Machining and Operating Cost of Each Product using Total Production Cost Calculator

✖Total Production Cost is the total amount that it takes to produce a batch of components from scratch.ⓘ Total Production Cost [TPC]			+10% -10%
✖Batch Size is the count of similar kinds of products to be manufactured.ⓘ Batch Size [N_b]			+10% -10%
✖The Cost of a Tool is simply the cost of one tool being used for machining.ⓘ 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%
✖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 is the measure of time it takes to change one tool during machining.ⓘ Time to Change One Tool [t_c]			+10% -10%

✖Machining and Operating Total Cost of Each Product is the total amount of money required to machine a single product.ⓘ Machining and Operating Cost of Each Product using Total Production Cost [C_total]

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Machining and Operating Cost of Each Product using Total Production Cost

Formula

`"C"_{"total"} = "TPC"-("N"_{"b"}*"C"_{"t"}*"t"_{"s"}+"N"_{"t"}*(("C"_{"t"}*"t"_{"c"})+"C"_{"t"}))`

Example

`"7468.021"="30000"-("2"*"42.338"*"3.65994min"+"3"*(("42.338"*"0.5min")+"42.338"))`

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Machining and Operating Cost of Each Product using Total Production Cost Solution

STEP 0: Pre-Calculation Summary

Formula Used

Machining and Operating Total Cost of Each Product = Total Production Cost-(Batch Size*Cost of A Tool*Setup Time+Number of Tools Used*((Cost of A Tool*Time to Change One Tool)+Cost of A Tool))
C_total = TPC-(N_b*C_t*t_s+N_t*((C_t*t_c)+C_t))
This formula uses 7 Variables

Variables Used

Machining and Operating Total Cost of Each Product - Machining and Operating Total Cost of Each Product is the total amount of money required to machine a single product.
Total Production Cost - Total Production Cost is the total amount that it takes to produce a batch of components from scratch.
Batch Size - Batch Size is the count of similar kinds of products to be manufactured.
Cost of A Tool - The Cost of a Tool is simply the cost of one tool being used for machining.
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.
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 is the measure of time it takes to change one tool during machining.

STEP 1: Convert Input(s) to Base Unit

Total Production Cost: 30000 --> No Conversion Required
Batch Size: 2 --> No Conversion Required
Cost of A Tool: 42.338 --> No Conversion Required
Setup Time: 3.65994 Minute --> 219.5964 Second (Check conversion here)
Number of Tools Used: 3 --> No Conversion Required
Time to Change One Tool: 0.5 Minute --> 30 Second (Check conversion here)

STEP 2: Evaluate Formula

Substituting Input Values in Formula

C_total = TPC-(N_b*C_t*t_s+N_t*((C_t*t_c)+C_t)) --> 30000-(2*42.338*219.5964+3*((42.338*30)+42.338))

Evaluating ... ...

C_total = 7468.0212336

STEP 3: Convert Result to Output's Unit

7468.0212336 --> No Conversion Required

FINAL ANSWER

7468.0212336 ≈ 7468.021 <-- Machining and Operating Total Cost of Each Product

(Calculation completed in 00.004 seconds)

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Home » Engineering » Production Engineering » Metal Machining » Metal-Machining Economics » Production Cost » Machining Cost » Machining and Operating Cost of Each Product using Total Production Cost

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!

< 17 Machining Cost Calculators

Machining and Operating Rate given Machining Cost for Maximum Power

Go Machining and Operating Rate = ((Machining and Operating Cost of Each Product/Machining Time for Maximum Power)-(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)

Machining Rate given Machining Cost for Maximum Power with limited Cutting Speed

Go Machining and Operating Rate = Machining and Operating Cost of Each Product/(((((Machining Time for Minimum Cost/Machining Time for Maximum Power)^(1/Taylor's Tool Life Exponent))*Taylor's Tool Life Exponent/(1-Taylor's Tool Life Exponent))+1)*Machining Time for Maximum Power)

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)

Total Machining and Operating Costs using Average Production Cost

Go Total Machining And Operating Cost = (Production Cost of Each Component-(Cost of A Tool*Non Productive Time)-((Number of Tools Used/Batch Size)*(Cost of A Tool*Time to Change One Tool+Cost of A Tool)))*Batch Size

Number of shifts given Total rate for Machining and Operator

Go Number of Shifts = (Factor to allow for Machining*Constant for Tool Type(e)*Initial Work Piece Weight^Constant for Tool Type(f))/((Total Rate of Machining and Operator-(Factor to allow for Operator*Direct Labor Rate))*(2*Amortized Years))

Factor to allow for Machining overheads given Total rate for Machining and Operator

Go Factor to allow for Machining = (Total Rate of Machining and Operator-(Factor to allow for Operator*Direct Labor Rate))*(2*Amortized Years*Number of Shifts)/(Constant for Tool Type(e)*Initial Work Piece Weight^Constant for Tool Type(f))

Factor to allow for Operator overheads given Total rate for Machining and Operator

Go Factor to allow for Operator = (Total Rate of Machining and Operator-((Factor to allow for Machining*Constant for Tool Type(e)*Initial Work Piece Weight^Constant for Tool Type(f))/(2*Amortized Years*Number of Shifts)))/Direct Labor Rate

Machining and Operating Cost of Each Product using Average Production Cost

Go Machining and Operating Cost of Each Product = Production Cost of Each Component-(Cost of A Tool*Setup Time+(Number of Tools Used/Batch Size)*((Cost of A Tool*Time to Change One Tool) +Cost of A Tool))

Machining and Operating Cost of Each Product using Total Production Cost

Go Machining and Operating Total Cost of Each Product = Total Production Cost-(Batch Size*Cost of A Tool*Setup Time+Number of Tools Used*((Cost of A Tool*Time to Change One Tool)+Cost of A Tool))

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)

Machining and Operating Cost of Each Product using Individual Cost

Go Machining Individual Cost of Each Product = (Total Production Cost-(Total Non Productive Cost+Total Tool Changing Cost+Total Cost of Tools Used))/Batch Size

Total Machining and Operating Costs given Individual Costs

Go Total Machining And Operating Cost = Total Production Cost-(Total Non Productive Cost+Total Tool Changing Cost+Total Cost of Tools Used)

Total Machining and Operating Costs given Total Production Cost

Go Total Machining And Operating Cost = Total Production Cost-(Total Cost of Tools Used+Total Tool Changing Cost+Total Non Productive Cost)

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 and Operating Rate given Total Machining and Operating Cost

Go Machining and Operating Rate = Total Machining And Operating Cost/Total Production Time

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

Machining and Operating Cost of Each Product using Total Production Cost Formula

Significance of Machining and Operating Costs

The Machining and Operating Cost basically helps in determining the count of components that can be manufactured in the given resources. If this calculated cost is lower than the actual cost based on machining time, it means that the production planning has failed, as the total number of the components that are to be produced becomes lower than the starting batch size.

How to Calculate Machining and Operating Cost of Each Product using Total Production Cost?

Machining and Operating Cost of Each Product using Total Production Cost calculator uses Machining and Operating Total Cost of Each Product = Total Production Cost-(Batch Size*Cost of A Tool*Setup Time+Number of Tools Used*((Cost of A Tool*Time to Change One Tool)+Cost of A Tool)) to calculate the Machining and Operating Total Cost of Each Product, The Machining and Operating Cost of Each Product using Total Production Cost is a method to determine the capital that must be invested for machining and operating processes to be afforded on a single product based on the expense it took to manufacture a batch of components. Machining and Operating Total Cost of Each Product is denoted by C_total symbol.

How to calculate Machining and Operating Cost of Each Product using Total Production Cost using this online calculator? To use this online calculator for Machining and Operating Cost of Each Product using Total Production Cost, enter Total Production Cost (TPC), Batch Size (N_b), Cost of A Tool (C_t), Setup Time (t_s), Number of Tools Used (N_t) & Time to Change One Tool (t_c) and hit the calculate button. Here is how the Machining and Operating Cost of Each Product using Total Production Cost calculation can be explained with given input values -> 7468.021 = 30000-(2*42.338*219.5964+3*((42.338*30)+42.338)).

FAQ

What is Machining and Operating Cost of Each Product using Total Production Cost?

The Machining and Operating Cost of Each Product using Total Production Cost is a method to determine the capital that must be invested for machining and operating processes to be afforded on a single product based on the expense it took to manufacture a batch of components and is represented as C_total = TPC-(N_b*C_t*t_s+N_t*((C_t*t_c)+C_t)) or Machining and Operating Total Cost of Each Product = Total Production Cost-(Batch Size*Cost of A Tool*Setup Time+Number of Tools Used*((Cost of A Tool*Time to Change One Tool)+Cost of A Tool)). Total Production Cost is the total amount that it takes to produce a batch of components from scratch, Batch Size is the count of similar kinds of products to be manufactured, The Cost of a Tool is simply the cost of one tool being used for machining, Setup Time of each component is the time required to load/unload the workpiece and position the tool for production for one component, The Number of Tools Used is the total number of tools used for manufacturing a batch of products & Time to Change One Tool is the measure of time it takes to change one tool during machining.

How to calculate Machining and Operating Cost of Each Product using Total Production Cost?

The Machining and Operating Cost of Each Product using Total Production Cost is a method to determine the capital that must be invested for machining and operating processes to be afforded on a single product based on the expense it took to manufacture a batch of components is calculated using Machining and Operating Total Cost of Each Product = Total Production Cost-(Batch Size*Cost of A Tool*Setup Time+Number of Tools Used*((Cost of A Tool*Time to Change One Tool)+Cost of A Tool)). To calculate Machining and Operating Cost of Each Product using Total Production Cost, you need Total Production Cost (TPC), Batch Size (N_b), Cost of A Tool (C_t), Setup Time (t_s), Number of Tools Used (N_t) & Time to Change One Tool (t_c). With our tool, you need to enter the respective value for Total Production Cost, Batch Size, Cost of A Tool, Setup 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.

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