Machining Time for Each Product given Average Production Cost Solution

STEP 0: Pre-Calculation Summary
Formula Used
Machining Time = (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))/Cost of a Tool
tm = (Cpr-Ct*ts-(Nt/Nb)*(Ct*tc+Ct))/Ct
This formula uses 7 Variables
Variables Used
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.
Production Cost of Each Component - Production Cost of Each Component is the total amount that it takes to produce a single component from scratch.
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.
Batch Size - Batch Size is the count of similar kinds of products to be manufactured.
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
Production Cost of Each Component: 15000 --> No Conversion Required
Cost of a Tool: 80 --> No Conversion Required
Setup Time: 0.9 Minute --> 54 Second (Check conversion here)
Number of Tools Used: 3 --> No Conversion Required
Batch Size: 2 --> 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
tm = (Cpr-Ct*ts-(Nt/Nb)*(Ct*tc+Ct))/Ct --> (15000-80*54-(3/2)*(80*30+80))/80
Evaluating ... ...
tm = 87
STEP 3: Convert Result to Output's Unit
87 Second -->1.45 Minute (Check conversion here)
FINAL ANSWER
1.45 Minute <-- Machining Time
(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
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5 Machining Time Calculators

Machining Time for Each Product using Total Production Cost
Go Machining Time = (Total Production Cost-Cost of a Tool*Batch Size*Setup Time-Number of Tools Used*(Cost of a Tool*Time to Change One Tool+Cost of a Tool))/(Cost of a Tool*Batch Size)
Total Machining Time using Average Production Cost
Go Total Machining Time = ( Batch Size*(Production Cost of Each Component-Cost of a Tool*Setup Time)-Number of Tools Used*(Cost of a Tool*Time to Change One Tool+Cost of a Tool))/(Cost of a Tool)
Machining Time for Each Product given Average Production Cost
Go Machining Time = (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))/Cost of a Tool
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)
Total Machining Time using Total Production Cost
Go Total Machining Time = (Total Production Cost-(Total Non-Productive Cost+Total Tool Changing Cost+Total Cost of Tools Used))/(Cost of a Tool)

Machining Time for Each Product given Average Production Cost Formula

Machining Time = (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))/Cost of a Tool
tm = (Cpr-Ct*ts-(Nt/Nb)*(Ct*tc+Ct))/Ct

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 Time for Each Product given Average Production Cost?

Machining Time for Each Product given Average Production Cost calculator uses Machining Time = (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))/Cost of a Tool to calculate the Machining Time, The Machining Time for Each Product given Average Production Cost is a method to determine the maximum time that can be given to a single component on one or more machines for production, based on the cost of production of a single component. Machining Time is denoted by tm symbol.

How to calculate Machining Time for Each Product given Average Production Cost using this online calculator? To use this online calculator for Machining Time for Each Product given Average Production Cost, enter Production Cost of Each Component (Cpr), Cost of a Tool (Ct), Setup Time (ts), Number of Tools Used (Nt), Batch Size (Nb) & Time to Change One Tool (tc) and hit the calculate button. Here is how the Machining Time for Each Product given Average Production Cost calculation can be explained with given input values -> 0.024167 = (15000-80*54-(3/2)*(80*30+80))/80 .

FAQ

What is Machining Time for Each Product given Average Production Cost?
The Machining Time for Each Product given Average Production Cost is a method to determine the maximum time that can be given to a single component on one or more machines for production, based on the cost of production of a single component and is represented as tm = (Cpr-Ct*ts-(Nt/Nb)*(Ct*tc+Ct))/Ct or Machining Time = (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))/Cost of a Tool. Production Cost of Each Component is the total amount that it takes to produce a single component from scratch, 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, Batch Size is the count of similar kinds of products to be manufactured & Time to Change One Tool is the measure of time it takes to change one tool during machining.
How to calculate Machining Time for Each Product given Average Production Cost?
The Machining Time for Each Product given Average Production Cost is a method to determine the maximum time that can be given to a single component on one or more machines for production, based on the cost of production of a single component is calculated using Machining Time = (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))/Cost of a Tool. To calculate Machining Time for Each Product given Average Production Cost, you need Production Cost of Each Component (Cpr), Cost of a Tool (Ct), Setup Time (ts), Number of Tools Used (Nt), Batch Size (Nb) & Time to Change One Tool (tc). With our tool, you need to enter the respective value for Production Cost of Each Component, Cost of a Tool, Setup Time, Number of Tools Used, Batch Size & 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 Machining Time?
In this formula, Machining Time uses Production Cost of Each Component, Cost of a Tool, Setup Time, Number of Tools Used, Batch Size & Time to Change One Tool. We can use 2 other way(s) to calculate the same, which is/are as follows -
  • 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 Time = (Total Production Cost-Cost of a Tool*Batch Size*Setup Time-Number of Tools Used*(Cost of a Tool*Time to Change One Tool+Cost of a Tool))/(Cost of a Tool*Batch Size)
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