Tool Changing Cost of each Tool given Individual Costs 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 machining and operating cost involves considering various cost factors, including material costs, labor costs, machine operating costs, tool costs, overhead, and additional related expenses.ⓘ Total Machining and Operating Cost [C_m]			+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%
✖The Number of Tools Used is the total number of tools used for manufacturing a batch of products.ⓘ Number of Tools Used [n]			+10% -10%

✖The cost of changing each Tool is the cost that arises due to the time taken by the operator to change one tool when he is paid by the hour.ⓘ Tool Changing Cost of each Tool given Individual Costs [C_et]

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Tool Changing Cost of each Tool given Individual Costs Solution

STEP 0: Pre-Calculation Summary

Formula Used

Cost of Changing Each Tool = (Total Production Cost-(Total Non Productive Cost+Total Machining and Operating Cost+Total Cost of Tools Used))/Number of Tools Used
C_et = (C_p-(C_np+C_m+c))/n
This formula uses 6 Variables

Variables Used

Cost of Changing Each Tool - The cost of changing each Tool is the cost that arises due to the time taken by the operator to change one tool when he is paid by the hour.
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 Machining and Operating Cost - Total machining and operating cost involves considering various cost factors, including material costs, labor costs, machine operating costs, tool costs, overhead, and additional related expenses.
Total Cost of Tools Used - Total cost of tools used refers to the comprehensive expense incurred for all tools required throughout the production process.
Number of Tools Used - The Number of Tools Used is the total number of tools used for manufacturing a batch of products.

STEP 1: Convert Input(s) to Base Unit

Total Production Cost: 30000 --> No Conversion Required
Total Non Productive Cost: 10 --> No Conversion Required
Total Machining and Operating Cost: 100 --> No Conversion Required
Total Cost of Tools Used: 29815 --> No Conversion Required
Number of Tools Used: 685.745 --> No Conversion Required

STEP 2: Evaluate Formula

Substituting Input Values in Formula

C_et = (C_p-(C_np+C_m+c))/n --> (30000-(10+100+29815))/685.745

Evaluating ... ...

C_et = 0.109370101130887

STEP 3: Convert Result to Output's Unit

0.109370101130887 --> No Conversion Required

FINAL ANSWER

0.109370101130887 ≈ 0.10937 <-- Cost of Changing Each Tool

(Calculation completed in 00.004 seconds)

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Home » Engineering » Production Engineering » Metal Machining » Metal Machining Economics » Production Cost » Individual Cost » Tool Changing Cost of each Tool given Individual Costs

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

LaTeX 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

LaTeX 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

LaTeX 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

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

Tool Changing Cost of each Tool given Individual Costs Formula

LaTeX Go

Cost of Changing Each Tool = (Total Production Cost-(Total Non Productive Cost+Total Machining and Operating Cost+Total Cost of Tools Used))/Number of Tools Used
C_et = (C_p-(C_np+C_m+c))/n

Components of Tool Changing Cost

1)Labor Cost: The wages paid to operators and technicians for the time spent changing the tools. 2) Machine Downtime: The cost associated with the machine being idle during the tool change. 3)Tool Cost: The cost of the new tool being installed (if applicable). 4) Setup and Calibration: Time and cost for any necessary setup or calibration after the tool change.

Significance

1) Cost Management: Identifying and managing tool changing costs helps in reducing the overall production cost. 2) Efficiency Improvement: Minimizing tool change time and frequency can improve machine utilization and production efficiency. 3) Pricing Strategy: Accurate costing ensures that product pricing reflects all production expenses, maintaining profitability. 4) Process Optimization: Analyzing tool changing costs can highlight opportunities for process improvements, such as investing in longer-lasting tools or optimizing tool change procedures.

How to Calculate Tool Changing Cost of each Tool given Individual Costs?

Tool Changing Cost of each Tool given Individual Costs calculator uses Cost of Changing Each Tool = (Total Production Cost-(Total Non Productive Cost+Total Machining and Operating Cost+Total Cost of Tools Used))/Number of Tools Used to calculate the Cost of Changing Each Tool, Tool Changing Cost of each Tool given Individual Costs refers to the portion of the total production cost that is attributed to the time and resources required to change tools during the manufacturing process. This cost includes the labor, machine downtime, and any associated expenses incurred each time a tool is changed. Cost of Changing Each Tool is denoted by C_et symbol.

How to calculate Tool Changing Cost of each Tool given Individual Costs using this online calculator? To use this online calculator for Tool Changing Cost of each Tool given Individual Costs, enter Total Production Cost (C_p), Total Non Productive Cost (C_np), Total Machining and Operating Cost (C_m), Total Cost of Tools Used (c) & Number of Tools Used (n) and hit the calculate button. Here is how the Tool Changing Cost of each Tool given Individual Costs calculation can be explained with given input values -> 0.10937 = (30000-(10+100+29815))/685.745.

FAQ

What is Tool Changing Cost of each Tool given Individual Costs?

Tool Changing Cost of each Tool given Individual Costs refers to the portion of the total production cost that is attributed to the time and resources required to change tools during the manufacturing process. This cost includes the labor, machine downtime, and any associated expenses incurred each time a tool is changed and is represented as C_et = (C_p-(C_np+C_m+c))/n or Cost of Changing Each Tool = (Total Production Cost-(Total Non Productive Cost+Total Machining and Operating Cost+Total Cost of Tools Used))/Number of Tools Used. 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 machining and operating cost involves considering various cost factors, including material costs, labor costs, machine operating costs, tool costs, overhead, and additional related expenses, Total cost of tools used refers to the comprehensive expense incurred for all tools required throughout the production process & The Number of Tools Used is the total number of tools used for manufacturing a batch of products.

How to calculate Tool Changing Cost of each Tool given Individual Costs?

Tool Changing Cost of each Tool given Individual Costs refers to the portion of the total production cost that is attributed to the time and resources required to change tools during the manufacturing process. This cost includes the labor, machine downtime, and any associated expenses incurred each time a tool is changed is calculated using Cost of Changing Each Tool = (Total Production Cost-(Total Non Productive Cost+Total Machining and Operating Cost+Total Cost of Tools Used))/Number of Tools Used. To calculate Tool Changing Cost of each Tool given Individual Costs, you need Total Production Cost (C_p), Total Non Productive Cost (C_np), Total Machining and Operating Cost (C_m), Total Cost of Tools Used (c) & Number of Tools Used (n). With our tool, you need to enter the respective value for Total Production Cost, Total Non Productive Cost, Total Machining and Operating Cost, Total Cost of Tools Used & Number of Tools Used 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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