Tool Changing Cost of Each Tool using Total Production Cost Calculator

✖Total Production Cost involves summing up various cost components associated with the machining process.ⓘ Total Production Cost [C_tp]			+10% -10%
✖Batch size refers to the number of identical parts produced in a single production run or cycle.ⓘ Batch Size [N]			+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]			+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]			+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%

✖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 using Total Production Cost [C_et]

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Tool Changing Cost of Each Tool using Total Production Cost Solution

STEP 0: Pre-Calculation Summary

Formula Used

Cost of changing each Tool = (Total Production Cost-Batch Size*Cost of a Tool*(Setup Time+Machining Time)-Number of Tools Used*Cost of a Tool)/(Number of Tools Used)
C_et = (C_tp-N*C*(t_s+t)-N_t*C)/(N_t)
This formula uses 7 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.
Batch Size - Batch size refers to the number of identical parts produced in a single production run or cycle.
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.
Machining Time - (Measured in Second) - Machining time refers to the total time required to complete a specific machining operation on a workpiece.
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
Batch Size: 2 --> No Conversion Required
Cost of a Tool: 80 --> No Conversion Required
Setup Time: 54 Second --> 54 Second No Conversion Required
Machining Time: 87 Second --> 87 Second No Conversion Required
Number of Tools Used: 3 --> No Conversion Required

STEP 2: Evaluate Formula

Substituting Input Values in Formula

C_et = (C_tp-N*C*(t_s+t)-N_t*C)/(N_t) --> (30000-2*80*(54+87)-3*80)/(3)

Evaluating ... ...

C_et = 2400

STEP 3: Convert Result to Output's Unit

2400 --> No Conversion Required

FINAL ANSWER

2400 <-- Cost of changing each Tool

(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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< Total Production Cost Calculators

Non-Productive Cost of Each Component given Total Production Cost

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

Total Production Cost

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

Total Non-Productive Cost given Total Production Cost

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 for given Batch Size

LaTeX Go Total Production Cost = Batch Size*Production Cost of Each Component

Tool Changing Cost of Each Tool using Total Production Cost Formula

LaTeX Go

How is Tool-Changing Cost generated?

The tool-changing cost is generated on the processes that basically include changing or re-sharpening the tool. These do not result in any productivity or profit whatsoever. But as the time is consumed by the operator to perform these tasks, when paid by the hour, the operators cost plants this time too.

How to Calculate Tool Changing Cost of Each Tool using Total Production Cost?

Tool Changing Cost of Each Tool using Total Production Cost calculator uses Cost of changing each Tool = (Total Production Cost-Batch Size*Cost of a Tool*(Setup Time+Machining Time)-Number of Tools Used*Cost of a Tool)/(Number of Tools Used) to calculate the Cost of changing each Tool, The Tool Changing Cost of Each Tool using Total Production Cost is a method to determine the cost that arises due to the time taken by the operator in changing 1 Cutting Tool when he is paid by the hour. Cost of changing each Tool is denoted by C_et symbol.

How to calculate Tool Changing Cost of Each Tool using Total Production Cost using this online calculator? To use this online calculator for Tool Changing Cost of Each Tool using Total Production Cost, enter Total Production Cost (C_tp), Batch Size (N), Cost of a Tool (C), Setup Time (t_s), Machining Time (t) & Number of Tools Used (N_t) and hit the calculate button. Here is how the Tool Changing Cost of Each Tool using Total Production Cost calculation can be explained with given input values -> 2400 = (30000-2*80*(54+87)-3*80)/(3).

FAQ

What is Tool Changing Cost of Each Tool using Total Production Cost?

The Tool Changing Cost of Each Tool using Total Production Cost is a method to determine the cost that arises due to the time taken by the operator in changing 1 Cutting Tool when he is paid by the hour and is represented as C_et = (C_tp-N*C*(t_s+t)-N_t*C)/(N_t) or Cost of changing each Tool = (Total Production Cost-Batch Size*Cost of a Tool*(Setup Time+Machining Time)-Number of Tools Used*Cost of a Tool)/(Number of Tools Used). Total Production Cost involves summing up various cost components associated with the machining process, Batch size refers to the number of identical parts produced in a single production run or cycle, 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, Machining time refers to the total time required to complete a specific machining operation on a workpiece & 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 using Total Production Cost?

The Tool Changing Cost of Each Tool using Total Production Cost is a method to determine the cost that arises due to the time taken by the operator in changing 1 Cutting Tool when he is paid by the hour is calculated using Cost of changing each Tool = (Total Production Cost-Batch Size*Cost of a Tool*(Setup Time+Machining Time)-Number of Tools Used*Cost of a Tool)/(Number of Tools Used). To calculate Tool Changing Cost of Each Tool using Total Production Cost, you need Total Production Cost (C_tp), Batch Size (N), Cost of a Tool (C), Setup Time (t_s), Machining Time (t) & Number of Tools Used (N_t). With our tool, you need to enter the respective value for Total Production Cost, Batch Size, Cost of a Tool, Setup Time, Machining Time & 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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