Cost of Tool given Total Cost of Tools Solution

STEP 0: Pre-Calculation Summary
Formula Used
Cost of a Tool = Total Cost of Tools Used/Number of Tools Used
Ct = TTC/Nt
This formula uses 3 Variables
Variables Used
Cost of a Tool - The Cost of a Tool is simply the cost of one tool being used for machining.
Total Cost of Tools Used - Total Cost of Tools Used is the sum of the amount of all tools that have been used for production.
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 Cost of Tools Used: 1000 --> No Conversion Required
Number of Tools Used: 3 --> No Conversion Required
STEP 2: Evaluate Formula
Substituting Input Values in Formula
Ct = TTC/Nt --> 1000/3
Evaluating ... ...
Ct = 333.333333333333
STEP 3: Convert Result to Output's Unit
333.333333333333 --> No Conversion Required
FINAL ANSWER
333.333333333333 333.3333 <-- Cost of a Tool
(Calculation completed in 00.004 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
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22 Economics Of Metal-Cutting Operation Calculators

Total Production Time given Time for Individual Operation and Batch Size
Go Total Production Time = (Batch Size*Setup Time+Batch Size*Machining Time+Number of Tools Used*Time to Change One Tool)
Non-Productive Time for Each Component given Average Production Time
Go Setup Time = Average Production Time-(Machining Time+(Number of Tools Used*Time to Change One Tool/Batch Size))
Time for changing one Tool given Average Production Time
Go Time to Change One Tool = (Average Production Time-(Setup Time+Machining Time))*Batch Size/Number of Tools Used
Machining Time of Each Component given Average Production Time
Go Machining Time = Average Production Time-Setup Time-(Number of Tools Used*Time to Change One Tool/Batch Size)
Batch Size given Average Production Time
Go Batch Size = Time to Change One Tool*Number of Tools Used/(Average Production Time-(Setup Time+Machining Time))
Average Production Time of Each Component
Go Average Production Time = Setup Time+Machining Time+(Number of Tools Used*Time to Change One Tool/Batch Size)
Total Production Time
Go Total Production Time = (Total Machining Time+Non-Productive Time+Total Tool Changing Time)
Machining and Operating Rate given Total Machining and Operating Cost
Go Machining and Operating Rate = Total Machining And Operating Cost/Total Production Time
Total Production Time given Total Machining and Operating Cost
Go Total Production Time = Total Machining And Operating Cost/Machining and Operating Rate
Total Machining and Operating Cost
Go Total Machining And Operating Cost = Machining and Operating Rate*Total Production Time
Total Non-Productive Cost
Go Total Production Cost = Non-Productive Time*Machining and Operating Rate
Total Tool-Changing Cost
Go Total Tool Changing Cost = Total Tool Changing Time*Number of Tools Used
Time for Changing one Tool given Total Tool Changing Time
Go Time to Change One Tool = Total Tool Changing Time/Number of Tools Used
Total Tool Changing Time
Go Total Tool Changing Time = Number of Tools Used*Time to Change One Tool
Cost of Tool given Total Cost of Tools
Go Cost of a Tool = Total Cost of Tools Used/Number of Tools Used
Total Cost of Tools Used
Go Total Cost of Tools Used = Number of Tools Used*Cost of a Tool
Machining Time for one Component using Total Machining Time
Go Machining Time = Total Machining Time/Batch Size
Total Machining Time or Total Machine Time
Go Total Machining Time = Batch Size*Machining Time
Size of Batch given Total Machining Time
Go Batch Size = Total Machining Time/Machining Time
Load or Unload or Setup Time given Total Non-Productive Time
Go Setup Time = Non-Productive Time/Batch Size
Size of Batch using Total Non-Productive Time
Go Batch Size = Non-Productive Time/Setup Time
Total Non-Productive Time
Go Non-Productive Time = Batch Size*Setup Time

Cost of Tool given Total Cost of Tools Formula

Cost of a Tool = Total Cost of Tools Used/Number of Tools Used
Ct = TTC/Nt

What is Batch Production ?

Batch production is a method of manufacturing where the products are made as specified groups or amounts, within a time frame. A batch can go through a series of steps in a large manufacturing process to make the final desired product.

How to Calculate Cost of Tool given Total Cost of Tools?

Cost of Tool given Total Cost of Tools calculator uses Cost of a Tool = Total Cost of Tools Used/Number of Tools Used to calculate the Cost of a Tool, The Cost of Tool given Total Cost of Tools is a method to determine the maximum price of each tool that can be afforded when the total resources available and total requirement for machining tools for a batch production is known. Cost of a Tool is denoted by Ct symbol.

How to calculate Cost of Tool given Total Cost of Tools using this online calculator? To use this online calculator for Cost of Tool given Total Cost of Tools, enter Total Cost of Tools Used (TTC) & Number of Tools Used (Nt) and hit the calculate button. Here is how the Cost of Tool given Total Cost of Tools calculation can be explained with given input values -> 333.3333 = 1000/3.

FAQ

What is Cost of Tool given Total Cost of Tools?
The Cost of Tool given Total Cost of Tools is a method to determine the maximum price of each tool that can be afforded when the total resources available and total requirement for machining tools for a batch production is known and is represented as Ct = TTC/Nt or Cost of a Tool = Total Cost of Tools Used/Number of Tools Used. Total Cost of Tools Used is the sum of the amount of all tools that have been used for production & The Number of Tools Used is the total number of tools used for manufacturing a batch of products.
How to calculate Cost of Tool given Total Cost of Tools?
The Cost of Tool given Total Cost of Tools is a method to determine the maximum price of each tool that can be afforded when the total resources available and total requirement for machining tools for a batch production is known is calculated using Cost of a Tool = Total Cost of Tools Used/Number of Tools Used. To calculate Cost of Tool given Total Cost of Tools, you need Total Cost of Tools Used (TTC) & Number of Tools Used (Nt). With our tool, you need to enter the respective value for Total Cost of Tools Used & 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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