Cost of One Tool for Minimum Production Cost given Tool Changing Cost Calculator

✖Machining And Operating Rate is the money charged for processing on and operating machines per unit time, including overheads for minimum production cost.ⓘ Machining And Operating Rate [M]			+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%
✖Taylor's Tool Life Exponent is an experimental exponent that helps in quantifying the rate of Tool Wear.ⓘ Taylor's Tool Life Exponent [n]			+10% -10%

✖Cost of A Tool is simply the cost of one tool being used for machining.ⓘ Cost of One Tool for Minimum Production Cost given Tool Changing Cost [C_t]

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Cost of One Tool for Minimum Production Cost given Tool Changing Cost Solution

STEP 0: Pre-Calculation Summary

Formula Used

Cost of A Tool = Machining And Operating Rate*Time to Change One Tool*((2*Taylor's Tool Life Exponent-1)/(1-Taylor's Tool Life Exponent))
C_t = M*t_c*((2*n-1)/(1-n))
This formula uses 4 Variables

Variables Used

Cost of A Tool - Cost of A Tool is simply the cost of one tool being used for machining.
Machining And Operating Rate - Machining And Operating Rate is the money charged for processing on and operating machines per unit time, including overheads for minimum production cost.
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.
Taylor's Tool Life Exponent - Taylor's Tool Life Exponent is an experimental exponent that helps in quantifying the rate of Tool Wear.

STEP 1: Convert Input(s) to Base Unit

Machining And Operating Rate: 5 --> No Conversion Required
Time to Change One Tool: 0.9 Minute --> 54 Second (Check conversion here)
Taylor's Tool Life Exponent: 0.540818 --> No Conversion Required

STEP 2: Evaluate Formula

Substituting Input Values in Formula

C_t = M*t_c*((2*n-1)/(1-n)) --> 5*54*((2*0.540818-1)/(1-0.540818))

Evaluating ... ...

C_t = 48.0021429411432

STEP 3: Convert Result to Output's Unit

48.0021429411432 --> No Conversion Required

FINAL ANSWER

48.0021429411432 ≈ 48.00214 <-- 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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< Minimum Production Cost Calculators

Machining and Operating Rate using Minimum Production Cost

LaTeX Go Machining And Operating Rate = (Cost of A Tool/((Reference Tool Life*(Taylor's Tool Life Exponent For Hard Material/(Taylor's Tool Life Exponent For Hard Material-1))*(Reference Cutting Velocity/Cutting Velocity)^(1/Taylor's Tool Life Exponent For Hard Material))-Time to Change One Tool))

Reference Cutting Velocity given Cutting Velocity

LaTeX Go Reference Cutting Velocity = Cutting Velocity/(((Taylor's Tool Life Exponent*Cost of A Tool*Reference Tool Life)/((1-Taylor's Tool Life Exponent)*(Cost of A Tool*Time to Change One Tool+Cost of A Tool)))^Taylor's Tool Life Exponent)

Reference Tool Life given Cutting Velocity

LaTeX Go Reference Tool Life = (Cutting Velocity/Reference Cutting Velocity)^(1/Taylor's Tool Life Exponent)*(1-Taylor's Tool Life Exponent)*(Cost of A Tool*Time to Change One Tool+Cost of A Tool)/(Taylor's Tool Life Exponent*Cost of A Tool)

Cutting Velocity for Minimum Production Cost

LaTeX Go Cutting Velocity = Reference Cutting Velocity*((Taylor's Tool Life Exponent*Cost of A Tool*Reference Tool Life)/((1-Taylor's Tool Life Exponent)*(Cost of A Tool*Time to Change One Tool+Cost of A Tool)))^Taylor's Tool Life Exponent

Cost of One Tool for Minimum Production Cost given Tool Changing Cost Formula

LaTeX Go

Cost of A Tool = Machining And Operating Rate*Time to Change One Tool*((2*Taylor's Tool Life Exponent-1)/(1-Taylor's Tool Life Exponent))
C_t = M*t_c*((2*n-1)/(1-n))

Significance of Cost of Tools Used

The Cost of Tools Used helps us in determining the maximum number of times a tool 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 minimize the Total Cost of Production.

How to Calculate Cost of One Tool for Minimum Production Cost given Tool Changing Cost?

Cost of One Tool for Minimum Production Cost given Tool Changing Cost calculator uses Cost of A Tool = Machining And Operating Rate*Time to Change One Tool*((2*Taylor's Tool Life Exponent-1)/(1-Taylor's Tool Life Exponent)) to calculate the Cost of A Tool, The Cost of One Tool for Minimum Production Cost given Tool Changing Cost is a method to determine the maximum amount available to be spent on renewing the Machining Tool, such that the Total Production Cost is Minimum in reference to the Tool Life of the Tool. Cost of A Tool is denoted by C_t symbol.

How to calculate Cost of One Tool for Minimum Production Cost given Tool Changing Cost using this online calculator? To use this online calculator for Cost of One Tool for Minimum Production Cost given Tool Changing Cost, enter Machining And Operating Rate (M), Time to Change One Tool (t_c) & Taylor's Tool Life Exponent (n) and hit the calculate button. Here is how the Cost of One Tool for Minimum Production Cost given Tool Changing Cost calculation can be explained with given input values -> 4.800214 = 5*54*((2*0.540818-1)/(1-0.540818)).

FAQ

What is Cost of One Tool for Minimum Production Cost given Tool Changing Cost?

The Cost of One Tool for Minimum Production Cost given Tool Changing Cost is a method to determine the maximum amount available to be spent on renewing the Machining Tool, such that the Total Production Cost is Minimum in reference to the Tool Life of the Tool and is represented as C_t = M*t_c*((2*n-1)/(1-n)) or Cost of A Tool = Machining And Operating Rate*Time to Change One Tool*((2*Taylor's Tool Life Exponent-1)/(1-Taylor's Tool Life Exponent)). Machining And Operating Rate is the money charged for processing on and operating machines per unit time, including overheads for minimum production cost, Time to Change One Tool is the measure of time it takes to change one tool during machining & Taylor's Tool Life Exponent is an experimental exponent that helps in quantifying the rate of Tool Wear.

How to calculate Cost of One Tool for Minimum Production Cost given Tool Changing Cost?

The Cost of One Tool for Minimum Production Cost given Tool Changing Cost is a method to determine the maximum amount available to be spent on renewing the Machining Tool, such that the Total Production Cost is Minimum in reference to the Tool Life of the Tool is calculated using Cost of A Tool = Machining And Operating Rate*Time to Change One Tool*((2*Taylor's Tool Life Exponent-1)/(1-Taylor's Tool Life Exponent)). To calculate Cost of One Tool for Minimum Production Cost given Tool Changing Cost, you need Machining And Operating Rate (M), Time to Change One Tool (t_c) & Taylor's Tool Life Exponent (n). With our tool, you need to enter the respective value for Machining And Operating Rate, Time to Change One Tool & Taylor's Tool Life Exponent 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 Cost of A Tool?

In this formula, Cost of A Tool uses Machining And Operating Rate, Time to Change One Tool & Taylor's Tool Life Exponent. We can use 3 other way(s) to calculate the same, which is/are as follows -

Cost of A Tool = Machining And Operating Rate*((Reference Tool Life*(Taylor's Tool Life Exponent For Hard Material/(Taylor's Tool Life Exponent For Hard Material-1))*(Reference Cutting Velocity/Cutting Velocity)^(1/Taylor's Tool Life Exponent For Hard Material))-Time to Change One Tool)
Cost of A Tool = Machining And Operating Rate*Time to Change One Tool*((2*Taylor's Tool Life Exponent-1)/(1-Taylor's Tool Life Exponent))
Cost of A Tool = Machining And Operating Rate*((Reference Tool Life*(Taylor's Tool Life Exponent/(1-Taylor's Tool Life Exponent))*((Reference Cutting Velocity/Cutting Velocity)^(1/Taylor's Tool Life Exponent)))-Time to Change One Tool)

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