Tool Changing Time for 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 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 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 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%
✖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%
✖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%

✖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.ⓘ Tool Changing Time for Each Tool given Individual Costs [t_c]

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Tool Changing Time for Each Tool given Individual Costs Solution

STEP 0: Pre-Calculation Summary

Formula Used

Time to Change One Tool = (Total Production Cost-(Total Machining and Operating Cost+Total Non Productive Cost+Total Cost of Tools Used))/(Cost of a Tool*Number of Tools Used)
t_c = (C_p-(C_m+C_np+c))/(C*n)
This formula uses 7 Variables

Variables Used

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.
Total Production Cost - Total Production Cost involves summing up various cost components associated with the machining process.
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 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 Cost of Tools Used - Total cost of tools used refers to the comprehensive expense incurred for all tools required throughout the production process.
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.
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 Machining and Operating Cost: 100 --> No Conversion Required
Total Non Productive Cost: 10 --> No Conversion Required
Total Cost of Tools Used: 29815 --> No Conversion Required
Cost of a Tool: 43.47826 --> No Conversion Required
Number of Tools Used: 685.745 --> No Conversion Required

STEP 2: Evaluate Formula

Substituting Input Values in Formula

t_c = (C_p-(C_m+C_np+c))/(C*n) --> (30000-(100+10+29815))/(43.47826*685.745)

Evaluating ... ...

t_c = 0.00251551237632064

STEP 3: Convert Result to Output's Unit

0.00251551237632064 Second --> No Conversion Required

FINAL ANSWER

0.00251551237632064 ≈ 0.002516 Second <-- Time to Change One Tool

(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!

< 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 Time for Each Tool given Individual Costs Formula

LaTeX Go

Significance of Total Tool Changing Time

The Total Tool Changing Time denotes the time being spent on an important but non-profitable process that is changing the Machining tool. This results in extra cost factors being accounted for as the operators are usually waged per hour or day. It is preferred that the Total Tool Changing Time in a Production Line is low so as there is a low expense on these non-profitable tasks.

How to Calculate Tool Changing Time for Each Tool given Individual Costs?

Tool Changing Time for Each Tool given Individual Costs calculator uses Time to Change One Tool = (Total Production Cost-(Total Machining and Operating Cost+Total Non Productive Cost+Total Cost of Tools Used))/(Cost of a Tool*Number of Tools Used) to calculate the Time to Change One Tool, Tool Changing Time for Each Tool given Individual Costs is a method to determine the maximum time that can be spared on each tool to be spent for changing based on the expense of different activities of production. Time to Change One Tool is denoted by t_c symbol.

How to calculate Tool Changing Time for Each Tool given Individual Costs using this online calculator? To use this online calculator for Tool Changing Time for Each Tool given Individual Costs, enter Total Production Cost (C_p), Total Machining and Operating Cost (C_m), Total Non Productive Cost (C_np), Total Cost of Tools Used (c), Cost of a Tool (C) & Number of Tools Used (n) and hit the calculate button. Here is how the Tool Changing Time for Each Tool given Individual Costs calculation can be explained with given input values -> 0.002516 = (30000-(100+10+29815))/(43.47826*685.745).

FAQ

What is Tool Changing Time for Each Tool given Individual Costs?

Tool Changing Time for Each Tool given Individual Costs is a method to determine the maximum time that can be spared on each tool to be spent for changing based on the expense of different activities of production and is represented as t_c = (C_p-(C_m+C_np+c))/(C*n) or Time to Change One Tool = (Total Production Cost-(Total Machining and Operating Cost+Total Non Productive Cost+Total Cost 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, 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 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 cost of tools used refers to the comprehensive expense incurred for all tools required throughout the production process, 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 & The Number of Tools Used is the total number of tools used for manufacturing a batch of products.

How to calculate Tool Changing Time for Each Tool given Individual Costs?

Tool Changing Time for Each Tool given Individual Costs is a method to determine the maximum time that can be spared on each tool to be spent for changing based on the expense of different activities of production is calculated using Time to Change One Tool = (Total Production Cost-(Total Machining and Operating Cost+Total Non Productive Cost+Total Cost of Tools Used))/(Cost of a Tool*Number of Tools Used). To calculate Tool Changing Time for Each Tool given Individual Costs, you need Total Production Cost (C_p), Total Machining and Operating Cost (C_m), Total Non Productive Cost (C_np), Total Cost of Tools Used (c), Cost of a Tool (C) & Number of Tools Used (n). With our tool, you need to enter the respective value for Total Production Cost, Total Machining and Operating Cost, Total Non Productive Cost, Total Cost of Tools Used, Cost of a Tool & 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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