Total Cost of Tools used given Average Production Cost Calculator

✖Batch size refers to the number of identical parts produced in a single production run or cycle.ⓘ Batch Size [N_b]			+10% -10%
✖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%
✖Machining time refers to the total time required to complete a specific machining operation on a workpiece.ⓘ Machining Time [t_m]			+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%
✖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%

✖Total tool cost involves accounting for the purchase price of the tools, their usage rates, and any costs associated with their maintenance and replacement.ⓘ Total Cost of Tools used given Average Production Cost [t]

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Total Cost of Tools used given Average Production Cost Solution

STEP 0: Pre-Calculation Summary

Formula Used

Total Tool Cost = (Batch Size*(Production Cost of Each Component-Cost of a Tool*(Setup Time+Machining Time))-Cost of a Tool*Number of Tools Used*Time to Change One Tool)
t = (N_b*(C_pr-C_t*(t_s+t_m))-C_t*N_t*t_c)
This formula uses 8 Variables

Variables Used

Total Tool Cost - Total tool cost involves accounting for the purchase price of the tools, their usage rates, and any costs associated with their maintenance and replacement.
Batch Size - Batch size refers to the number of identical parts produced in a single production run or cycle.
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.
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.
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

Batch Size: 2 --> No Conversion Required
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)
Machining Time: 1.15 Minute --> 69 Second (Check conversion here)
Number of Tools Used: 3 --> 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 = (N_b*(C_pr-C_t*(t_s+t_m))-C_t*N_t*t_c) --> (2*(11400-80*(27+69))-80*3*30)

Evaluating ... ...

t = 240

STEP 3: Convert Result to Output's Unit

240 --> No Conversion Required

FINAL ANSWER

240 <-- Total Tool Cost

(Calculation completed in 00.004 seconds)

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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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< 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

Total Cost of Tools used given Average Production Cost Formula

LaTeX Go

Components of Tool Cost

1) Initial Purchase Cost: The cost to acquire new tools.
2) Tool Wear and Replacement: The cost associated with replacing worn-out tools.
3) Maintenance and Sharpening: Costs for maintaining and sharpening tools to ensure optimal performance.
4)Tool Management: Costs related to the storage, handling, and inventory management of tools.

How to Calculate Total Cost of Tools used given Average Production Cost?

Total Cost of Tools used given Average Production Cost calculator uses Total Tool Cost = (Batch Size*(Production Cost of Each Component-Cost of a Tool*(Setup Time+Machining Time))-Cost of a Tool*Number of Tools Used*Time to Change One Tool) to calculate the Total Tool Cost, The Total Cost of Tools used given Average Production Cost refers to the cumulative expense incurred for all tools required throughout the production process. This cost is a component of the overall manufacturing costs and directly impacts the average production cost per component. Total Tool Cost is denoted by t symbol.

How to calculate Total Cost of Tools used given Average Production Cost using this online calculator? To use this online calculator for Total Cost of Tools used given Average Production Cost, enter Batch Size (N_b), Production Cost of Each Component (C_pr), Cost of a Tool (C_t), Setup Time (t_s), Machining Time (t_m), Number of Tools Used (N_t) & Time to Change One Tool (t_c) and hit the calculate button. Here is how the Total Cost of Tools used given Average Production Cost calculation can be explained with given input values -> 240 = (2*(11400-80*(27+69))-80*3*30).

FAQ

What is Total Cost of Tools used given Average Production Cost?

The Total Cost of Tools used given Average Production Cost refers to the cumulative expense incurred for all tools required throughout the production process. This cost is a component of the overall manufacturing costs and directly impacts the average production cost per component and is represented as t = (N_b*(C_pr-C_t*(t_s+t_m))-C_t*N_t*t_c) or Total Tool Cost = (Batch Size*(Production Cost of Each Component-Cost of a Tool*(Setup Time+Machining Time))-Cost of a Tool*Number of Tools Used*Time to Change One Tool). Batch size refers to the number of identical parts produced in a single production run or cycle, 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, 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 & 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 Total Cost of Tools used given Average Production Cost?

The Total Cost of Tools used given Average Production Cost refers to the cumulative expense incurred for all tools required throughout the production process. This cost is a component of the overall manufacturing costs and directly impacts the average production cost per component is calculated using Total Tool Cost = (Batch Size*(Production Cost of Each Component-Cost of a Tool*(Setup Time+Machining Time))-Cost of a Tool*Number of Tools Used*Time to Change One Tool). To calculate Total Cost of Tools used given Average Production Cost, you need Batch Size (N_b), Production Cost of Each Component (C_pr), Cost of a Tool (C_t), Setup Time (t_s), Machining Time (t_m), Number of Tools Used (N_t) & Time to Change One Tool (t_c). With our tool, you need to enter the respective value for Batch Size, Production Cost of Each Component, Cost of a Tool, Setup Time, Machining Time, Number of Tools Used & 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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