inventory estimates based on green price and kiln usage, dry lumber inventory estimates based on dry price without volume loss to shrinkage adjustment, manufacturing cost data, and other variable costs. The model includes a total of 85 inputs (Appendix). The model also includes a detailed breakdown of the fixed and variable costs used in calculating an annual drying cost or a drying cost per MBF. 2.8 ECONOMIC FEASIBILITY STUDY Three indicators that are often used for developing an economic feasibility analysis are: 1) Cash flow, 2) Net present Value (NPV), and 3) Internal Rate of Return. These three methods help to determine if the performance of a project is economically viable. Ercan (2011) defined cash flow as: “the difference between inflow and outflow.” A cash flow is composed by the cash flow from operations, investment opportunities and financing activities. The cash flow from operations refers to the income that is generated (for example sales), the cash flow of investment opportunities refers to the assets (like equipment and buildings); and the cash flows of financing activities refer to the loan investment and interest rate (Kewon et. al 2006). 19PDF Image | Impact of Vacuum-Drying on Efficiency of Hardwood Products
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