Cost and Benefit Analysis of Drone Technology for Rice Farming In Nanongphai Chumphonburi, Surin

Abstract

This research article aimed (1) to conduct the cost-benefit analysis of the drone technology project for rice farming combined with the business of providing chemical fertilizer spraying services in rice fields and (2) to compare the investment value of the drone technology project for rice farming combined with the business of providing chemical fertilizer spraying services in rice fields and rice farming by human labor to benefit farmers in making investment decisions using drone technology, including decision-making in the business of providing chemical fertilizer spraying services in rice fields. This information could also be used by public sector agencies to promote agricultural technology. The study was conducted by collecting primary data through interviews with related parties, including three farmers and one officer from DJI Phantom Thailand, as well as secondary data from various related documents, to analyze the financial feasibility and sensitivity of the project. The analysis of the financial feasibility and sensitivity of the project over its five-year life found that the drone technology project for rice farming combined with the business of providing chemical fertilizer spraying services in rice fields had a net present value (NPV) of 721,433.22 baht, a benefit-cost ratio of 1.76, an internal rate of return (IRR) of 72.63%, and a payback period of 1 year, 1 month, and 16 days. The project had cost and benefit variation values of 76.23% and 43.26%, respectively. Therefore, the study result indicated that project was worth investing in.