Machining Time for Each Product given Individual Costs Solution

STEP 0: Pre-Calculation Summary
Formula Used
Machining Time = (Total Production Cost-(Total Non-Productive Cost+Total Tool Changing Cost+Total Cost of Tools Used))/(Cost of a Tool*Batch Size)
tm = (TPC-(TNPC+TCC+TTC))/(Ct*Nb)
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.
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.
Cost of a Tool - The Cost of a Tool is simply the cost of one tool being used for machining.
Batch Size - Batch Size is the count of similar kinds of products to be manufactured.
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: 540 --> No Conversion Required
Total Cost of Tools Used: 1000 --> No Conversion Required
Cost of a Tool: 80 --> No Conversion Required
Batch Size: 2 --> No Conversion Required
STEP 2: Evaluate Formula
Substituting Input Values in Formula
tm = (TPC-(TNPC+TCC+TTC))/(Ct*Nb) --> (30000-(10+540+1000))/(80*2)
Evaluating ... ...
tm = 177.8125
STEP 3: Convert Result to Output's Unit
177.8125 Second -->2.96354166666667 Minute (Check conversion here)
FINAL ANSWER
2.96354166666667 2.963542 Minute <-- Machining Time
(Calculation completed in 00.004 seconds)

Credits

Created by Kumar Siddhant
Indian Institute of Information Technology, Design and Manufacturing (IIITDM), Jabalpur
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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 Individual Costs Formula

Machining Time = (Total Production Cost-(Total Non-Productive Cost+Total Tool Changing Cost+Total Cost of Tools Used))/(Cost of a Tool*Batch Size)
tm = (TPC-(TNPC+TCC+TTC))/(Ct*Nb)

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 Individual Costs?

Machining Time for Each Product given Individual Costs calculator uses Machining Time = (Total Production Cost-(Total Non-Productive Cost+Total Tool Changing Cost+Total Cost of Tools Used))/(Cost of a Tool*Batch Size) to calculate the Machining Time, The Machining Time for Each Product given Individual Costs 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 different activities of production of a batch of components. Machining Time is denoted by tm symbol.

How to calculate Machining Time for Each Product given Individual Costs using this online calculator? To use this online calculator for Machining Time for Each Product given Individual Costs, enter Total Production Cost (TPC), Total Non-Productive Cost (TNPC), Total Tool Changing Cost (TCC), Total Cost of Tools Used (TTC), Cost of a Tool (Ct) & Batch Size (Nb) and hit the calculate button. Here is how the Machining Time for Each Product given Individual Costs calculation can be explained with given input values -> 0.049392 = (30000-(10+540+1000))/(80*2) .

FAQ

What is Machining Time for Each Product given Individual Costs?
The Machining Time for Each Product given Individual Costs 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 different activities of production of a batch of components and is represented as tm = (TPC-(TNPC+TCC+TTC))/(Ct*Nb) or 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 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, The Cost of a Tool is simply the cost of one tool being used for machining & Batch Size is the count of similar kinds of products to be manufactured.
How to calculate Machining Time for Each Product given Individual Costs?
The Machining Time for Each Product given Individual Costs 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 different activities of production of a batch of components is calculated using Machining Time = (Total Production Cost-(Total Non-Productive Cost+Total Tool Changing Cost+Total Cost of Tools Used))/(Cost of a Tool*Batch Size). To calculate Machining Time for Each Product given Individual Costs, you need Total Production Cost (TPC), Total Non-Productive Cost (TNPC), Total Tool Changing Cost (TCC), Total Cost of Tools Used (TTC), Cost of a Tool (Ct) & Batch Size (Nb). 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, Cost of a Tool & Batch Size 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 Total Production Cost, Total Non-Productive Cost, Total Tool Changing Cost, Total Cost of Tools Used, Cost of a Tool & Batch Size. We can use 2 other way(s) to calculate the same, which is/are as follows -
  • 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 = (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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