About Textile Economics and Costing
Analysis of costs: Fixed cost, Variable cost/Marginal cost, Average or unit cost, opportunity costs. Time value and money: Basic concepts, cash flow and cash flow diagrams, present worth, future worth, interest, opportunity costs, sunk costs, inflation. Uniform series of payments: Calculation of present worth and future worth; Calculation of periodic payment; Perpetuities. Depreciation: Basic concepts, Methods – straight-line method, sum of years digit method, declining balance method, units of production method. Cost of comparison of alternative methods: Selection of interest rate, costs of present worth, capital, equivalent annual. Economy analysis of industrial operations: Definitions, minimization of cost, break-even analysis. Textiles in Global Economy: Role of textile sector in economy; Changes in the global market; Country groupings; Theoretical perspectives of international trade; GATT formation and working; Multilateral trade negotiations; Establishment of WTO; Textile monitoring body.