Machining and Operating Rate given Average Production Cost of each Component Calculator

✖Production cost of each component involves accounting for various factors, including material costs, labor, machine operating costs, tool costs, overhead, and other related expenses.ⓘ Production Cost of Each Component [C_pr]			+10% -10%
✖The Number of Tools Used is the total number of tools used for manufacturing a batch of products.ⓘ Number of Tools Used [N_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.ⓘ Cost of a Tool [C_t]			+10% -10%
✖Batch size refers to the number of identical parts produced in a single production run or cycle.ⓘ Batch Size [N_b]			+10% -10%
✖Setup Time of each component is the time required to load/unload the workpiece and position the tool for production for one component.ⓘ Setup Time [t_s]			+10% -10%
✖Machining time refers to the total time required to complete a specific machining operation on a workpiece.ⓘ Machining Time [t_m]			+10% -10%
✖Tool changing time referred to as tool change time, is the duration required to remove a used tool and replace it with a new one.ⓘ Tool Changing Time [T]			+10% -10%

✖Machining and operating rate refers to the speed at which material is removed from a workpiece during a machining operation.ⓘ Machining and Operating Rate given Average Production Cost of each Component [M]

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Machining and Operating Rate given Average Production Cost of each Component Solution

STEP 0: Pre-Calculation Summary

Formula Used

Machining and Operating Rate = (Production Cost of Each Component-(Number of Tools Used*Cost of a Tool/Batch Size))/(Setup Time+Machining Time+(Number of Tools Used*Tool Changing Time/Batch Size))
M = (C_pr-(N_t*C_t/N_b))/(t_s+t_m+(N_t*T/N_b))
This formula uses 8 Variables

Variables Used

Machining and Operating Rate - Machining and operating rate refers to the speed at which material is removed from a workpiece during a machining operation.
Production Cost of Each Component - Production cost of each component involves accounting for various factors, including material costs, labor, machine operating costs, tool costs, overhead, and other related expenses.
Number of Tools Used - The Number of Tools Used is the total number of tools used for manufacturing a batch of products.
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.
Batch Size - Batch size refers to the number of identical parts produced in a single production run or cycle.
Setup Time - (Measured in Second) - Setup Time of each component is the time required to load/unload the workpiece and position the tool for production for one component.
Machining Time - (Measured in Second) - Machining time refers to the total time required to complete a specific machining operation on a workpiece.
Tool Changing Time - (Measured in Second) - Tool changing time referred to as tool change time, is the duration required to remove a used tool and replace it with a new one.

STEP 1: Convert Input(s) to Base Unit

Production Cost of Each Component: 11400 --> No Conversion Required
Number of Tools Used: 3 --> No Conversion Required
Cost of a Tool: 80 --> No Conversion Required
Batch Size: 2 --> No Conversion Required
Setup Time: 0.45 Minute --> 27 Second (Check conversion here)
Machining Time: 1.15 Minute --> 69 Second (Check conversion here)
Tool Changing Time: 0.2 Minute --> 12 Second (Check conversion here)

STEP 2: Evaluate Formula

Substituting Input Values in Formula

M = (C_pr-(N_t*C_t/N_b))/(t_s+t_m+(N_t*T/N_b)) --> (11400-(3*80/2))/(27+69+(3*12/2))

Evaluating ... ...

M = 98.9473684210526

STEP 3: Convert Result to Output's Unit

98.9473684210526 --> No Conversion Required

FINAL ANSWER

98.9473684210526 ≈ 98.94737 <-- Machining and Operating Rate

(Calculation completed in 00.020 seconds)

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Created by Kumar Siddhant

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

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Verified by Parul Keshav

National Institute of Technology (NIT), Srinagar

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< Average Production Cost Calculators

Total Non-Productive Time using Average Production Cost

LaTeX Go Non Productive Time = (Batch Size*(Production Cost of Each Component-Cost of a Tool*Machining Time)-(Cost of a Tool*Number of Tools Used*Time to Change One Tool)-(Number of Tools Used*Cost of a Tool))/Cost of a Tool

Setup Time for Each Product given Average Production Cost

LaTeX Go Setup Time = (Production Cost of Each Component-Cost of a Tool*Machining Time-(Number of Tools Used/Batch Size)*(Cost of a Tool*Time to Change One Tool+Cost of a Tool))/Cost of a Tool

Number of Tools used given Average Production Cost

LaTeX Go Number of Tools Used = Batch Size*(Production Cost of Each Component-Cost of a Tool*(Setup Time+Machining Time))/(Cost of a Tool*Time to Change One Tool+Cost of a Tool)

Number of Tools used given Average Production Time

LaTeX Go Number of Tools Used = Batch Size*(Average Production Time-(Setup Time+Machining Time))/Time to Change One Tool

Machining and Operating Rate given Average Production Cost of each Component Formula

LaTeX Go

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 given Average Production Cost of each Component?

Machining and Operating Rate given Average Production Cost of each Component calculator uses Machining and Operating Rate = (Production Cost of Each Component-(Number of Tools Used*Cost of a Tool/Batch Size))/(Setup Time+Machining Time+(Number of Tools Used*Tool Changing Time/Batch Size)) to calculate the Machining and Operating Rate, The Machining and Operating Rate given Average Production Cost of each Component is a method to determine the maximum expense rate that can be afforded on machines and operators when based on the expense it took to manufacture a single component. Machining and Operating Rate is denoted by M symbol.

How to calculate Machining and Operating Rate given Average Production Cost of each Component using this online calculator? To use this online calculator for Machining and Operating Rate given Average Production Cost of each Component, enter Production Cost of Each Component (C_pr), Number of Tools Used (N_t), Cost of a Tool (C_t), Batch Size (N_b), Setup Time (t_s), Machining Time (t_m) & Tool Changing Time (T) and hit the calculate button. Here is how the Machining and Operating Rate given Average Production Cost of each Component calculation can be explained with given input values -> 98.94737 = (11400-(3*80/2))/(27+69+(3*12/2)).

FAQ

What is Machining and Operating Rate given Average Production Cost of each Component?

The Machining and Operating Rate given Average Production Cost of each Component is a method to determine the maximum expense rate that can be afforded on machines and operators when based on the expense it took to manufacture a single component and is represented as M = (C_pr-(N_t*C_t/N_b))/(t_s+t_m+(N_t*T/N_b)) or Machining and Operating Rate = (Production Cost of Each Component-(Number of Tools Used*Cost of a Tool/Batch Size))/(Setup Time+Machining Time+(Number of Tools Used*Tool Changing Time/Batch Size)). Production cost of each component involves accounting for various factors, including material costs, labor, machine operating costs, tool costs, overhead, and other related expenses, The Number of Tools Used is the total number of tools used for manufacturing a batch of products, 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, Batch size refers to the number of identical parts produced in a single production run or cycle, Setup Time of each component is the time required to load/unload the workpiece and position the tool for production for one component, Machining time refers to the total time required to complete a specific machining operation on a workpiece & Tool changing time referred to as tool change time, is the duration required to remove a used tool and replace it with a new one.

How to calculate Machining and Operating Rate given Average Production Cost of each Component?

The Machining and Operating Rate given Average Production Cost of each Component is a method to determine the maximum expense rate that can be afforded on machines and operators when based on the expense it took to manufacture a single component is calculated using Machining and Operating Rate = (Production Cost of Each Component-(Number of Tools Used*Cost of a Tool/Batch Size))/(Setup Time+Machining Time+(Number of Tools Used*Tool Changing Time/Batch Size)). To calculate Machining and Operating Rate given Average Production Cost of each Component, you need Production Cost of Each Component (C_pr), Number of Tools Used (N_t), Cost of a Tool (C_t), Batch Size (N_b), Setup Time (t_s), Machining Time (t_m) & Tool Changing Time (T). With our tool, you need to enter the respective value for Production Cost of Each Component, Number of Tools Used, Cost of a Tool, Batch Size, Setup Time, Machining Time & Tool Changing 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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