Cost of One Tool given Tool Life Solution

STEP 0: Pre-Calculation Summary
Formula Used
Cost of a Tool = Machining and Operating Rate*Time to Change One Tool*((2*Taylor's Tool Life Exponent-1)/(1-Taylor's Tool Life Exponent))
Ct = M*tc*((2*n-1)/(1-n))
This formula uses 4 Variables
Variables Used
Cost of a Tool - The Cost of a Tool is simply the cost of one tool being used for machining.
Machining and Operating Rate - Machining and Operating Rate is the money charged for processing on and operating machines per unit time, including overheads for minimum production cost.
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.
Taylor's Tool Life Exponent - Taylor's Tool Life Exponent is an experimental exponent that helps in quantifying the rate of Tool Wear.
STEP 1: Convert Input(s) to Base Unit
Machining and Operating Rate: 0.44 --> No Conversion Required
Time to Change One Tool: 1.5 Minute --> 90 Second (Check conversion here)
Taylor's Tool Life Exponent: 0.55 --> No Conversion Required
STEP 2: Evaluate Formula
Substituting Input Values in Formula
Ct = M*tc*((2*n-1)/(1-n)) --> 0.44*90*((2*0.55-1)/(1-0.55))
Evaluating ... ...
Ct = 8.80000000000001
STEP 3: Convert Result to Output's Unit
8.80000000000001 --> No Conversion Required
FINAL ANSWER
8.80000000000001 8.8 <-- 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
Parul Keshav has verified this Calculator and 400+ more calculators!

10+ Tool Life for Minimum Production Cost Calculators

Machining and Operating Rate if cost of changing tool is also considered
Go Machining and Operating Rate = ((Cost of a Tool+Cost of changing each Tool)/Time to Change One Tool)*((1-Taylor's Tool Life Exponent)/(2*Taylor's Tool Life Exponent-1))
Tool Life for Minimum Production Cost given Tool Changing Cost
Go Tool Life = (1-Taylor's Tool Life Exponent)*(Cost of changing each Tool+Cost of a Tool)/(Taylor's Tool Life Exponent*Cost of a Tool)
Cost to change One Tool given Tool Life
Go Cost of changing each Tool = Cost of a Tool*(Tool Life*Taylor's Tool Life Exponent/(1-Taylor's Tool Life Exponent))-Cost of a Tool
Tool Changing Time for each Tool given Tool Life and tool cost
Go Time to Change One Tool = (Tool Life*Taylor's Tool Life Exponent/(1-Taylor's Tool Life Exponent))-(Cost of a Tool/Cost of a Tool)
Tool Life for Minimum Production Cost
Go Tool Life = (1-Taylor's Tool Life Exponent)*(Time to Change One Tool+(Cost of a Tool/Cost of a Tool))/Taylor's Tool Life Exponent
Machining and Operating Rate using Min Production Cost and Min Production time
Go Machining and Operating Rate = (Cost of a Tool/Time to Change One Tool)*((1-Taylor's Tool Life Exponent)/(2*Taylor's Tool Life Exponent-1))
Cost of One Tool for Minimum Production Cost given Tool Changing Cost
Go Cost of a Tool = Machining and Operating Rate*Time to Change One Tool*((2*Taylor's Tool Life Exponent-1)/(1-Taylor's Tool Life Exponent))
Cost of One Tool given Tool Life
Go Cost of a Tool = Machining and Operating Rate*Time to Change One Tool*((2*Taylor's Tool Life Exponent-1)/(1-Taylor's Tool Life Exponent))
Tool Life for Minimum Production Cost when High-Speed Steel Tool is used
Go Tool Life = 7*(Time to Change One Tool+(Cost of a Tool/Cost of a Tool))
Tool Life for Minimum Production Cost when Carbide Tool is used
Go Tool Life = 3*(Time to Change One Tool+(Cost of a Tool/Cost of a Tool))

Cost of One Tool given Tool Life Formula

Cost of a Tool = Machining and Operating Rate*Time to Change One Tool*((2*Taylor's Tool Life Exponent-1)/(1-Taylor's Tool Life Exponent))
Ct = M*tc*((2*n-1)/(1-n))

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 One Tool given Tool Life?

Cost of One Tool given Tool Life calculator uses Cost of a Tool = Machining and Operating Rate*Time to Change One Tool*((2*Taylor's Tool Life Exponent-1)/(1-Taylor's Tool Life Exponent)) to calculate the Cost of a Tool, The Cost of One Tool given Tool Life is a method to determine the maximum amount available to be spent on renewing the Machining Tool for the production of a batch of components, such that the Total Production Cost is Minimum. Cost of a Tool is denoted by Ct symbol.

How to calculate Cost of One Tool given Tool Life using this online calculator? To use this online calculator for Cost of One Tool given Tool Life, enter Machining and Operating Rate (M), Time to Change One Tool (tc) & Taylor's Tool Life Exponent (n) and hit the calculate button. Here is how the Cost of One Tool given Tool Life calculation can be explained with given input values -> 8.8 = 0.44*90*((2*0.55-1)/(1-0.55)).

FAQ

What is Cost of One Tool given Tool Life?
The Cost of One Tool given Tool Life is a method to determine the maximum amount available to be spent on renewing the Machining Tool for the production of a batch of components, such that the Total Production Cost is Minimum and is represented as Ct = M*tc*((2*n-1)/(1-n)) or Cost of a Tool = Machining and Operating Rate*Time to Change One Tool*((2*Taylor's Tool Life Exponent-1)/(1-Taylor's Tool Life Exponent)). Machining and Operating Rate is the money charged for processing on and operating machines per unit time, including overheads for minimum production cost, Time to Change One Tool is the measure of time it takes to change one tool during machining & Taylor's Tool Life Exponent is an experimental exponent that helps in quantifying the rate of Tool Wear.
How to calculate Cost of One Tool given Tool Life?
The Cost of One Tool given Tool Life is a method to determine the maximum amount available to be spent on renewing the Machining Tool for the production of a batch of components, such that the Total Production Cost is Minimum is calculated using Cost of a Tool = Machining and Operating Rate*Time to Change One Tool*((2*Taylor's Tool Life Exponent-1)/(1-Taylor's Tool Life Exponent)). To calculate Cost of One Tool given Tool Life, you need Machining and Operating Rate (M), Time to Change One Tool (tc) & Taylor's Tool Life Exponent (n). With our tool, you need to enter the respective value for Machining and Operating Rate, Time to Change One Tool & Taylor's Tool Life Exponent 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 Machining and Operating Rate, Time to Change One Tool & Taylor's Tool Life Exponent. We can use 1 other way(s) to calculate the same, which is/are as follows -
  • Cost of a Tool = Machining and Operating Rate*Time to Change One Tool*((2*Taylor's Tool Life Exponent-1)/(1-Taylor's Tool Life Exponent))
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