Total Tool Changing Cost using 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%

✖Total Tool Changing Cost involves accounting for both the direct and indirect expenses related to the tool change process.ⓘ Total Tool Changing Cost using Average Production Cost [T_cc]

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Total Tool Changing Cost using Average Production Cost Solution

STEP 0: Pre-Calculation Summary

Formula Used

Total Tool Changing Cost = Batch Size*(Production Cost of Each Component-Cost of a Tool*(Setup Time+Machining Time))-Number of Tools Used*Cost of a Tool
T_cc = N_b*(C_pr-C_t*(t_s+t_m))-N_t*C_t
This formula uses 7 Variables

Variables Used

Total Tool Changing Cost - Total Tool Changing Cost involves accounting for both the direct and indirect expenses related to the tool change process.
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.

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

STEP 2: Evaluate Formula

Substituting Input Values in Formula

T_cc = N_b*(C_pr-C_t*(t_s+t_m))-N_t*C_t --> 2*(11400-80*(27+69))-3*80

Evaluating ... ...

T_cc = 7200

STEP 3: Convert Result to Output's Unit

7200 --> No Conversion Required

FINAL ANSWER

7200 <-- Total Tool Changing 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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< 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 Tool Changing Cost using Average Production Cost Formula

LaTeX Go

Total Tool Changing Cost = Batch Size*(Production Cost of Each Component-Cost of a Tool*(Setup Time+Machining Time))-Number of Tools Used*Cost of a Tool
T_cc = N_b*(C_pr-C_t*(t_s+t_m))-N_t*C_t

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 Total Tool Changing Cost using Average Production Cost?

Total Tool Changing Cost using Average Production Cost calculator uses Total Tool Changing Cost = Batch Size*(Production Cost of Each Component-Cost of a Tool*(Setup Time+Machining Time))-Number of Tools Used*Cost of a Tool to calculate the Total Tool Changing Cost, The Total Tool Changing Cost using Average Production Cost 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. Total Tool Changing Cost is denoted by T_cc symbol.

How to calculate Total Tool Changing Cost using Average Production Cost using this online calculator? To use this online calculator for Total Tool Changing Cost using 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) and hit the calculate button. Here is how the Total Tool Changing Cost using Average Production Cost calculation can be explained with given input values -> 7200 = 2*(11400-80*(27+69))-3*80.

FAQ

What is Total Tool Changing Cost using Average Production Cost?

The Total Tool Changing Cost using Average Production Cost 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 T_cc = N_b*(C_pr-C_t*(t_s+t_m))-N_t*C_t or Total Tool Changing Cost = Batch Size*(Production Cost of Each Component-Cost of a Tool*(Setup Time+Machining Time))-Number of Tools Used*Cost of a 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.

How to calculate Total Tool Changing Cost using Average Production Cost?

The Total Tool Changing Cost using Average Production Cost 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 Total Tool Changing Cost = Batch Size*(Production Cost of Each Component-Cost of a Tool*(Setup Time+Machining Time))-Number of Tools Used*Cost of a Tool. To calculate Total Tool Changing Cost using 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). 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 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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