An Empirical Study to Maximise Total profit in the Wholesale ...Top Dyeing - 58" (In Rupees) Piece Dyeing - 58” (In Rupees) D1 4.8 5.75 6.75 D2 4.95 5.85 7.35 D3 4.85 5.95 7 - Top

© 2018 JETIR October 2018, Volume 5, Issue 10 www.jetir.org (ISSN-2349-5162)

JETIR1810832 Journal of Emerging Technologies and Innovative Research (JETIR) www.jetir.org 344

An Empirical Study to Maximise Total profit in the

Wholesale Textile Industry in India

Bhavya Gangar (E010)

Disha Madaan (E011)

Dhairya Gupta (E012)

Anil Surendra Modi School of Commerce, NMIMS University, Mumbai

Operations Research

An Empirical Study to Maximise Total profit in the Wholesale Textile Industry in India

Abstract :

Textile is one of the most prominent industry of India since the several centuries next to agriculture and it

continues to grow at a respectable rate every year. In our research we have collected data from AVR Fashion

Fab located in Mumbai and maximised their Profit and made a rationale decision regarding the order of

preference for all the products using decision theory. Decision theory (or the theory of choice) is the study of

the reasoning underlying an agent's choices.

Introduction

Textile is one of the most prominent industry of India since the several centuries next to agriculture and it

continues to grow at a respectable rate every year.

This industry is divided into two part organized and unorganized sectors. Unorganized sectors include

handicraft, handloom and sericulture, which are done on a small scale in a traditional (INDIAN BRAND

EQUITY FOUNDATION, 2018)manner and are labour intensive. Whereas the organized sector includes

spinning, apparels and garment sectors which uses modern machineries and hence they are capital intensive.

This industry is estimated to be around $150 billion, and is expected to reach $230 billion by 2020. Textile

industry contributes around 2% to India’s Gross Domestic Product, 10% of manufacturing production and

14% of overall Index of Industrial Production (IPP) and employs around 105 million people directly or

indirectly. The production of cotton is expected to grow at the rate of 9.3% per annum which indicates a good

growth rate for the textile industry in India. (INDIAN BRAND EQUITY FOUNDATION, 2018)

In this research paper we have focused on the organized sector of the textile industry. We have collected data

from AVR Fashion Fab located in Mumbai. This company comes in top 10 supplier in Mumbai and they have

around 2000 different samples of clothes. There are 100 weavers and 5 dyeing units used by this enterprise.

However, for the purpose of calculation and considering various other factors we have taken only top 3

weavers and dyers and hence we have taken 9 products for the purpose of balancing the calculation. The

supply chain is a collaboration between the seller and the buyer. In this case the weaver and the dyer are the

seller and the firm are the buyer.

The process begins with the firm outsourcing its order with the weaver and then it is sent for the dyeing

process and then the product is returned back to firm for defective check. The final good is packed and then

sent to the customers.

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Literature Review

- Effective supply chain management (SCM) has turned into a conceivably profitable method for

anchoring upper hand and enhancing organizational performance. The paper by SuhongLi, Bhanu

Ragu Nathan, T.S.RaguNathan and S.Subba Rao (Suhong Li, 2018) conceptualizes and creates five

measurements of SCM practice (strategic supplier partnership, customer relationship, level of

information sharing, quality of information sharing, and postponement) and tests the connections

between SCM practice, competitive advantage, and organisational performance. Information for the

investigation were gathered from 196 organisations and the relationships proposed in the framework

were tested using structural equation modeling. The results indicate that higher levels of SCM practice

can lead to enhanced competitive advantage and improved organizational performance. Also,

competitive advantage can have a direct, positive impact on organizational performance.

- Not long ago, the textile industry has experienced a lot of progress, especially with worldwide sourcing

and elevated amounts of price. This article discusses characteristics of the textiles and apparel industry

and identifies the perspectives of lean, agile and leagility (a combination of these) within existing

supply chain literature, which have been proffered as solutions to achieving quick response and

reduced lead times. Through case studies of textile and apparel companies, different approaches to

supply chain management are illustrated. Margaret Bruce says textile and apparel has market

characteristics, such as short product lifecycle, high volatility, low predictability, and a high level of

impulse purchase, making such issues as quick response of paramount importance. Her article talks

about attributes of textile industry and identifies the perspectives of lean, agile and leagility (a

combination of these) within existing supply chain literature, which have been proffered as solutions

to achieving quick response and reduced lead times. (Margaret Bruce L. D., emeraldinsight, 2018)

- Omkar Goswami in his research looks at the present condition of Indian textile industry. In 1985 the

government got involved. Not a lot was done, if anything, the handloom and mill sectors are far more

doomed today than they were five years back. The initial segment of the article analyzes the patterns

and determinant of clothing demand by households. Part two takes a gander at four imperative issues,

powerlooms versus mill, powerlooms versus handloom, rationalising the workforce in the mill sector;

and the myth of modernisation. The information urges the end that there is next to no desire for the

vast majority of the composite mill, particularly the nationalized ones, even with competition from

powerlooms. The choices that exist are firmly connected to legitimizing the work drive which, thus,

requires a positive strategy choice by the legislature showered up by an alluring willful retirement

bundle - things that the administration has disregarded to the further weakness of the area.

Additionally, without substantial measurements of appropriations, the offer of the handloom segment

will undoubtedly shrivel after some time. The main victors appear to be the powerloom area, with its

striking cost favorable circumstances. (Goswani, 2018)

- Anup Kumar Bhandari’s (Indian Statistical Institute) research shows that India’s textile industry is

presently at the junction with the elimination of the quota regime that prevailed under the Multi‐Fiber

Agreement until the end of 2004. Even with a full mix of the textiles sector in the WTO, keeping up

and upgrading beneficial effectiveness is a precondition for intensity of the Indian firms in the new

changed world market. In this paper, Sir used information acquired from the Annual Survey of

Industries for various years to quantify the levels of specialized proficiency in the Indian materials

industry at the firm level. We utilize both a grand frontier applicable to all organizations and a group

frontier specific to firms from any individual state, ownership or organization type keeping in mind




the end goal to assess their efficiencies. This licenses us to independently distinguish how locational,

proprietary and organizational qualities of a firm influence its execution. (Ray, 2018)

- Supply chain management (SCM) is thought by scholastics and specialists as either an extension of

logistics or a way to deal with business integration. From the writers Pietro Romano's and Andrea

Vinelli's perspective, SCM includes calculated exercises as well as different procedures, for example,

quality administration. This paper tries to see how quality can be overseen utilizing a production

network point of view and what the agent and vital results are for both the individual organizations

and the entire supply arrange. It reports a contextual investigation directed on Marzotto, a critical

Italian material and attire organization, and its inventory network connections. The examination looks

at the quality practices in the two various types of supply system of which Marzotto is the central firm.

One is overseen utilizing a conventional customer‐supplier approach and the other a more extensive

and more co‐ordinated point of view. In the last case, it was discovered that the entire supply system

could enhance its capacity to meet the desires for the last customer as far as quality through the joint

definition and co‐management of value hones/techniques. (Pietro Romano, 2018)

- The purpose of the paper by Ning Cao (Institute of Textiles and Clothing, The Hong Kong Polytechnic

University, Hung Hom, Hong Kong) is to reveal the empirical issues of the implementation of

coordination for textile‐apparel supply chains. In textile and clothing enterprises, brand owners for the

most part organize the inventory network. There are likewise other coordination rehearses in

enterprises. Through the examination perceptions and investigations in the cases it is discovered that

the incorporated organization, intense article of clothing maker and exchange operator assume the job

of facilitators in vertical joining chain, effectiveness situated chain and 3P‐hub chain, separately.

Regardless of what sort of coordination hone, data sharing and item stream coordination ought to be

far reaching. Facilitators are the data focuses of the entire store network. They ought to have capacity

to deal with the inventory network. They ought to effectively coordinate the entire chain for greatest

aggregate gainfulness. (Ning Cao, 2018)

Objectives :

- Profit maximisation of AVR Fashion Fab located in Mumbai .

- To decide the order of preference for all the products using decision theory.

Methodology

Decision theory (or the theory of choice) is the study of the reasoning underlying

an agent's choices.[1] Decision theory can be broken into three branches: normative decision theory, which

gives advice on how to make the best decisions, given a set of uncertain beliefs and a set of values; descriptive

decision theory, which analyzes how existing, possibly irrational agents actually make decisions; and

prescriptive decision theory, which tries to guide or give procedures on how or what we should do in order to

make best decisions in line with the normative theory. (Wikipedia, 2018)

In this Case, we are looking for maximum payoff of 9 products and the combination of Weaver and Dyer that

maximizes the profit.

The different factors that contribute to the cost of the product are Weavers, Dyers, Shrinkage, Labour Cost,

Electricity Cost, etc. In this case, we will come to an optimal solution by using Decision theory.

The top three weavers are:-

1.) Ahuja Synfab Pvt. Ltd. (denoted as W1)


https://en.wikipedia.org/wiki/Agent_(economics)

https://en.wikipedia.org/wiki/Decision_theory#cite_note-1

https://en.wikipedia.org/wiki/Norm_(philosophy)

https://en.wikipedia.org/wiki/Optimal_decision

https://en.wikipedia.org/wiki/Value_(personal_and_cultural)

https://en.wikipedia.org/wiki/Optimal_decision



2.) Modi Fabrics Pvt. Ltd. (denoted as W2)

3.) Ramgopal Fashion Fabrics (denoted as W3)

The top three dyeing units are :-

1.) Shankar Textile Mills (denoted as D1)

2.) Jakharia Textile Mills Pvt. Ltd (denoted as D2)

3.) Shree Kailas Textile Mills (denoted as D3)

The top nine products are :-

1.) Aston (P1)

2.) Butter Fly (P2)

3.) Century (P3)

4.) Cox (P4)

5.) Raghav (P5)

6.) Ducati (P6)

7.) PK (P7)

8.) Gabbar (P8)

9.) Lajawab (P9)

Assumptions

1.) The value of Alpha is 0.75

2.) The probability of selecting any weaver and dyer is same (i.e. 0.33) and so the combined probability

will be 0.11089

Calculation of Cost

(All the details are in cost per meter basis)

- Dyeing Cost :-

Top Dyeing –

36"

(In Rupees)

Top Dyeing -

58"

(In Rupees)

Piece Dyeing -

58” (In Rupees)

D1 4.8 5.75 6.75

D2 4.95 5.85 7.35

D3 4.85 5.95 7

- Top Dyeing and Piece Dyeing are two types of dyeing, every cloth has to be dyed according to its

requirements. Top dyeing is just washing the cloth, where else piece dyeing means washing and

colouring of the cloth both. 36” and 58” indicates that the width of the cloth is 36 inches and 58 inches

respectively.

- Cost of Weaving and Dyeing of Nine Products (In Rupees) along with Selling Price

Sr.

No.

Product

Name

W1 W2 W3 D1 D2 D3 SP

(In Rs.)

1 Aston 38.34 38 38.5 4.8 4.95 4.85 51




2 Butter

Fly

34.5 36.5 37 4.8 4.95 4.85 48

3 Century 35.97 35.75 35.75 5.75 5.85 5.95 51

4 Cox 60 61 60.5 5.75 5.85 5.95 80

5 Raghav 38.85 40 40.5 4.8 4.95 4.85 53

6 Ducati 59 58.54 60 6.75 7.35 7 87

7 PK 37.5 36.5 37 4.8 4.95 4.85 50

8 Gabbar 43 44.5 44 6.75 7.35 7 62

9 Lajawab 38.86 37.88 38.9 5.75 5.85 5.95 53

- Shrinkage Rate of Clothes

-

-

- The cloth shrinks during the dyeing process. The above table indicates that every cloth has a different

shrinkage rate in different dyeing units. The cost incurred due to shrinkage will be calculated on the

cost provided by weaver for that product.

Sr.

No.

Product Name Dyeing

Unit

Shrinkage

1 Aston D1 1.21%

D2 0.99%

D3 0.98%

2 Butter Fly D1 6.25%

D2 0.95%

D3 0.96%

3 Century D1 5.82%

D2 2.89%

D3 2.9%

4 Cox D1 3.38%

D2 3.38%

D3 4.79%

5 Raghav D1 1.23%

D2 0.44%

D3 0.85%

6 Ducati D1 16.1%

D2 7.41%

D3 11.2%

7 PK D1 1.06%

D2 2.88%

D3 2.75%

8 Gabbar D1 5.85%

D2 5.32%

D3 5.85%

9 Lajawab D1 1.28%

D2 1.66%

D3 3.14%




- Cost Table

Cost W1D1

(In

Rupees)

W1D2

(In

Rupees)

W1D3

(In

Rupees)

W2D1

(In

Rupees)

W2D2

(In

Rupees)

W2D3

(In

Rupees)

W3D1

(In

Rupees)

W3D2

(In

Rupees)

W3D3

(In

Rupees)

Product

Aston 43.60391 43.66957 43.56573 43.2598 43.3262 43.2224 43.76585 43.83115 43.7273

Butter

Fly 41.45625 39.77775 39.6812 43.58125 41.79675 41.35 44.1125 42.3015 42.2052

Century 43.81345 42.85953 42.96313 43.58065 42.63318 42.73675 43.58065 42.63318 42.73675

Cox 67.778 67.878 68.824 68.8118 68.9118 69.8719 68.2949 68.3949 69.34795

Raghav 44.12786 43.97094 44.03023 45.292 45.126 45.19 45.79815 45.6282 45.69425

Ducati 75.249 70.7219 72.608 74.71494 70.22781 72.09648 76.41 71.796 73.72

PK 42.6975 43.53 43.38125 41.6869 42.5012 42.35375 42.1922 43.0156 42.8675

Gabbar 52.2655 52.6376 52.5155 53.85325 54.2174 54.10325 53.324 53.6908 53.574

Lajawab 45.10741 45.35508 46.0302 44.11486 44.35881 45.01943 45.14792 45.39574 46.07146

- Calculation of Cost

- For Combination W1D1 and for Product P1

W1D1 (In Rupees) = 38.34 + 4.8 + (1.21*38.34/100)

= Rs. 43.60391

- The cost for different products and weaver-dyeing combination can be calculated similarly.

Calculation of Profit/Payoffs with the help of Selling Price

W1D1

(In

Rupees

)

W1D2

(In

Ruppes

)

W1D3

(In

Rupees

)

W2D1

(In

Rupees

)

W2D2

(In

Rupees

)

W2D3

(In

Rupees

)

W3D1

(In

Rupees

)

W3D2

(In

Rupees

)

W3D3

(In

Rupees

)

Aston 7.39609 7.33043 7.43427 7.7402 7.6738 7.7776 7.23415 7.16885 7.2727

Butter

Fly 6.54375 8.22225 8.3188 4.41875 6.20325 6.65 3.8875 5.6985 5.7948

Century 7.18655 8.14047 8.03687 7.41935 8.36682 8.26325 7.41935 8.36682 8.26325

Cox 12.222 12.122 11.176 11.1882 11.0882 10.1281 11.7051 11.6051 10.6521

Raghav 8.87214 9.02906 8.96977 7.708 7.874 7.81 7.20185 7.3718 7.30575

Ducati 11.751 16.2781 14.392 12.2851 16.7722 14.9035 10.59 15.204 13.28

PK 7.3025 6.47 6.61875 8.3131 7.4988 7.64625 7.8078 6.9844 7.1325

Gabbar 9.7345 9.3624 9.4845 8.14675 7.7826 7.89675 8.676 8.3092 8.426

Lajawa

b 7.89259 7.64492 6.9698 8.88514 8.64119 7.98057 7.85208 7.60426 6.92854

For Aston product with W1D1 Combination




- Selling price – Cost price = 51 - 43.60391 = 7.39609

Similarly, payoffs of other product with their combinations will be calculated.

Regret Table

Regret = Difference between the best payoff and the payoff received.

For Product Aston with Combination W1D1, Regret will be

- 7.7776 - 7.39609 = 0.38151

Similarly, the regret of all the products along with its combinations will be calculated.

There are many approaches in decision theory, out of which we are only considering few of them, they are

1.) Maximax Approach

2.) Maximin Approach

3.) Minimax Regret Approach

4.) Hurwicz Approach

We also make use of Decision Tree Diagram

- First there will be a decision node, at this node we have to make a call on which product we

should focus (from P1 to P9)

- Then there is again a decision node in which weaver has to be selected (out of 3 weaver) for

each product and similarly again a decision node for dyer.

W1D1

(In

Rupees

)

W1D2

(In

Ruppes

)

W1D3

(In

Rupees

)

W2D1

(In

Rupees

)

W2D2

(In

Rupees

)

W2D3

(In

Rupees

)

W3D1

(In

Rupees

)

W3D2

(In

Rupees

)

W3D3

(In

Rupees

)

Aston 0.38151 0.44717 0.34333 0.0374 0.1038 0 0.54345 0.60875 0.5049

Butter

Fly 1.77505 0.09655 0 3.90005 2.11555 1.6688 4.4313 2.6203 2.524

Century 1.18027 0.22635 0.32995 0.94747 0 0.10357 0.94747 0 0.10357

Cox 0 0.1 1.046 1.0338 1.1338 2.0939 0.5169 0.6169 1.56995

Raghav 0.15692 0 0.05929 1.32106 1.15506 1.21906 1.82721 1.65726 1.72331

Ducati 5.02119 0.49409 2.38019 4.48713 0 1.86867 6.18219 1.56819 3.49219

PK 1.0106 1.8431 1.69435 0 0.8143 0.66685 0.5053 1.3287 1.1806

Gabbar 0 0.3721 0.25 1.58775 1.9519 1.83775 1.0585 1.4253 1.3085

Lajawa

b 0.99255 1.24022 1.91534 0 0.24395 0.90457 1.03306 1.28088 1.9566

Payoff Expected

Payoff




D1 (0.33)

W1 (0.33) D2 (0.33)

D3 (0.33)

D1 (0.33)

W2 (0.33) D2 (0.33)

D3 (0.33)

D1 (0.33)

W3 (0.33) D2 (0.33)

D3 (0.33)

This is the decision tree for Aston (P1) only. Similarly, we can draw the decision tree of other eight products

and calculate the expected payoff.

We will also find

- EMV (Expected Monetary Value)

Sum (Each Probability*It’s Corresponding Payoff)

- EPPI (Expected Payoff with Perfect Information)

Sum (Each Probability*It’s Maximum Payoff)

- EVPI (Expected Value of Perfect Information)

EPPI – Max. EMV

- EOL (Expected Opportunity Loss)

7.39609 0.820145

7.33043 0.812864

7.43427 0.824378

7.7402 0.858303

7.6738 0.850940

7.7776 0.862450

7.23415 0.802187

7.16885 0.794946

7.2727 0.806462




Sum (Each Probability*It’s Corresponding Regret)

Data Analysis

Product Maximum

Profit

Minimum

Profit

Maximum

Regret

Expected

Value

Aston (P1) 7.7776 7.16885 0.60875 7.625413

Butter Fly

(P2) 8.3188 3.8875 4.4313 7.210975

Century (P3) 8.36682 7.18655 1.18027 8.071753

Cox (P4) 12.222 10.1281 2.0939 11.69853

Raghav (P5) 9.02906 7.20185 1.82721 8.572258

Ducati (P6) 16.77219 10.59 6.18219 15.22664

PK (P7) 8.3131 6.47 1.8431 7.852325

Gabbar (P8) 9.7345 7.7826 1.9519 9.246525

Lajawab

(P9) 8.88514 6.92854 1.9566 8.39599

In the above table,

- The values in the column of Maximum Profit, Minimum Profit, Maximum Regret and

Expected Value for the respective products are calculated from the different combinations of

weaver and dyer.

Order of Preference of Products according to different approaches

1.) Maximax Approach

Rank Preferred

Product WD

Profit

Per

Meter

1 Ducati W2D2 16.7722

2 Cox W1D1 12.222

3 Gabbar W1D1 9.7345

4 Raghav W1D2 9.02906

5 Lajawab W2D1 8.88514

6 Century W2D2 8.36682

7

Butter

Fly W1D3 8.3188

8 PK W2D1 8.3131

9 Aston W2D3 7.7776




2.) Maximin Approach

Rank Prefered

Product WD

Profit

Per

Meter

1 Ducati W3D1 10.59

2 Cox W2D3 10.1281


4 Raghav W3D1 7.20185


6 Aston W3D2 7.16885


8 PK W1D2 6.47

9

Butter

Fly W3D1 3.8875

3.) Minimax Regret Approach

Rating Product WD Maximum

Regret

1 Aston W3D2 0.60875


3 Raghav W3D1 1.82721

4 PK W1D2 1.8431



7 Cox W2D3 2.0939

8 Butter

Fly W3D1 4.4313

9 Ducati W3D1 6.18219

4.) Hurwicz Approach

Ranking Product

Expected

Value

1 Ducati 15.22664

2 Cox 11.69853

3 Gabbar 9.246525

4 Raghav 8.572258

5 Lajawab 8.39599

6 Century 8.071753

7 PK 7.852325

8 Aston 7.625413




9

Butter

Fly 7.210975

According to Maximax, Maximin and Hurwicz Approach, the top three that should be preferred more are

Ducati, Cox and Gabbar.

Maximax Approach Maximin Approach Hurwicz Approach

Rank Product WD Profit

(In Rs.)

Rank Product WD Profit

(In Rs.)

Rank Product EV (In

Rs.)

1 Ducati W2D2 16.7722 1 Ducati

W3D1 10.59 1 Ducati

15.22664

2 Cox W1D1 12.222 2 Cox

W2D3 10.1281 2 Cox

11.69853

3 Gabbar W1D1 9.7345 3 Gabbar W2D2 7.7826 3

Gabbar 9.246525

Minimax Regret Approach Table indicates the Opportunity loss incurred by our decisions. So in our case the

opportunity loss incurred by Aston is minimum and so giving preference to Cox is a good idea according to

this approach.

For Decision Tree Diagram

- We notice that Ducati should be given more preference as the expected payoff is Rs. 1.85985

with the combination W2D2.

- The below indicates the preference order of products

Ranking Product Comb. Prob. Payoff

Expected

Payoff

1 DUCATI W2D2 0.110889 16.77219 1.859851377

2 COX W1D1 0.110889 12.222 1.355285358

3 GABBAR W1D1 0.110889 9.7345 1.079448971

4 RAGHAV W1D2 0.110889 9.02906 1.001223434

5 LAJAWAB W2D1 0.110889 8.88514 0.985264289

6 Century W2D2 0.110889 8.36682 0.927788303

7 Butter Fly W1D3 0.110889 8.3188 0.922463413

8 PK W2D1 0.110889 8.3131 0.921831346

9 Aston W2D3 0.110889 7.7776 0.862450286

For EMV, EPPI & EVPI

- After calculating the EMV of each product by using its formula, we notice that the product

Ducati has the highest EMV of Rs.13.912 whereas Butter Fly Product has the lowest EMV of

Rs. 6.1807.

- The below table shows the order of preference or products in relation to EMV




Rank Product

Expected

Monetary Value

(In Rs. Per meter)

1 Ducati 13.91167597

2 Cox 11.29811982

3 Gabbar 8.629237824

4 Raghav 7.999795267

5 Century 7.924430667

6 Lajawab 7.806484691

7 Aston 7.432677872

8 PK 7.293624175

9 Butter Fly 6.180686726

- The EPPI helps the decision maker to take the right decision to invest in product with highest

payoff at any state of combination. In this case, we would want to sell Ducati (W1D3) as it

gives highest payoff of Rs.14.392 per meter.

- EVPI denotes the maximum amount that should be spent on market research. In this case, the

value of EVPI is Rs.0.175881 which indicates that every meter the firm sells it can invest

Rs.0.175881 in R&D.

Conclusion

Approach

Decision

Aston Butter

Fly Century Cox Raghav Ducati

PK Gabbar Lajawab

Maximax 9 7 6 2 4 1 8 3 5

Maximin 6 9 5 2 4 1 8 3 7

Minimax

Regret 1 8 2 7 3 9 4 5 6

Huriwicz 8 9 6 2 4 1 7 3 5

- The above table summarizes the order of preference for all the 9 products using the 4

approaches.

- According to Maximax, Maximin and Huriwicz Approach, we can see that the top 3 products

are Ducati, Cox and Gabbar in all three approaches so our major preference should be on these

products.

- However, the results indicate something else in the Minimax Regret Table. According to this

approach, our top 3 preference should be Aston, Century and Raghav.

- With the help of above table, we get to know that different approaches are likely to recommend

different decision criteria. There is no best approach as such.

- Product Ducati, Cox and Gabbar also have the highest EMV.

- The Expected Payoff according to decision tree diagram also indicates that Ducati, Cox and

Gabbar are the most benefitial products.

- The amount which the company must use for market research is Rs. 0.175881 per meter.




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