Cost to change One Tool given Tool Life Solution

STEP 0: Pre-Calculation Summary
Formula Used
Cost of changing each Tool = Cost of a Tool*(Tool Life*Taylor's Tool Life Exponent/(1-Taylor's Tool Life Exponent))-Cost of a Tool
CCT = Ct*(T*n/(1-n))-Ct
This formula uses 4 Variables
Variables Used
Cost of changing each Tool - The cost of changing each Tool is the cost that arises due to the time taken by the operator to change one tool when he is paid by the hour.
Cost of a Tool - The Cost of a Tool is simply the cost of one tool being used for machining.
Tool Life - (Measured in Second) - Tool Life is the period of time for which the cutting edge, affected by the cutting procedure, retains its cutting capacity between sharpening operations.
Taylor's Tool Life Exponent - Taylor's Tool Life Exponent is an experimental exponent that helps in quantifying the rate of Tool Wear.
STEP 1: Convert Input(s) to Base Unit
Cost of a Tool: 100 --> No Conversion Required
Tool Life: 75 Minute --> 4500 Second (Check conversion here)
Taylor's Tool Life Exponent: 0.55 --> No Conversion Required
STEP 2: Evaluate Formula
Substituting Input Values in Formula
CCT = Ct*(T*n/(1-n))-Ct --> 100*(4500*0.55/(1-0.55))-100
Evaluating ... ...
CCT = 549900
STEP 3: Convert Result to Output's Unit
549900 --> No Conversion Required
FINAL ANSWER
549900 <-- Cost of changing each Tool
(Calculation completed in 00.004 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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10+ Tool Life for Minimum Production Cost Calculators

Machining and Operating Rate if cost of changing tool is also considered
Go Machining and Operating Rate = ((Cost of a Tool+Cost of changing each Tool)/Time to Change One Tool)*((1-Taylor's Tool Life Exponent)/(2*Taylor's Tool Life Exponent-1))
Tool Life for Minimum Production Cost given Tool Changing Cost
Go Tool Life = (1-Taylor's Tool Life Exponent)*(Cost of changing each Tool+Cost of a Tool)/(Taylor's Tool Life Exponent*Cost of a Tool)
Cost to change One Tool given Tool Life
Go Cost of changing each Tool = Cost of a Tool*(Tool Life*Taylor's Tool Life Exponent/(1-Taylor's Tool Life Exponent))-Cost of a Tool
Tool Changing Time for each Tool given Tool Life and tool cost
Go Time to Change One Tool = (Tool Life*Taylor's Tool Life Exponent/(1-Taylor's Tool Life Exponent))-(Cost of a Tool/Cost of a Tool)
Tool Life for Minimum Production Cost
Go Tool Life = (1-Taylor's Tool Life Exponent)*(Time to Change One Tool+(Cost of a Tool/Cost of a Tool))/Taylor's Tool Life Exponent
Machining and Operating Rate using Min Production Cost and Min Production time
Go Machining and Operating Rate = (Cost of a Tool/Time to Change One Tool)*((1-Taylor's Tool Life Exponent)/(2*Taylor's Tool Life Exponent-1))
Cost of One Tool for Minimum Production Cost given Tool Changing Cost
Go Cost of a Tool = Machining and Operating Rate*Time to Change One Tool*((2*Taylor's Tool Life Exponent-1)/(1-Taylor's Tool Life Exponent))
Cost of One Tool given Tool Life
Go Cost of a Tool = Machining and Operating Rate*Time to Change One Tool*((2*Taylor's Tool Life Exponent-1)/(1-Taylor's Tool Life Exponent))
Tool Life for Minimum Production Cost when High-Speed Steel Tool is used
Go Tool Life = 7*(Time to Change One Tool+(Cost of a Tool/Cost of a Tool))
Tool Life for Minimum Production Cost when Carbide Tool is used
Go Tool Life = 3*(Time to Change One Tool+(Cost of a Tool/Cost of a Tool))

Cost to change One Tool given Tool Life Formula

Cost of changing each Tool = Cost of a Tool*(Tool Life*Taylor's Tool Life Exponent/(1-Taylor's Tool Life Exponent))-Cost of a Tool
CCT = Ct*(T*n/(1-n))-Ct

How is Tool-Changing Cost generated?

The tool-changing cost is generated on the processes that basically include changing or re-sharpening the tool. These do not result in any productivity or profit whatsoever. But as the time is consumed by the operator to perform these tasks, when paid by the hour, the operators cost plants this time too.

How to Calculate Cost to change One Tool given Tool Life?

Cost to change One Tool given Tool Life calculator uses Cost of changing each Tool = Cost of a Tool*(Tool Life*Taylor's Tool Life Exponent/(1-Taylor's Tool Life Exponent))-Cost of a Tool to calculate the Cost of changing each Tool, Cost to change One Tool given Tool Life is a method to determine the cost that arises due to the time taken by the operator in changing 1 Cutting Tool when he is paid by the hour maintaining conditions to Minimize the Total Production Cost. Cost of changing each Tool is denoted by CCT symbol.

How to calculate Cost to change One Tool given Tool Life using this online calculator? To use this online calculator for Cost to change One Tool given Tool Life, enter Cost of a Tool (Ct), Tool Life (T) & Taylor's Tool Life Exponent (n) and hit the calculate button. Here is how the Cost to change One Tool given Tool Life calculation can be explained with given input values -> 549900 = 100*(4500*0.55/(1-0.55))-100.

FAQ

What is Cost to change One Tool given Tool Life?
Cost to change One Tool given Tool Life is a method to determine the cost that arises due to the time taken by the operator in changing 1 Cutting Tool when he is paid by the hour maintaining conditions to Minimize the Total Production Cost and is represented as CCT = Ct*(T*n/(1-n))-Ct or Cost of changing each Tool = Cost of a Tool*(Tool Life*Taylor's Tool Life Exponent/(1-Taylor's Tool Life Exponent))-Cost of a Tool. The Cost of a Tool is simply the cost of one tool being used for machining, Tool Life is the period of time for which the cutting edge, affected by the cutting procedure, retains its cutting capacity between sharpening operations & Taylor's Tool Life Exponent is an experimental exponent that helps in quantifying the rate of Tool Wear.
How to calculate Cost to change One Tool given Tool Life?
Cost to change One Tool given Tool Life is a method to determine the cost that arises due to the time taken by the operator in changing 1 Cutting Tool when he is paid by the hour maintaining conditions to Minimize the Total Production Cost is calculated using Cost of changing each Tool = Cost of a Tool*(Tool Life*Taylor's Tool Life Exponent/(1-Taylor's Tool Life Exponent))-Cost of a Tool. To calculate Cost to change One Tool given Tool Life, you need Cost of a Tool (Ct), Tool Life (T) & Taylor's Tool Life Exponent (n). With our tool, you need to enter the respective value for Cost of a Tool, Tool Life & Taylor's Tool Life Exponent 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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