Machining and Operating Rate using Individual Cost Calculator

✖Total Production Cost involves summing up various cost components associated with the machining process.ⓘ Total Production Cost [C_p]			+10% -10%
✖Total Non Productive Cost is the amount spent on activities that do not result in any productivity or profit to the plant during the manufacturing of a batch of components.ⓘ Total Non Productive Cost [C_np]			+10% -10%
✖Total Tool Changing Cost involves accounting for both the direct and indirect expenses related to the tool change process.ⓘ Total Tool Changing Cost [C_t]			+10% -10%
✖Total cost of tools used refers to the comprehensive expense incurred for all tools required throughout the production process.ⓘ Total Cost of Tools Used [c]			+10% -10%
✖Batch size refers to the number of identical parts produced in a single production run or cycle.ⓘ Batch Size [B]			+10% -10%
✖Machining time refers to the total time required to complete a specific machining operation on a workpiece.ⓘ Machining Time [T]			+10% -10%

✖Cost of a tool is a multifaceted consideration that includes the initial purchase price, maintenance costs, tool life, and the impact on overall production costs.ⓘ Machining and Operating Rate using Individual Cost [C]

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Formula

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Machining and Operating Rate using Individual Cost

Formula

C = \frac{C p - (C np + C t + c)}{B \cdot T}

Example

43.47826 = \frac{30000 - (10 + 75 + 29815)}{2 \cdot 1.15 s}

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Machining and Operating Rate using Individual Cost Solution

STEP 0: Pre-Calculation Summary

Formula Used

Cost of a Tool = (Total Production Cost-(Total Non Productive Cost+Total Tool Changing Cost+Total Cost of Tools Used))/(Batch Size*Machining Time)
C = (C_p-(C_np+C_t+c))/(B*T)
This formula uses 7 Variables

Variables Used

Cost of a Tool - Cost of a tool is a multifaceted consideration that includes the initial purchase price, maintenance costs, tool life, and the impact on overall production costs.
Total Production Cost - Total Production Cost involves summing up various cost components associated with the machining process.
Total Non Productive Cost - Total Non Productive Cost is the amount spent on activities that do not result in any productivity or profit to the plant during the manufacturing of a batch of components.
Total Tool Changing Cost - Total Tool Changing Cost involves accounting for both the direct and indirect expenses related to the tool change process.
Total Cost of Tools Used - Total cost of tools used refers to the comprehensive expense incurred for all tools required throughout the production process.
Batch Size - Batch size refers to the number of identical parts produced in a single production run or cycle.
Machining Time - (Measured in Second) - Machining time refers to the total time required to complete a specific machining operation on a workpiece.

STEP 1: Convert Input(s) to Base Unit

Total Production Cost: 30000 --> No Conversion Required
Total Non Productive Cost: 10 --> No Conversion Required
Total Tool Changing Cost: 75 --> No Conversion Required
Total Cost of Tools Used: 29815 --> No Conversion Required
Batch Size: 2 --> No Conversion Required
Machining Time: 1.15 Second --> 1.15 Second No Conversion Required

STEP 2: Evaluate Formula

Substituting Input Values in Formula

C = (C_p-(C_np+C_t+c))/(B*T) --> (30000-(10+75+29815))/(2*1.15)

Evaluating ... ...

C = 43.4782608695652

STEP 3: Convert Result to Output's Unit

43.4782608695652 --> No Conversion Required

FINAL ANSWER

43.4782608695652 ≈ 43.47826 <-- Cost of a Tool

(Calculation completed in 00.004 seconds)

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Home » Engineering » Production Engineering » Metal Machining » Metal Machining Economics » Production Cost » Individual Cost » Machining and Operating Rate using Individual Cost

Credits

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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< Individual Cost Calculators

Setup Time for Each Product given Individual Costs

Go Setup Time = (Total Production Cost-(Total Machining and Operating Cost+Total Tool Changing Cost+Total Cost of Tools Used))/(Cost of a Tool*Batch Size)

Non-Productive Cost of One Component given Individual Costs

Go Non Average Production Cost = (Total Production Cost-(Total Machining and Operating Cost+Total Tool Changing Cost+Total Cost of Tools Used))/Batch Size

Total Non-Productive Cost given Individual Costs

Go Total Non Productive Cost = Total Production Cost-(Total Machining and Operating Cost+Total Tool Changing Cost+Total Cost of Tools Used)

Total Production Cost given Individual Costs

Go Total Production Cost = Total Non Productive Cost+Total Machining and Operating Cost+Total Tool Changing Cost+Total Cost of Tools Used

Machining and Operating Rate using Individual Cost Formula

Cost of a Tool = (Total Production Cost-(Total Non Productive Cost+Total Tool Changing Cost+Total Cost of Tools Used))/(Batch Size*Machining Time)
C = (C_p-(C_np+C_t+c))/(B*T)

Significance of Machining and Operating Costs

The Machining and Operating Cost basically helps in determining the count of components that can be manufactured in the given resources. If this calculated cost is lower than the actual cost based on machining time, it means that the production planning has failed, as the total number of the components that are to be produced becomes lower than the starting batch size.

How to Calculate Machining and Operating Rate using Individual Cost?

Machining and Operating Rate using Individual Cost calculator uses Cost of a Tool = (Total Production Cost-(Total Non Productive Cost+Total Tool Changing Cost+Total Cost of Tools Used))/(Batch Size*Machining Time) to calculate the Cost of a Tool, Machining and Operating Rate using Individual Cost is a method to determine the maximum expense rate that can be afforded on machines and operators when based on the expenses it took for different activities in order to manufacture a complete batch of components. Cost of a Tool is denoted by C symbol.

How to calculate Machining and Operating Rate using Individual Cost using this online calculator? To use this online calculator for Machining and Operating Rate using Individual Cost, enter Total Production Cost (C_p), Total Non Productive Cost (C_np), Total Tool Changing Cost (C_t), Total Cost of Tools Used (c), Batch Size (B) & Machining Time (T) and hit the calculate button. Here is how the Machining and Operating Rate using Individual Cost calculation can be explained with given input values -> 43.47826 = (30000-(10+75+29815))/(2*1.15).

FAQ

What is Machining and Operating Rate using Individual Cost?

Machining and Operating Rate using Individual Cost is a method to determine the maximum expense rate that can be afforded on machines and operators when based on the expenses it took for different activities in order to manufacture a complete batch of components and is represented as C = (C_p-(C_np+C_t+c))/(B*T) or Cost of a Tool = (Total Production Cost-(Total Non Productive Cost+Total Tool Changing Cost+Total Cost of Tools Used))/(Batch Size*Machining Time). Total Production Cost involves summing up various cost components associated with the machining process, Total Non Productive Cost is the amount spent on activities that do not result in any productivity or profit to the plant during the manufacturing of a batch of components, Total Tool Changing Cost involves accounting for both the direct and indirect expenses related to the tool change process, Total cost of tools used refers to the comprehensive expense incurred for all tools required throughout the production process, Batch size refers to the number of identical parts produced in a single production run or cycle & Machining time refers to the total time required to complete a specific machining operation on a workpiece.

How to calculate Machining and Operating Rate using Individual Cost?

Machining and Operating Rate using Individual Cost is a method to determine the maximum expense rate that can be afforded on machines and operators when based on the expenses it took for different activities in order to manufacture a complete batch of components is calculated using Cost of a Tool = (Total Production Cost-(Total Non Productive Cost+Total Tool Changing Cost+Total Cost of Tools Used))/(Batch Size*Machining Time). To calculate Machining and Operating Rate using Individual Cost, you need Total Production Cost (C_p), Total Non Productive Cost (C_np), Total Tool Changing Cost (C_t), Total Cost of Tools Used (c), Batch Size (B) & Machining Time (T). With our tool, you need to enter the respective value for Total Production Cost, Total Non Productive Cost, Total Tool Changing Cost, Total Cost of Tools Used, Batch Size & Machining Time 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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