Tool Changing Cost of Each Product using Average Production Cost Calculator

✖Batch Size is the count of similar kinds of products to be manufactured.ⓘ Batch Size [N_b]			+10% -10%
✖Production Cost of Each Component is the total amount that it takes to produce a single component from scratch.ⓘ Production Cost of Each Component [C_pr]			+10% -10%
✖The Cost of a Tool is simply the cost of one tool being used for machining.ⓘ Cost of A Tool [C_t]			+10% -10%
✖Setup Time of each component is the time required to load/unload the workpiece and position the tool for production for one component.ⓘ Setup Time [t_s]			+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 Number of Tools Used is the total number of tools used for manufacturing a batch of products.ⓘ Number of Tools Used [N_t]			+10% -10%

✖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.ⓘ Tool Changing Cost of Each Product using Average Production Cost [C_CT]

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Formula

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Tool Changing Cost of Each Product using Average Production Cost

Formula

`"C"_{"CT"} = ("N"_{"b"}*"C"_{"pr"}-"N"_{"b"}*"C"_{"t"}*("t"_{"s"}+"t"_{"m"})-"N"_{"t"}*"C"_{"t"})/("N"_{"t"})`

Example

`"25"=("2"*"9997.5"-"2"*"80"*("0.9min"+"1.15min")-"3"*"80")/("3")`

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Tool Changing Cost of Each Product using Average Production Cost Solution

STEP 0: Pre-Calculation Summary

Formula Used

Cost of changing each Tool = (Batch Size*Production Cost of Each Component-Batch Size*Cost of A Tool*(Setup Time+Machining Time)-Number of Tools Used*Cost of A Tool)/(Number of Tools Used)
C_CT = (N_b*C_pr-N_b*C_t*(t_s+t_m)-N_t*C_t)/(N_t)
This formula uses 7 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.
Batch Size - Batch Size is the count of similar kinds of products to be manufactured.
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.
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.
Number of Tools Used - The Number of Tools Used is the total number of tools used for manufacturing a batch of products.

STEP 1: Convert Input(s) to Base Unit

Batch Size: 2 --> No Conversion Required
Production Cost of Each Component: 9997.5 --> No Conversion Required
Cost of A Tool: 80 --> No Conversion Required
Setup Time: 0.9 Minute --> 54 Second (Check conversion here)
Machining Time: 1.15 Minute --> 69 Second (Check conversion here)
Number of Tools Used: 3 --> No Conversion Required

STEP 2: Evaluate Formula

Substituting Input Values in Formula

C_CT = (N_b*C_pr-N_b*C_t*(t_s+t_m)-N_t*C_t)/(N_t) --> (2*9997.5-2*80*(54+69)-3*80)/(3)

Evaluating ... ...

C_CT = 25

STEP 3: Convert Result to Output's Unit

25 --> No Conversion Required

FINAL ANSWER

25 <-- Cost of changing each 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!

< 18 Average Production Cost Calculators

Total Non-Productive Time using Average Production Cost

Go Non Productive Time = (Batch Size*(Production Cost of Each Component-Cost of A Tool*Machining Time)-(Cost of A Tool*Number of Tools Used*Time to Change One Tool)-(Number of Tools Used*Cost of A Tool))/Cost of A Tool

Machining and Operating Rate given Average Production Cost of each Component

Go Machining and Operating Rate = (Production Cost of Each Component-(Number of Tools Used*Cost of A Tool/Batch Size))/(Setup Time+Machining Time+(Number of Tools Used*Tool Changing Time/Batch Size))

Tool Changing Time for Each Tool given Average Production Cost

Go Time to Change One Tool = (Batch Size*(Production Cost of Each Component-Cost of A Tool*(Setup Time+Machining Time))-Number of Tools Used*Cost of A Tool)/(Cost of A Tool*Number of Tools Used)

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)

Tool Changing Cost of Each Product using Average Production Cost

Go Cost of changing each Tool = (Batch Size*Production Cost of Each Component-Batch Size*Cost of A Tool*(Setup Time+Machining Time)-Number of Tools Used*Cost of A Tool)/(Number of Tools Used)

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

Setup Time for Each Product given Average Production Cost

Go Setup Time = (Production Cost of Each Component-Cost of A Tool*Machining Time-(Number of Tools Used/Batch Size)*(Cost of A Tool*Time to Change One Tool+Cost of A Tool))/Cost of A Tool

Non-Productive Cost of Component given Average Production Cost

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

Total Non-Productive Cost given Average Production Cost

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

Total Cost of Tools used given Average Production Cost

Go Total Cost of Tools Used = (Batch Size*(Production Cost of Each Component-Cost of A Tool*(Setup Time+Machining Time))-Cost of A Tool*Number of Tools Used*Time to Change One Tool)

Batch Size given Average Production Cost

Go Batch Size = Number of Tools Used*((Cost of A Tool*Time to Change One Tool)+Cost of A Tool)/(Production Cost of Each Component-(Cost of A Tool*(Setup Time+Machining Time)))

Total Tool Changing Time using Average Production Cost

Go Total Tool Changing Time = (Batch Size*(Production Cost of Each Component-Cost of A Tool*(Setup Time+Machining Time))-Number of Tools Used*Cost of A Tool)/(Cost of A Tool)

Number of Tools used given Average Production Cost

Go Number of Tools Used = Batch Size*(Production Cost of Each Component-Cost of A Tool*(Setup Time+Machining Time))/(Cost of A Tool*Time to Change One Tool+Cost of A Tool)

Average Production Cost of each component

Go Production Cost of Each Component = Cost of A Tool*(Setup Time+Machining Time)+(Number of Tools Used/Batch Size)*((Cost of A Tool*Tool Changing Time)+Cost of A Tool)

Total Tool Changing Cost using Average Production Cost

Go Total Tool Changing Cost = Batch Size*(Production Cost of Each Component-Cost of A Tool*(Setup Time+Machining Time))-Number of Tools Used*Cost of A Tool

Average Production Cost of Each Component using Individual Costs

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

Number of Tools used given Average Production Time

Go Number of Tools Used = Batch Size*(Average Production Time-(Setup Time+Machining Time))/Time to Change One Tool

Average Production Cost of each Component given Total Production Cost

Go Production Cost of Each Component = Total Production Cost/Batch Size

Tool Changing Cost of Each Product using Average Production Cost Formula

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 Tool Changing Cost of Each Product using Average Production Cost?

Tool Changing Cost of Each Product using Average Production Cost calculator uses Cost of changing each Tool = (Batch Size*Production Cost of Each Component-Batch Size*Cost of A Tool*(Setup Time+Machining Time)-Number of Tools Used*Cost of A Tool)/(Number of Tools Used) to calculate the Cost of changing each Tool, Tool Changing Cost of Each Product using Average Production Cost 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, based on the expense on one component produced. Cost of changing each Tool is denoted by C_CT symbol.

How to calculate Tool Changing Cost of Each Product using Average Production Cost using this online calculator? To use this online calculator for Tool Changing Cost of Each Product using Average Production Cost, enter Batch Size (N_b), Production Cost of Each Component (C_pr), Cost of A Tool (C_t), Setup Time (t_s), Machining Time (t_m) & Number of Tools Used (N_t) and hit the calculate button. Here is how the Tool Changing Cost of Each Product using Average Production Cost calculation can be explained with given input values -> 3360 = (2*9997.5-2*80*(54+69)-3*80)/(3).

FAQ

What is Tool Changing Cost of Each Product using Average Production Cost?

Tool Changing Cost of Each Product using Average Production Cost 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, based on the expense on one component produced and is represented as C_CT = (N_b*C_pr-N_b*C_t*(t_s+t_m)-N_t*C_t)/(N_t) or Cost of changing each Tool = (Batch Size*Production Cost of Each Component-Batch Size*Cost of A Tool*(Setup Time+Machining Time)-Number of Tools Used*Cost of A Tool)/(Number of Tools Used). Batch Size is the count of similar kinds of products to be manufactured, 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, 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 & The Number of Tools Used is the total number of tools used for manufacturing a batch of products.

How to calculate Tool Changing Cost of Each Product using Average Production Cost?

Tool Changing Cost of Each Product using Average Production Cost 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, based on the expense on one component produced is calculated using Cost of changing each Tool = (Batch Size*Production Cost of Each Component-Batch Size*Cost of A Tool*(Setup Time+Machining Time)-Number of Tools Used*Cost of A Tool)/(Number of Tools Used). To calculate Tool Changing Cost of Each Product using Average Production Cost, you need Batch Size (N_b), Production Cost of Each Component (C_pr), Cost of A Tool (C_t), Setup Time (t_s), Machining Time (t_m) & Number of Tools Used (N_t). With our tool, you need to enter the respective value for Batch Size, Production Cost of Each Component, Cost of A Tool, Setup Time, Machining Time & Number of Tools Used 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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