Machining Time for Each Product given Average Production Cost 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%
✖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%
✖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%
✖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%
✖Batch size refers to the number of identical parts produced in a single production run or cycle.ⓘ Batch Size [N_b]			+10% -10%
✖Time to change one tool often referred to as tool change time, includes the duration taken to remove the used tool and install a new one.ⓘ Time to Change One Tool [t_c]			+10% -10%

✖Machining time refers to the total time required to complete a specific machining operation on a workpiece.ⓘ Machining Time for Each Product given Average Production Cost [t_m]

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Machining Time for Each Product given Average Production Cost Solution

STEP 0: Pre-Calculation Summary

Formula Used

Machining Time = (Production Cost of Each Component-Cost of a Tool*Setup Time-(Number of Tools Used/Batch Size)*(Cost of a Tool*Time to Change One Tool+Cost of a Tool))/Cost of a Tool
t_m = (C_pr-C_t*t_s-(N_t/N_b)*(C_t*t_c+C_t))/C_t
This formula uses 7 Variables

Variables Used

Machining Time - (Measured in Second) - Machining time refers to the total time required to complete a specific machining operation on a workpiece.
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.
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.
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.
Number of Tools Used - The Number of Tools Used is the total number of tools used for manufacturing a batch of products.
Batch Size - Batch size refers to the number of identical parts produced in a single production run or cycle.
Time to Change One Tool - (Measured in Second) - Time to change one tool often referred to as tool change time, includes the duration taken to remove the used tool and install a new one.

STEP 1: Convert Input(s) to Base Unit

Production Cost of Each Component: 11400 --> No Conversion Required
Cost of a Tool: 80 --> No Conversion Required
Setup Time: 0.45 Minute --> 27 Second (Check conversion here)
Number of Tools Used: 3 --> No Conversion Required
Batch Size: 2 --> No Conversion Required
Time to Change One Tool: 0.5 Minute --> 30 Second (Check conversion here)

STEP 2: Evaluate Formula

Substituting Input Values in Formula

t_m = (C_pr-C_t*t_s-(N_t/N_b)*(C_t*t_c+C_t))/C_t --> (11400-80*27-(3/2)*(80*30+80))/80

Evaluating ... ...

t_m = 69

STEP 3: Convert Result to Output's Unit

69 Second -->1.15 Minute (Check conversion here)

FINAL ANSWER

1.15 Minute <-- Machining Time

(Calculation completed in 00.004 seconds)

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Created by Kumar Siddhant

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

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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 Time for Each Product given Average Production Cost 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 Time for Each Product given Average Production Cost?

Machining Time for Each Product given Average Production Cost calculator uses Machining Time = (Production Cost of Each Component-Cost of a Tool*Setup Time-(Number of Tools Used/Batch Size)*(Cost of a Tool*Time to Change One Tool+Cost of a Tool))/Cost of a Tool to calculate the Machining Time, The Machining Time for Each Product given Average Production Cost is a method to determine the maximum time that can be given to a single component on one or more machines for production, based on the cost of production of a single component. Machining Time is denoted by t_m symbol.

How to calculate Machining Time for Each Product given Average Production Cost using this online calculator? To use this online calculator for Machining Time for Each Product given Average Production Cost, enter Production Cost of Each Component (C_pr), Cost of a Tool (C_t), Setup Time (t_s), Number of Tools Used (N_t), Batch Size (N_b) & Time to Change One Tool (t_c) and hit the calculate button. Here is how the Machining Time for Each Product given Average Production Cost calculation can be explained with given input values -> 0.019167 = (11400-80*27-(3/2)*(80*30+80))/80.

FAQ

What is Machining Time for Each Product given Average Production Cost?

The Machining Time for Each Product given Average Production Cost is a method to determine the maximum time that can be given to a single component on one or more machines for production, based on the cost of production of a single component and is represented as t_m = (C_pr-C_t*t_s-(N_t/N_b)*(C_t*t_c+C_t))/C_t or Machining Time = (Production Cost of Each Component-Cost of a Tool*Setup Time-(Number of Tools Used/Batch Size)*(Cost of a Tool*Time to Change One Tool+Cost of a Tool))/Cost of a Tool. Production cost of each component involves accounting for various factors, including material costs, labor, machine operating costs, tool costs, overhead, and other related expenses, 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, Setup Time of each component is the time required to load/unload the workpiece and position the tool for production for one component, The Number of Tools Used is the total number of tools used for manufacturing a batch of products, Batch size refers to the number of identical parts produced in a single production run or cycle & Time to change one tool often referred to as tool change time, includes the duration taken to remove the used tool and install a new one.

How to calculate Machining Time for Each Product given Average Production Cost?

The Machining Time for Each Product given Average Production Cost is a method to determine the maximum time that can be given to a single component on one or more machines for production, based on the cost of production of a single component is calculated using Machining Time = (Production Cost of Each Component-Cost of a Tool*Setup Time-(Number of Tools Used/Batch Size)*(Cost of a Tool*Time to Change One Tool+Cost of a Tool))/Cost of a Tool. To calculate Machining Time for Each Product given Average Production Cost, you need Production Cost of Each Component (C_pr), Cost of a Tool (C_t), Setup Time (t_s), Number of Tools Used (N_t), Batch Size (N_b) & Time to Change One Tool (t_c). With our tool, you need to enter the respective value for Production Cost of Each Component, Cost of a Tool, Setup Time, Number of Tools Used, Batch Size & 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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