The document discusses Standard Minute Value (SMV) which is a time measurement used in the garment industry. SMV is calculated by industrial engineers and represents the time taken to make a garment using proper machinery. It is calculated by observing workers, determining a basic time, and adding an allowance percentage. SMV is important for costing, setting production targets, and evaluating worker efficiency. The document provides a formula and example calculation for determining the SMV of a particular garment style.