Minimum Production Cost per Component Calculator

✖Machining and Operating Rate is the money charged for processing on and operating machines per unit time, including overheads.ⓘ Machining and Operating Rate [R]			+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%
✖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 "Meter".ⓘ Constant For Machining Condition [K]			+10% -10%
✖Tool Life is the period of time for which the cutting edge, affected by the cutting procedure, retains its cutting capacity between sharpening operations.ⓘ Tool Life [T]			+10% -10%
✖Reference tool life refers to an estimated or theoretical lifespan of a cutting tool under ideal operating conditions.ⓘ Reference Tool Life [L]			+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%
✖Reference cutting velocity refers to the ideal or theoretical speed at which the cutting tool moves relative to the workpiece material during the machining process.ⓘ Reference Cutting Velocity [V]			+10% -10%

✖Production cost of each component refers to the total expenses incurred in manufacturing a single component, taking into account all direct and indirect costs associated with the machining process.ⓘ Minimum Production Cost per Component [C_p]

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Minimum Production Cost per Component Solution

STEP 0: Pre-Calculation Summary

Formula Used

Production Cost of Each Component = Machining and Operating Rate*(Setup Time+(Constant For Machining Condition*((Tool Life/Reference Tool Life)^Taylor's Tool Life Exponent)/(Reference Cutting Velocity*(1-Taylor's Tool Life Exponent))))
C_p = R*(t_s+(K*((T/L)^n)/(V*(1-n))))
This formula uses 8 Variables

Variables Used

Production Cost of Each Component - Production cost of each component refers to the total expenses incurred in manufacturing a single component, taking into account all direct and indirect costs associated with the machining process.
Machining and Operating Rate - Machining and Operating Rate is the money charged for processing on and operating machines per unit time, including overheads.
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.
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 "Meter".
Tool Life - (Measured in Second) - Tool Life is the period of time for which the cutting edge, affected by the cutting procedure, retains its cutting capacity between sharpening operations.
Reference Tool Life - (Measured in Second) - Reference tool life refers to an estimated or theoretical lifespan of a cutting tool under ideal operating conditions.
Taylor's Tool Life Exponent - Taylor's Tool Life Exponent is an experimental exponent that helps in quantifying the rate of Tool Wear.
Reference Cutting Velocity - (Measured in Meter per Second) - Reference cutting velocity refers to the ideal or theoretical speed at which the cutting tool moves relative to the workpiece material during the machining process.

STEP 1: Convert Input(s) to Base Unit

Machining and Operating Rate: 7 --> No Conversion Required
Setup Time: 300 Second --> 300 Second No Conversion Required
Constant For Machining Condition: 168.946948749017 Meter --> 168.946948749017 Meter No Conversion Required
Tool Life: 3000 Second --> 3000 Second No Conversion Required
Reference Tool Life: 60 Second --> 60 Second No Conversion Required
Taylor's Tool Life Exponent: 0.125 --> No Conversion Required
Reference Cutting Velocity: 0.76 Meter per Second --> 0.76 Meter per Second No Conversion Required

STEP 2: Evaluate Formula

Substituting Input Values in Formula

C_p = R*(t_s+(K*((T/L)^n)/(V*(1-n)))) --> 7*(300+(168.946948749017*((3000/60)^0.125)/(0.76*(1-0.125))))

Evaluating ... ...

C_p = 5000

STEP 3: Convert Result to Output's Unit

5000 --> No Conversion Required

FINAL ANSWER

5000 <-- Production Cost of Each Component

(Calculation completed in 00.004 seconds)

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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

Parul Keshav has verified this Calculator and 400+ more calculators!

< Minimum Machining Cost Calculators

Machining and Operating Rate given Minimum Production Cost

LaTeX Go Machining and Operating Rate = Production Cost of Each Component/(Setup Time+(Constant For Machining Condition*((Tool Life/Reference Tool Life)^Taylor's Tool Life Exponent)/(Reference Cutting Velocity*(1-Taylor's Tool Life Exponent))))

Minimum Production Cost per Component

LaTeX Go Production Cost of Each Component = Machining and Operating Rate*(Setup Time+(Constant For Machining Condition*((Tool Life/Reference Tool Life)^Taylor's Tool Life Exponent)/(Reference Cutting Velocity*(1-Taylor's Tool Life Exponent))))

Non-Productive Time per component given Minimum Production Cost

LaTeX Go Setup Time = Production Cost of Each Component/Machining and Operating Rate-(Constant For Machining Condition*((Tool Life/Reference Tool Life)^Taylor's Tool Life Exponent)/(Reference Cutting Velocity*(1-Taylor's Tool Life Exponent)))

Constant for Machining Operation given Minimum Production Cost

LaTeX Go Constant For Machining Condition = (Production Cost of Each Component/Machining and Operating Rate-Setup Time)*Reference Cutting Velocity*(1-Taylor's Tool Life Exponent)/((Tool Life/Reference Tool Life)^Taylor's Tool Life Exponent)

Minimum Production Cost per Component Formula

LaTeX Go

Average Production Cost of each component

The average Production Cost of each component is usually determined by taking an average over a defined batch of products. The reason for this is the extended costs such as the cost of tools and operating costs etc. This makes the Average Production Cost becomes quite higher for a single product than when measured over batch size.

How to Calculate Minimum Production Cost per Component?

Minimum Production Cost per Component calculator uses Production Cost of Each Component = Machining and Operating Rate*(Setup Time+(Constant For Machining Condition*((Tool Life/Reference Tool Life)^Taylor's Tool Life Exponent)/(Reference Cutting Velocity*(1-Taylor's Tool Life Exponent)))) to calculate the Production Cost of Each Component, The Minimum Production Cost per Component is defined as the total minimum cost of producing a single component from scratch including all necessary operations and processes. Production Cost of Each Component is denoted by C_p symbol.

How to calculate Minimum Production Cost per Component using this online calculator? To use this online calculator for Minimum Production Cost per Component, enter Machining and Operating Rate (R), Setup Time (t_s), Constant For Machining Condition (K), Tool Life (T), Reference Tool Life (L), Taylor's Tool Life Exponent (n) & Reference Cutting Velocity (V) and hit the calculate button. Here is how the Minimum Production Cost per Component calculation can be explained with given input values -> 4999.999 = 7*(300+(168.946948749017*((3000/60)^0.125)/(0.76*(1-0.125)))).

FAQ

What is Minimum Production Cost per Component?

The Minimum Production Cost per Component is defined as the total minimum cost of producing a single component from scratch including all necessary operations and processes and is represented as C_p = R*(t_s+(K*((T/L)^n)/(V*(1-n)))) or Production Cost of Each Component = Machining and Operating Rate*(Setup Time+(Constant For Machining Condition*((Tool Life/Reference Tool Life)^Taylor's Tool Life Exponent)/(Reference Cutting Velocity*(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, Setup Time of each component is the time required to load/unload the workpiece and position the tool for production for one component, 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 "Meter", Tool Life is the period of time for which the cutting edge, affected by the cutting procedure, retains its cutting capacity between sharpening operations, Reference tool life refers to an estimated or theoretical lifespan of a cutting tool under ideal operating conditions, Taylor's Tool Life Exponent is an experimental exponent that helps in quantifying the rate of Tool Wear & Reference cutting velocity refers to the ideal or theoretical speed at which the cutting tool moves relative to the workpiece material during the machining process.

How to calculate Minimum Production Cost per Component?

The Minimum Production Cost per Component is defined as the total minimum cost of producing a single component from scratch including all necessary operations and processes is calculated using Production Cost of Each Component = Machining and Operating Rate*(Setup Time+(Constant For Machining Condition*((Tool Life/Reference Tool Life)^Taylor's Tool Life Exponent)/(Reference Cutting Velocity*(1-Taylor's Tool Life Exponent)))). To calculate Minimum Production Cost per Component, you need Machining and Operating Rate (R), Setup Time (t_s), Constant For Machining Condition (K), Tool Life (T), Reference Tool Life (L), Taylor's Tool Life Exponent (n) & Reference Cutting Velocity (V). With our tool, you need to enter the respective value for Machining and Operating Rate, Setup Time, Constant For Machining Condition, Tool Life, Reference Tool Life, Taylor's Tool Life Exponent & Reference Cutting Velocity 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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