Hi Rakesh,
This error occurs when the listed directory does not exist. The installer tries to create this directory, but sometimes Windows 7 permissions prevent it from doing so.
You should be able to navigate to "D:\program files\Texas Instruments\ADS1x9xevm" in Windows Explorer and create a folder called "saved" to resolve the issue.
The EVM is powered from the USB supply, so you will not need to connect any additional power supplies to operate it.
Regards,