Total Production Cost Calculator

✖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%
✖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 Production Cost involves summing up various cost components associated with the machining process.ⓘ Total Production Cost [C_tp]

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Total Production Cost Solution

STEP 0: Pre-Calculation Summary

Formula Used

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)
C_tp = N*(C*(t_s+t))+N_t*(C*t_c+C)
This formula uses 7 Variables

Variables Used

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.
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
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
Time to Change One Tool: 30 Second --> 30 Second No Conversion Required

STEP 2: Evaluate Formula

Substituting Input Values in Formula

C_tp = N*(C*(t_s+t))+N_t*(C*t_c+C) --> 2*(80*(54+87))+3*(80*30+80)

Evaluating ... ...

C_tp = 30000

STEP 3: Convert Result to Output's Unit

30000 --> No Conversion Required

FINAL ANSWER

30000 <-- Total Production 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

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Verified by Parul Keshav

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

Total Production Cost Formula

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)
C_tp = N*(C*(t_s+t))+N_t*(C*t_c+C)

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 Total Production Cost?

Total Production Cost calculator uses 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) to calculate the Total Production Cost, The Total Production Cost is defined as the total cost of producing a batch of components from scratch including all necessary operations and processes. Total Production Cost is denoted by C_tp symbol.

How to calculate Total Production Cost using this online calculator? To use this online calculator for Total Production Cost, enter Batch Size (N), Cost of a Tool (C), Setup Time (t_s), Machining Time (t), Number of Tools Used (N_t) & Time to Change One Tool (t_c) and hit the calculate button. Here is how the Total Production Cost calculation can be explained with given input values -> 30000 = 2*(80*(54+87))+3*(80*30+80).

FAQ

What is Total Production Cost?

The Total Production Cost is defined as the total cost of producing a batch of components from scratch including all necessary operations and processes and is represented as C_tp = N*(C*(t_s+t))+N_t*(C*t_c+C) or 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). 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 & 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 Production Cost?

The Total Production Cost is defined as the total cost of producing a batch of components from scratch including all necessary operations and processes is calculated using 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). To calculate Total Production Cost, you need Batch Size (N), Cost of a Tool (C), Setup Time (t_s), Machining Time (t), 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, 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.

How many ways are there to calculate Total Production Cost?

In this formula, Total Production Cost uses Batch Size, Cost of a Tool, Setup Time, Machining Time, Number of Tools Used & Time to Change One Tool. We can use 1 other way(s) to calculate the same, which is/are as follows -

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

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