In our pursuit of technological excellence and the continuous improvement of our projects, a need was recognized for development of a comprehensive tool to assess the readiness levels of technology and manufacturing processes. The task to create the TRL Calculator was ignited by a collective recognition of the pressing need for a robust tool to assess Technology Readiness Levels (TRL) for industry projects. This initiative took flight through the concerted efforts of experts from industry, academia, and research labs, leveraging our internal competence and multidisciplinary knowledge base. To meet these needs, a dedicated multidisciplinary team, consisting of experts in technology, project management, and subject matter, was convened within CII. We initiated the development of the TRL/MRL assessment tool by leveraging the collective knowledge and expertise of the members. Through rigorous internal discussions, brainstorming sessions, and collaborative efforts, the first draft framework of the tool is being presented that clearly defines the stages of readiness, incorporates best practices, and aligns with the standard requirements. During the early phases of development, we have established the core structure, questionnaire and features of the tool, ensuring that it would serve as a user-friendly and effective solution for assessing technology readiness. The outcome of this exercise of a comprehensive set of questionnaires for assessing the technology readiness of the technology being developed in the industry. The thoroughly revised and refined Version 2 has already been presented to the PSA.