Amount Received by Machine Shop given Profit Rate Calculator

✖Maximum Profit Rate is the efficiency rate of the product obtained in metal cutting.ⓘ Maximum Profit Rate [MPR]			+10% -10%
✖Average Production Time is the time taken to produce a single component out of a lot of produced batches.ⓘ Average Production Time [t_p]			+10% -10%
✖Production Cost of Each Component is the total amount that it takes to produce a single component from scratch.ⓘ Production Cost of Each Component [C_pr]			+10% -10%

✖Amount Received For Each Component is the amount of money the machine shop receives for machining each component.ⓘ Amount Received by Machine Shop given Profit Rate [S]

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Amount Received by Machine Shop given Profit Rate Solution

STEP 0: Pre-Calculation Summary

Formula Used

Amount Received For Each Component = (Maximum Profit Rate*Average Production Time)+Production Cost of Each Component
S = (MPR*t_p)+C_pr
This formula uses 4 Variables

Variables Used

Amount Received For Each Component - Amount Received For Each Component is the amount of money the machine shop receives for machining each component.
Maximum Profit Rate - Maximum Profit Rate is the efficiency rate of the product obtained in metal cutting.
Average Production Time - (Measured in Second) - Average Production Time is the time taken to produce a single component out of a lot of produced batches.
Production Cost of Each Component - Production Cost of Each Component is the total amount that it takes to produce a single component from scratch.

STEP 1: Convert Input(s) to Base Unit

Maximum Profit Rate: 8.25082 --> No Conversion Required
Average Production Time: 10.1 Minute --> 606 Second (Check conversion here)
Production Cost of Each Component: 15000 --> No Conversion Required

STEP 2: Evaluate Formula

Substituting Input Values in Formula

S = (MPR*t_p)+C_pr --> (8.25082*606)+15000

Evaluating ... ...

S = 19999.99692

STEP 3: Convert Result to Output's Unit

19999.99692 --> No Conversion Required

FINAL ANSWER

19999.99692 ≈ 20000 <-- Amount Received For Each Component

(Calculation completed in 00.004 seconds)

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Created by Kumar Siddhant

Indian Institute of Information Technology, Design and Manufacturing (IIITDM), Jabalpur

Kumar Siddhant has created this Calculator and 400+ more calculators!

Verified by Parul Keshav

National Institute of Technology (NIT), Srinagar

Parul Keshav has verified this Calculator and 400+ more calculators!

< Maximum Efficiency Calculators

Rate of Profit

LaTeX Go Maximum Profit Rate = (Amount Received For Each Component-Production Cost of Each Component)/Average Production Time

Amount Received by Machine Shop given Profit per Component

LaTeX Go Amount Received For Each Component = Profit Per Component+Production Cost of Each Component

Cost of Production given Profit per Component

LaTeX Go Production Cost of Each Component = Amount Received For Each Component-Profit Per Component

Profit per component produced

LaTeX Go Profit Per Component = Amount Received For Each Component-Production Cost of Each Component

Amount Received by Machine Shop given Profit Rate Formula

LaTeX Go

Amount Received For Each Component = (Maximum Profit Rate*Average Production Time)+Production Cost of Each Component
S = (MPR*t_p)+C_pr

Why do we need a Cost Estimation Method ?

We need to Estimate our machining cost because
1. To identify if a product is feasible or not, and modify it in an early design stage.
2. To define the product price.
3. To verily offers obtained from different suppliers
4. To identify the most economical process to manufacture the product.
5. To identify expenses and help in the minimization
6. To take strategical decisions: eliminate a product, subcontracting, discounts.

How to Calculate Amount Received by Machine Shop given Profit Rate?

Amount Received by Machine Shop given Profit Rate calculator uses Amount Received For Each Component = (Maximum Profit Rate*Average Production Time)+Production Cost of Each Component to calculate the Amount Received For Each Component, The Amount Received by Machine Shop given Profit Rate is a method to determine the amount to be paid to the machine shop when the profit per unit time has been fixed for them. Amount Received For Each Component is denoted by S symbol.

How to calculate Amount Received by Machine Shop given Profit Rate using this online calculator? To use this online calculator for Amount Received by Machine Shop given Profit Rate, enter Maximum Profit Rate (MPR), Average Production Time (t_p) & Production Cost of Each Component (C_pr) and hit the calculate button. Here is how the Amount Received by Machine Shop given Profit Rate calculation can be explained with given input values -> 17787.6 = (8.25082*606)+15000.

FAQ

What is Amount Received by Machine Shop given Profit Rate?

The Amount Received by Machine Shop given Profit Rate is a method to determine the amount to be paid to the machine shop when the profit per unit time has been fixed for them and is represented as S = (MPR*t_p)+C_pr or Amount Received For Each Component = (Maximum Profit Rate*Average Production Time)+Production Cost of Each Component. Maximum Profit Rate is the efficiency rate of the product obtained in metal cutting, Average Production Time is the time taken to produce a single component out of a lot of produced batches & Production Cost of Each Component is the total amount that it takes to produce a single component from scratch.

How to calculate Amount Received by Machine Shop given Profit Rate?

The Amount Received by Machine Shop given Profit Rate is a method to determine the amount to be paid to the machine shop when the profit per unit time has been fixed for them is calculated using Amount Received For Each Component = (Maximum Profit Rate*Average Production Time)+Production Cost of Each Component. To calculate Amount Received by Machine Shop given Profit Rate, you need Maximum Profit Rate (MPR), Average Production Time (t_p) & Production Cost of Each Component (C_pr). With our tool, you need to enter the respective value for Maximum Profit Rate, Average Production Time & Production Cost of Each Component and hit the calculate button. You can also select the units (if any) for Input(s) and the Output as well.

How many ways are there to calculate Amount Received For Each Component?

In this formula, Amount Received For Each Component uses Maximum Profit Rate, Average Production Time & Production Cost of Each Component. We can use 1 other way(s) to calculate the same, which is/are as follows -

Amount Received For Each Component = Profit Per Component+Production Cost of Each Component

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