Cost of each Tool given Production Cost per Component Calculator

✖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_p]			+10% -10%
✖Machining And Operating Rate is the money charged for processing on and operating machines per unit time, including overheads.ⓘ Machining And Operating Rate [M]			+10% -10%
✖Non-Productive Time is the total time wasted in setting up the machine or workpiece for a particular process.ⓘ Non-Productive Time [NPT]			+10% -10%
✖Constant For Machining Condition can be regarded as the distance moved by the tool corner relative to the workpiece during a particular machining condition. It is usually measured in Metre.ⓘ Constant For Machining Condition [K]			+10% -10%
✖The Cutting Velocity is the tangential velocity at the periphery of the cutter or workpiece (whichever is rotating).ⓘ Cutting Velocity [V]			+10% -10%
✖Reference Tool Life is the tool life of the tool obtained in the reference machining condition.ⓘ Reference Tool Life [L_ref]			+10% -10%
✖Reference Cutting Velocity is the cutting velocity of the tool used in the reference machining condition.ⓘ Reference Cutting Velocity [V_ref]			+10% -10%
✖Taylors Tool Life Exponent is an experimental exponent that helps in quantifying the rate of tool wear.ⓘ Taylors Tool Life Exponent [n]			+10% -10%
✖Time to Change One Tool is the measure of time it takes to change one tool during machining.ⓘ Time to Change One Tool [t_c]			+10% -10%

✖The Cost of A Tool is simply the cost of one tool being used for machining.ⓘ Cost of each Tool given Production Cost per Component [C_t]

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Cost of each Tool given Production Cost per Component Solution

STEP 0: Pre-Calculation Summary

Formula Used

Cost of A Tool = ((Production Cost of Each Component-Machining And Operating Rate*(Non-Productive Time+Constant For Machining Condition/Cutting Velocity))/((Constant For Machining Condition/(Reference Tool Life*Reference Cutting Velocity^(1/Taylors Tool Life Exponent)))*(Cutting Velocity^((1-Taylors Tool Life Exponent)/Taylors Tool Life Exponent))))-(Time to Change One Tool*Machining And Operating Rate)
C_t = ((C_p-M*(NPT+K/V))/((K/(L_ref*V_ref^(1/n)))*(V^((1-n)/n))))-(t_c*M)
This formula uses 10 Variables

Variables Used

Cost of A Tool - The Cost of A Tool is simply the cost of one tool being used for machining.
Production Cost of Each Component - Production Cost of Each Component is the total amount that it takes to produce a single component from scratch.
Machining And Operating Rate - Machining And Operating Rate is the money charged for processing on and operating machines per unit time, including overheads.
Non-Productive Time - (Measured in Second) - Non-Productive Time is the total time wasted in setting up the machine or workpiece for a particular process.
Constant For Machining Condition - (Measured in Meter) - Constant For Machining Condition can be regarded as the distance moved by the tool corner relative to the workpiece during a particular machining condition. It is usually measured in Metre.
Cutting Velocity - (Measured in Meter per Second) - The Cutting Velocity is the tangential velocity at the periphery of the cutter or workpiece (whichever is rotating).
Reference Tool Life - (Measured in Second) - Reference Tool Life is the tool life of the tool obtained in the reference machining condition.
Reference Cutting Velocity - (Measured in Meter per Second) - Reference Cutting Velocity is the cutting velocity of the tool used in the reference machining condition.
Taylors Tool Life Exponent - Taylors Tool Life Exponent is an experimental exponent that helps in quantifying the rate of tool wear.
Time to Change One Tool - (Measured in Second) - Time to Change One Tool is the measure of time it takes to change one tool during machining.

STEP 1: Convert Input(s) to Base Unit

Production Cost of Each Component: 5.655323 --> No Conversion Required
Machining And Operating Rate: 0.00283 --> No Conversion Required
Non-Productive Time: 20 Minute --> 1200 Second (Check conversion here)
Constant For Machining Condition: 203.0681 Meter --> 203.0681 Meter No Conversion Required
Cutting Velocity: 0.28 Meter per Second --> 0.28 Meter per Second No Conversion Required
Reference Tool Life: 2 Minute --> 120 Second (Check conversion here)
Reference Cutting Velocity: 0.76 Meter per Second --> 0.76 Meter per Second No Conversion Required
Taylors Tool Life Exponent: 0.125 --> No Conversion Required
Time to Change One Tool: 5 Minute --> 300 Second (Check conversion here)

STEP 2: Evaluate Formula

Substituting Input Values in Formula

C_t = ((C_p-M*(NPT+K/V))/((K/(L_ref*V_ref^(1/n)))*(V^((1-n)/n))))-(t_c*M) --> ((5.655323-0.00283*(1200+203.0681/0.28))/((203.0681/(120*0.76^(1/0.125)))*(0.28^((1-0.125)/0.125))))-(300*0.00283)

Evaluating ... ...

C_t = 99.9997317408708

STEP 3: Convert Result to Output's Unit

99.9997317408708 --> No Conversion Required

FINAL ANSWER

99.9997317408708 ≈ 99.99973 <-- Cost of A Tool

(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

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< Production Cost per Component Calculators

Machining and Operating Rate given Production Cost per Component

LaTeX Go Machining And Operating Rate = (Production Cost of Each Component-((Constant For Machining Condition/(Reference Tool Life*Reference Cutting Velocity^(1/Taylors Tool Life Exponent)))*(Cost of A Tool)*(Cutting Velocity^((1-Taylors Tool Life Exponent)/Taylors Tool Life Exponent))))/(Non-Productive Time+Constant For Machining Condition/Cutting Velocity+(Constant For Machining Condition/(Reference Tool Life*Reference Cutting Velocity^(1/Taylors Tool Life Exponent)))*Time to Change One Tool*(Cutting Velocity^((1-Taylors Tool Life Exponent)/Taylors Tool Life Exponent)))

Production Cost per Component in Constant-Cutting-Speed, Rough-Machining Operation

LaTeX Go Production Cost of Each Component = Machining And Operating Rate*(Non-Productive Time+Constant For Machining Condition/Cutting Velocity)+(Constant For Machining Condition/(Reference Tool Life*Reference Cutting Velocity^(1/Taylors Tool Life Exponent)))*(Machining And Operating Rate*Time to Change One Tool+Cost of A Tool)*(Cutting Velocity^((1-Taylors Tool Life Exponent)/Taylors Tool Life Exponent))

Nonproductive Time given Production Cost per Component

LaTeX Go Setup Time = (Production Cost of Each Component-((Machining And Operating Rate*Constant For Machining Condition/Cutting Velocity)+(Constant For Machining Condition*((Cutting Velocity/Reference Cutting Velocity)^(1/Taylors Tool Life Exponent))*(Machining And Operating Rate*Time to Change One Tool+Cost of A Tool)/(Reference Tool Life*Cutting Velocity))))/Machining And Operating Rate

Production Cost per Component for Constant-Speed-Rough-Machining given Tool Changing Cost

LaTeX Go Production Cost of Each Component = Machining And Operating Rate*(Non-Productive Time+Constant For Machining Condition/Cutting Velocity)+(Constant For Machining Condition/(Reference Tool Life*Reference Cutting Velocity^(1/Taylors Tool Life Exponent)))*(Cost of Changing Each Tool+Cost of A Tool)*(Cutting Velocity^((1-Taylors Tool Life Exponent)/Taylors Tool Life Exponent))

Cost of each Tool given Production Cost per Component Formula

LaTeX Go

Significance of Total Cost of Tools Used

The Total Cost of Tools Used helps us in determining the maximum amount of tool that can be renewed during the production of a given batch of products. This renewing might include buying or resharpening the tool. Thus if the number of Tools to be used gets bounded, the machining operation would have to be optimized in order to give sufficient tool life to survive against the boundation.

How to Calculate Cost of each Tool given Production Cost per Component?

Cost of each Tool given Production Cost per Component calculator uses Cost of A Tool = ((Production Cost of Each Component-Machining And Operating Rate*(Non-Productive Time+Constant For Machining Condition/Cutting Velocity))/((Constant For Machining Condition/(Reference Tool Life*Reference Cutting Velocity^(1/Taylors Tool Life Exponent)))*(Cutting Velocity^((1-Taylors Tool Life Exponent)/Taylors Tool Life Exponent))))-(Time to Change One Tool*Machining And Operating Rate) to calculate the Cost of A Tool, The Cost of each Tool given Production Cost per Component is a method to determine the total amount available to be spent on renewing the Machining Tool for the production of a single component in terms of the cost of production. Cost of A Tool is denoted by C_t symbol.

How to calculate Cost of each Tool given Production Cost per Component using this online calculator? To use this online calculator for Cost of each Tool given Production Cost per Component, enter Production Cost of Each Component (C_p), Machining And Operating Rate (M), Non-Productive Time (NPT), Constant For Machining Condition (K), Cutting Velocity (V), Reference Tool Life (L_ref), Reference Cutting Velocity (V_ref), Taylors Tool Life Exponent (n) & Time to Change One Tool (t_c) and hit the calculate button. Here is how the Cost of each Tool given Production Cost per Component calculation can be explained with given input values -> 99.99973 = ((5.655323-0.00283*(1200+203.0681/0.28))/((203.0681/(120*0.76^(1/0.125)))*(0.28^((1-0.125)/0.125))))-(300*0.00283).

FAQ

What is Cost of each Tool given Production Cost per Component?

The Cost of each Tool given Production Cost per Component is a method to determine the total amount available to be spent on renewing the Machining Tool for the production of a single component in terms of the cost of production and is represented as C_t = ((C_p-M*(NPT+K/V))/((K/(L_ref*V_ref^(1/n)))*(V^((1-n)/n))))-(t_c*M) or Cost of A Tool = ((Production Cost of Each Component-Machining And Operating Rate*(Non-Productive Time+Constant For Machining Condition/Cutting Velocity))/((Constant For Machining Condition/(Reference Tool Life*Reference Cutting Velocity^(1/Taylors Tool Life Exponent)))*(Cutting Velocity^((1-Taylors Tool Life Exponent)/Taylors Tool Life Exponent))))-(Time to Change One Tool*Machining And Operating Rate). Production Cost of Each Component is the total amount that it takes to produce a single component from scratch, Machining And Operating Rate is the money charged for processing on and operating machines per unit time, including overheads, Non-Productive Time is the total time wasted in setting up the machine or workpiece for a particular process, Constant For Machining Condition can be regarded as the distance moved by the tool corner relative to the workpiece during a particular machining condition. It is usually measured in Metre, The Cutting Velocity is the tangential velocity at the periphery of the cutter or workpiece (whichever is rotating), Reference Tool Life is the tool life of the tool obtained in the reference machining condition, Reference Cutting Velocity is the cutting velocity of the tool used in the reference machining condition, Taylors Tool Life Exponent is an experimental exponent that helps in quantifying the rate of tool wear & Time to Change One Tool is the measure of time it takes to change one tool during machining.

How to calculate Cost of each Tool given Production Cost per Component?

The Cost of each Tool given Production Cost per Component is a method to determine the total amount available to be spent on renewing the Machining Tool for the production of a single component in terms of the cost of production is calculated using Cost of A Tool = ((Production Cost of Each Component-Machining And Operating Rate*(Non-Productive Time+Constant For Machining Condition/Cutting Velocity))/((Constant For Machining Condition/(Reference Tool Life*Reference Cutting Velocity^(1/Taylors Tool Life Exponent)))*(Cutting Velocity^((1-Taylors Tool Life Exponent)/Taylors Tool Life Exponent))))-(Time to Change One Tool*Machining And Operating Rate). To calculate Cost of each Tool given Production Cost per Component, you need Production Cost of Each Component (C_p), Machining And Operating Rate (M), Non-Productive Time (NPT), Constant For Machining Condition (K), Cutting Velocity (V), Reference Tool Life (L_ref), Reference Cutting Velocity (V_ref), Taylors Tool Life Exponent (n) & Time to Change One Tool (t_c). With our tool, you need to enter the respective value for Production Cost of Each Component, Machining And Operating Rate, Non-Productive Time, Constant For Machining Condition, Cutting Velocity, Reference Tool Life, Reference Cutting Velocity, Taylors Tool Life Exponent & Time to Change One Tool and hit the calculate button. You can also select the units (if any) for Input(s) and the Output as well.

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