Cost of 1 Tool given Machining Cost Solution

STEP 0: Pre-Calculation Summary
Formula Used
Cost of a Tool = (Tool Life*((Machining and Operating Cost of Each Product/Machining Time)-Machining and Operating Rate)/Time Proportion of Cutting Edge Engagement)-(Machining and Operating Rate*Time to Change One Tool)
Ct = (T*((Cm1/tm)-M)/Q)-(M*tc)
This formula uses 7 Variables
Variables Used
Cost of a Tool - The Cost of a Tool is simply the cost of one tool being used for machining.
Tool Life - (Measured in Second) - Tool Life is the period of time for which the cutting edge, affected by the cutting procedure, retains its cutting capacity between sharpening operations.
Machining and Operating Cost of Each Product - Machining and Operating Cost of Each Product is the total amount of money required to machine a single product.
Machining Time - (Measured in Second) - Machining Time is the time when a machine is actually processing something. Generally, machining time is the term used when there is a removal of unwanted material.
Machining and Operating Rate - Machining and Operating Rate is the money charged for processing on and operating machines per unit time, including overheads.
Time Proportion of Cutting Edge Engagement - Time Proportion of Cutting Edge Engagement is the fractional portion of machining time during which the Cutting Edge of the tool is engaged with the workpiece.
Time to Change One Tool - (Measured in Second) - Time to Change One Tool is the measure of time it takes to change one tool during machining.
STEP 1: Convert Input(s) to Base Unit
Tool Life: 75 Minute --> 4500 Second (Check conversion here)
Machining and Operating Cost of Each Product: 4650.5 --> No Conversion Required
Machining Time: 0.75 Minute --> 45 Second (Check conversion here)
Machining and Operating Rate: 101 --> No Conversion Required
Time Proportion of Cutting Edge Engagement: 0.5 --> No Conversion Required
Time to Change One Tool: 1.25 Minute --> 75 Second (Check conversion here)
STEP 2: Evaluate Formula
Substituting Input Values in Formula
Ct = (T*((Cm1/tm)-M)/Q)-(M*tc) --> (4500*((4650.5/45)-101)/0.5)-(101*75)
Evaluating ... ...
Ct = 13525
STEP 3: Convert Result to Output's Unit
13525 --> No Conversion Required
FINAL ANSWER
13525 <-- Cost of a Tool
(Calculation completed in 00.020 seconds)

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!

24 Tool and Machining Costs Calculators

Taylor's Exponent for Minimum Machining Cost given Tool Life
Go Taylor's Tool Life Exponent = ((Time to Change One Tool+(Cost of a Tool/Machining and Operating Rate))*Time Proportion of Cutting Edge Engagement)/(Tool Life+((Time to Change One Tool+(Cost of a Tool/Machining and Operating Rate))*Time Proportion of Cutting Edge Engagement))
Machining and Operating Rate given Machining Cost
Go Machining and Operating Rate = ((Machining and Operating Cost of Each Product/Machining Time)-(Time Proportion of Cutting Edge Engagement*Cost of a Tool/Tool Life))/((Time Proportion of Cutting Edge Engagement*Time to Change One Tool/Tool Life)+1)
Tool Changing Time for 1 Tool given Machining Cost
Go Time to Change One Tool = ((Tool Life*((Machining and Operating Cost of Each Product/Machining Time)-Machining and Operating Rate)/Time Proportion of Cutting Edge Engagement)-Cost of a Tool)/Machining and Operating Rate
Tool Life of One Tool given Machining Cost
Go Tool Life = Time Proportion of Cutting Edge Engagement*(Machining and Operating Rate*Time to Change One Tool+Cost of a Tool)/((Machining and Operating Cost of Each Product/Machining Time)-Machining and Operating Rate)
Cost of 1 Tool given Machining Cost
Go Cost of a Tool = (Tool Life*((Machining and Operating Cost of Each Product/Machining Time)-Machining and Operating Rate)/Time Proportion of Cutting Edge Engagement)-(Machining and Operating Rate*Time to Change One Tool)
Time Proportion of Cutting Edge Engagement given Machining Cost
Go Time Proportion of Cutting Edge Engagement = Tool Life*((Machining and Operating Cost of Each Product/Machining Time)-Machining and Operating Rate)/(Machining and Operating Rate*Time to Change One Tool+Cost of a Tool)
Machining Time per component given Machining Cost
Go Machining Time = Machining and Operating Cost of Each Product/(Machining and Operating Rate+(Time Proportion of Cutting Edge Engagement*(Machining and Operating Rate*Time to Change One Tool+Cost of a Tool)/Tool Life))
Machining Cost per component
Go Machining and Operating Cost of Each Product = Machining Time*(Machining and Operating Rate+(Time Proportion of Cutting Edge Engagement*(Machining and Operating Rate*Time to Change One Tool+Cost of a Tool)/Tool Life))
Tool Changing Cost per Tool given Tool Life for Minimum Machining Cost
Go Cost of changing each Tool = (Tool Life*Taylor's Tool Life Exponent*Machining and Operating Rate/(Time Proportion of Cutting Edge Engagement*(1-Taylor's Tool Life Exponent)))-Cost of a Tool
Tool Changing Cost per Tool given Machining Cost
Go Cost of changing each Tool = (Tool Life*((Machining and Operating Cost of Each Product/Machining Time)-Machining and Operating Rate)/Time Proportion of Cutting Edge Engagement)-Cost of a Tool
Machining Cost given Tool Changing Cost per Tool
Go Machining and Operating Cost of Each Product = Machining Time*(Machining and Operating Rate+(Time Proportion of Cutting Edge Engagement*(Cost of changing each Tool+Cost of a Tool)/Tool Life))
Tool Life of One Tool for Minimum Machining Cost given Tool Changing Cost per Tool
Go Tool Life = Time Proportion of Cutting Edge Engagement*(Cost of changing each Tool+Cost of a Tool)*(1-Taylor's Tool Life Exponent)/(Taylor's Tool Life Exponent*Machining and Operating Rate)
Time Proportion of Cutting Edge Engagement given Tool Life for Minimum Machining Cost
Go Time Proportion of Cutting Edge Engagement = Tool Life*Taylor's Tool Life Exponent/((1-Taylor's Tool Life Exponent)*(Time to Change One Tool+(Cost of a Tool/Machining and Operating Rate)))
Tool Changing Time for 1 Tool given Tool Life for Minimum Machining Cost
Go Time to Change One Tool = (Tool Life*Taylor's Tool Life Exponent/((1-Taylor's Tool Life Exponent)*Time Proportion of Cutting Edge Engagement))-(Cost of a Tool/Machining and Operating Rate)
Machining and Operating Rate given Tool Life for Minimum Machining Cost
Go Machining and Operating Rate = Cost of a Tool/((Tool Life*Taylor's Tool Life Exponent/((1-Taylor's Tool Life Exponent)*Time Proportion of Cutting Edge Engagement))-Time to Change One Tool)
Cost of 1 Tool given Tool Life for Minimum Machining Cost
Go Cost of a Tool = ((Tool Life*Taylor's Tool Life Exponent/((1-Taylor's Tool Life Exponent)*Time Proportion of Cutting Edge Engagement))-Time to Change One Tool)*Machining and Operating Rate
Tool Life of One Tool for Minimum Machining Cost
Go Tool Life = Time Proportion of Cutting Edge Engagement*(Time to Change One Tool+(Cost of a Tool/Machining and Operating Rate))*(1-Taylor's Tool Life Exponent)/Taylor's Tool Life Exponent
Taylor's Exponent for Minimum Machining Cost per component
Go Taylor's Tool Life Exponent = 1-(Machining Time for Minimum Cost*Machining and Operating Rate/Machining and Operating Cost of Each Product)
Machining and Operating Rate for Minimum Machining Cost
Go Machining and Operating Rate = Machining and Operating Cost of Each Product*(1-Taylor's Tool Life Exponent)/Machining Time for Minimum Cost
Machining Time per component for Minimum Machining Cost
Go Machining Time for Minimum Cost = Machining and Operating Cost of Each Product*(1-Taylor's Tool Life Exponent)/Machining and Operating Rate
Minimum Cost of Machining per component
Go Machining and Operating Cost of Each Product = Machining and Operating Rate*Machining Time for Minimum Cost/(1-Taylor's Tool Life Exponent)
Cutting Velocity of one product given Constant for Machining Operation
Go Cutting Velocity = Constant For Machining Condition/Machining Time
Constant for Machining Operation of one product given Machining Condition
Go Constant For Machining Condition = Machining Time*Cutting Velocity
Machining Time of one product given Constant for Machining Operation
Go Machining Time = Constant For Machining Condition/Cutting Velocity

Cost of 1 Tool given Machining Cost Formula

Cost of a Tool = (Tool Life*((Machining and Operating Cost of Each Product/Machining Time)-Machining and Operating Rate)/Time Proportion of Cutting Edge Engagement)-(Machining and Operating Rate*Time to Change One Tool)
Ct = (T*((Cm1/tm)-M)/Q)-(M*tc)

Significance of Cost of Tools Used

The Cost of Tools Used helps us in determining the maximum number of times a tool can be renewed during the production of a given batch of products. This renewing might include buying or resharpening the tool. Thus if the number of Tools to be used gets bounded, the machining operation would have to be optimized in order to give sufficient tool life to minimize the Total Cost of Production.

How to Calculate Cost of 1 Tool given Machining Cost?

Cost of 1 Tool given Machining Cost calculator uses Cost of a Tool = (Tool Life*((Machining and Operating Cost of Each Product/Machining Time)-Machining and Operating Rate)/Time Proportion of Cutting Edge Engagement)-(Machining and Operating Rate*Time to Change One Tool) to calculate the Cost of a Tool, The Cost of 1 Tool given Machining Cost is a method to determine the maximum amount available to be spent on renewing the Machining Tool when the Cost of Machining per component is known. Cost of a Tool is denoted by Ct symbol.

How to calculate Cost of 1 Tool given Machining Cost using this online calculator? To use this online calculator for Cost of 1 Tool given Machining Cost, enter Tool Life (T), Machining and Operating Cost of Each Product (Cm1), Machining Time (tm), Machining and Operating Rate (M), Time Proportion of Cutting Edge Engagement (Q) & Time to Change One Tool (tc) and hit the calculate button. Here is how the Cost of 1 Tool given Machining Cost calculation can be explained with given input values -> -9200 = (4500*((4650.5/45)-101)/0.5)-(101*75).

FAQ

What is Cost of 1 Tool given Machining Cost?
The Cost of 1 Tool given Machining Cost is a method to determine the maximum amount available to be spent on renewing the Machining Tool when the Cost of Machining per component is known and is represented as Ct = (T*((Cm1/tm)-M)/Q)-(M*tc) or Cost of a Tool = (Tool Life*((Machining and Operating Cost of Each Product/Machining Time)-Machining and Operating Rate)/Time Proportion of Cutting Edge Engagement)-(Machining and Operating Rate*Time to Change One Tool). Tool Life is the period of time for which the cutting edge, affected by the cutting procedure, retains its cutting capacity between sharpening operations, Machining and Operating Cost of Each Product is the total amount of money required to machine a single product, Machining Time is the time when a machine is actually processing something. Generally, machining time is the term used when there is a removal of unwanted material, Machining and Operating Rate is the money charged for processing on and operating machines per unit time, including overheads, Time Proportion of Cutting Edge Engagement is the fractional portion of machining time during which the Cutting Edge of the tool is engaged with the workpiece & Time to Change One Tool is the measure of time it takes to change one tool during machining.
How to calculate Cost of 1 Tool given Machining Cost?
The Cost of 1 Tool given Machining Cost is a method to determine the maximum amount available to be spent on renewing the Machining Tool when the Cost of Machining per component is known is calculated using Cost of a Tool = (Tool Life*((Machining and Operating Cost of Each Product/Machining Time)-Machining and Operating Rate)/Time Proportion of Cutting Edge Engagement)-(Machining and Operating Rate*Time to Change One Tool). To calculate Cost of 1 Tool given Machining Cost, you need Tool Life (T), Machining and Operating Cost of Each Product (Cm1), Machining Time (tm), Machining and Operating Rate (M), Time Proportion of Cutting Edge Engagement (Q) & Time to Change One Tool (tc). With our tool, you need to enter the respective value for Tool Life, Machining and Operating Cost of Each Product, Machining Time, Machining and Operating Rate, Time Proportion of Cutting Edge Engagement & 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 Cost of a Tool?
In this formula, Cost of a Tool uses Tool Life, Machining and Operating Cost of Each Product, Machining Time, Machining and Operating Rate, Time Proportion of Cutting Edge Engagement & Time to Change One Tool. We can use 1 other way(s) to calculate the same, which is/are as follows -
  • Cost of a Tool = ((Tool Life*Taylor's Tool Life Exponent/((1-Taylor's Tool Life Exponent)*Time Proportion of Cutting Edge Engagement))-Time to Change One Tool)*Machining and Operating Rate
Let Others Know
Facebook
Twitter
Reddit
LinkedIn
Email
WhatsApp
Copied!