Production Time per component given Profit Rate Solution

STEP 0: Pre-Calculation Summary
Formula Used
Average Production Time = (Amount Received for each Component-Production Cost of Each Component )/Maximum Profit Rate
tp = (S-Cpr )/MPR
This formula uses 4 Variables
Variables Used
Average Production Time - (Measured in Second) - Average Production Time is the time taken to produce a single component out of a lot of produced batches.
Amount Received for each Component - Amount Received for Each Component is the amount of money the machine shop receives for machining each component.
Production Cost of Each Component - Production Cost of Each Component is the total amount that it takes to produce a single component from scratch.
Maximum Profit Rate - Maximum Profit Rate is the efficiency rate of the product obtained in metal cutting.
STEP 1: Convert Input(s) to Base Unit
Amount Received for each Component: 20000 --> No Conversion Required
Production Cost of Each Component: 15000 --> No Conversion Required
Maximum Profit Rate: 4.6 --> No Conversion Required
STEP 2: Evaluate Formula
Substituting Input Values in Formula
tp = (S-Cpr )/MPR --> (20000-15000 )/4.6
Evaluating ... ...
tp = 1086.95652173913
STEP 3: Convert Result to Output's Unit
1086.95652173913 Second -->18.1159420289855 Minute (Check conversion here)
FINAL ANSWER
18.1159420289855 18.11594 Minute <-- Average Production 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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Go Maximum Profit Rate = (Amount Received for each Component-Production Cost of Each Component)/Average Production Time
Amount Received by Machine Shop given Profit per Component
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Profit per component produced
Go Profit per Component = Amount Received for each Component-Production Cost of Each Component
Profit per Component produced given Profit Rate
Go Profit per Component = Average Production Time*Maximum Profit Rate
Production Time per component given Profit
Go Average Production Time = Profit per Component/Maximum Profit Rate
Rate of Profit given Profit Per component
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Production Time per component given Profit Rate Formula

Average Production Time = (Amount Received for each Component-Production Cost of Each Component )/Maximum Profit Rate
tp = (S-Cpr )/MPR

Importance of Production Time

The Production time and its proper estimation are of great help in determining:
1. Manufacturing Costs
2. Machine Work Loads
3. Personel Needs
4. Delivery Time

How to Calculate Production Time per component given Profit Rate?

Production Time per component given Profit Rate calculator uses Average Production Time = (Amount Received for each Component-Production Cost of Each Component )/Maximum Profit Rate to calculate the Average Production Time, The Production Time per component given Profit Rate is a method to determine the maximum time that can be given for the production of a component for a required profit in unit time is given. Average Production Time is denoted by tp symbol.

How to calculate Production Time per component given Profit Rate using this online calculator? To use this online calculator for Production Time per component given Profit Rate, enter Amount Received for each Component (S), Production Cost of Each Component (Cpr) & Maximum Profit Rate (MPR) and hit the calculate button. Here is how the Production Time per component given Profit Rate calculation can be explained with given input values -> 0.301932 = (20000-15000 )/4.6.

FAQ

What is Production Time per component given Profit Rate?
The Production Time per component given Profit Rate is a method to determine the maximum time that can be given for the production of a component for a required profit in unit time is given and is represented as tp = (S-Cpr )/MPR or Average Production Time = (Amount Received for each Component-Production Cost of Each Component )/Maximum Profit Rate. Amount Received for Each Component is the amount of money the machine shop receives for machining each component, Production Cost of Each Component is the total amount that it takes to produce a single component from scratch & Maximum Profit Rate is the efficiency rate of the product obtained in metal cutting.
How to calculate Production Time per component given Profit Rate?
The Production Time per component given Profit Rate is a method to determine the maximum time that can be given for the production of a component for a required profit in unit time is given is calculated using Average Production Time = (Amount Received for each Component-Production Cost of Each Component )/Maximum Profit Rate. To calculate Production Time per component given Profit Rate, you need Amount Received for each Component (S), Production Cost of Each Component (Cpr) & Maximum Profit Rate (MPR). With our tool, you need to enter the respective value for Amount Received for each Component, Production Cost of Each Component & Maximum Profit Rate 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 Average Production Time?
In this formula, Average Production Time uses Amount Received for each Component, Production Cost of Each Component & Maximum Profit Rate. We can use 1 other way(s) to calculate the same, which is/are as follows -
  • Average Production Time = Profit per Component/Maximum Profit Rate
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