Machining and Operating Rate using Individual 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%
✖Total Non Productive Cost is the amount spent on activities that do not result in any productivity or profit to the plant during the manufacturing of a batch of components.ⓘ Total Non Productive Cost [TNPC]			+10% -10%
✖Total Tool Changing Cost is the total cost that arises due to the time taken by the operator in changing the Cutting Tool when he is paid by the hour.ⓘ Total Tool Changing Cost [TCC]			+10% -10%
✖Total Cost of Tools Used is the sum of the amount of all tools that have been used for production.ⓘ Total Cost of Tools Used [TTC]			+10% -10%
✖Batch Size is the count of similar kinds of products to be manufactured.ⓘ Batch Size [N_b]			+10% -10%
✖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 Time [t_m]			+10% -10%

✖The Cost of a Tool is simply the cost of one tool being used for machining.ⓘ Machining and Operating Rate using Individual Cost [C_t]

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Formula

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Machining and Operating Rate using Individual Cost

Formula

`"C"_{"t"} = ("TPC"-("TNPC"+"TCC"+"TTC"))/("N"_{"b"}*"t"_{"m"}) `

Example

`"80"=("30000"-("10"+"17950"+"1000"))/("2"*"1.15min") `

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Machining and Operating Rate using Individual Cost Solution

STEP 0: Pre-Calculation Summary

Formula Used

Cost of A Tool = (Total Production Cost-(Total Non Productive Cost+Total Tool Changing Cost+Total Cost of Tools Used))/(Batch Size*Machining Time)
C_t = (TPC-(TNPC+TCC+TTC))/(N_b*t_m)
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.
Total Production Cost - Total Production Cost is the total amount that it takes to produce a batch of components from scratch.
Total Non Productive Cost - Total Non Productive Cost is the amount spent on activities that do not result in any productivity or profit to the plant during the manufacturing of a batch of components.
Total Tool Changing Cost - Total Tool Changing Cost is the total cost that arises due to the time taken by the operator in changing the Cutting Tool when he is paid by the hour.
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.
Batch Size - Batch Size is the count of similar kinds of products to be manufactured.
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.

STEP 1: Convert Input(s) to Base Unit

Total Production Cost: 30000 --> No Conversion Required
Total Non Productive Cost: 10 --> No Conversion Required
Total Tool Changing Cost: 17950 --> No Conversion Required
Total Cost of Tools Used: 1000 --> No Conversion Required
Batch Size: 2 --> No Conversion Required
Machining Time: 1.15 Minute --> 69 Second (Check conversion here)

STEP 2: Evaluate Formula

Substituting Input Values in Formula

C_t = (TPC-(TNPC+TCC+TTC))/(N_b*t_m) --> (30000-(10+17950+1000))/(2*69)

Evaluating ... ...

C_t = 80

STEP 3: Convert Result to Output's Unit

80 --> No Conversion Required

FINAL ANSWER

80 <-- Cost of A Tool

(Calculation completed in 00.004 seconds)

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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!

< 13 Individual Cost Calculators

Tool Changing Time for Each Tool given Individual Costs

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

Setup Time for Each Product given Individual Costs

Go Setup Time = (Total Production Cost for Setup Time-(Total Machining And Operating Cost+Total Tool Changing Cost+Total Cost of Tools Used))/(Cost of A Tool*Batch Size)

Machining Time for Each Product given Individual Costs

Go Machining Time = (Total Production Cost-(Total Non-Productive Cost+Total Tool Changing Cost+Total Cost of Tools Used))/(Cost of A Tool*Batch Size)

Machining and Operating Rate using Individual Cost

Go Cost of A Tool = (Total Production Cost-(Total Non Productive Cost+Total Tool Changing Cost+Total Cost of Tools Used))/(Batch Size*Machining Time)

Non-Productive Cost of One Component given Individual Costs

Go Non Another Productive Cost of Each Component = (Total Production Cost-(Total Machining And Operating Cost+Total Tool Changing Cost+Total Cost of Tools Used))/Batch Size

Tool Changing Cost of each Tool given Individual Costs

Go Cost of changing each Tool = (Total Production Cost-(Total Non Productive Cost+Total Machining And Operating Cost+Total Cost of Tools Used))/Number of Tools Used

Number of Tools used given Individual Costs

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

Total Non-Productive Cost given Individual Costs

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

Total Tool Changing Cost given Individual Costs

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

Total Cost of Tools Used given Individual Costs

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

Total Production Cost given Individual Costs

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

Number of Tools Used given Total Tool Changing Time

Go Number of Tools Used = Total Tool Changing Time/Time to Change One Tool

Number of Tools used given Total Cost of Tools

Go Number of Tools Used = Total Cost of Tools Used/Cost of A Tool

Machining and Operating Rate using Individual Cost Formula

Cost of A Tool = (Total Production Cost-(Total Non Productive Cost+Total Tool Changing Cost+Total Cost of Tools Used))/(Batch Size*Machining Time)
C_t = (TPC-(TNPC+TCC+TTC))/(N_b*t_m)

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 Rate using Individual Cost?

Machining and Operating Rate using Individual Cost calculator uses Cost of A Tool = (Total Production Cost-(Total Non Productive Cost+Total Tool Changing Cost+Total Cost of Tools Used))/(Batch Size*Machining Time) to calculate the Cost of A Tool, Machining and Operating Rate using Individual Cost is a method to determine the maximum expense rate that can be afforded on machines and operators when based on the expenses it took for different activities in order to manufacture a complete batch of components. Cost of A Tool is denoted by C_t symbol.

How to calculate Machining and Operating Rate using Individual Cost using this online calculator? To use this online calculator for Machining and Operating Rate using Individual Cost, enter Total Production Cost (TPC), Total Non Productive Cost (TNPC), Total Tool Changing Cost (TCC), Total Cost of Tools Used (TTC), Batch Size (N_b) & Machining Time (t_m) and hit the calculate button. Here is how the Machining and Operating Rate using Individual Cost calculation can be explained with given input values -> 80 = (30000-(10+17950+1000))/(2*69) .

FAQ

What is Machining and Operating Rate using Individual Cost?

Machining and Operating Rate using Individual Cost is a method to determine the maximum expense rate that can be afforded on machines and operators when based on the expenses it took for different activities in order to manufacture a complete batch of components and is represented as C_t = (TPC-(TNPC+TCC+TTC))/(N_b*t_m) or Cost of A Tool = (Total Production Cost-(Total Non Productive Cost+Total Tool Changing Cost+Total Cost of Tools Used))/(Batch Size*Machining Time). Total Production Cost is the total amount that it takes to produce a batch of components from scratch, Total Non Productive Cost is the amount spent on activities that do not result in any productivity or profit to the plant during the manufacturing of a batch of components, Total Tool Changing Cost is the total cost that arises due to the time taken by the operator in changing the Cutting Tool when he is paid by the hour, Total Cost of Tools Used is the sum of the amount of all tools that have been used for production, Batch Size is the count of similar kinds of products to be manufactured & 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.

How to calculate Machining and Operating Rate using Individual Cost?

Machining and Operating Rate using Individual Cost is a method to determine the maximum expense rate that can be afforded on machines and operators when based on the expenses it took for different activities in order to manufacture a complete batch of components is calculated using Cost of A Tool = (Total Production Cost-(Total Non Productive Cost+Total Tool Changing Cost+Total Cost of Tools Used))/(Batch Size*Machining Time). To calculate Machining and Operating Rate using Individual Cost, you need Total Production Cost (TPC), Total Non Productive Cost (TNPC), Total Tool Changing Cost (TCC), Total Cost of Tools Used (TTC), Batch Size (N_b) & Machining Time (t_m). With our tool, you need to enter the respective value for Total Production Cost, Total Non Productive Cost, Total Tool Changing Cost, Total Cost of Tools Used, Batch Size & Machining Time 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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