Tool Changing Cost of Each Tool using Total Production Cost Calculator

✖Total Production Cost is the total amount that it takes to produce a batch of components from scratch.ⓘ Total Production Cost [TPC]			+10% -10%
✖Batch Size is the count of similar kinds of products to be manufactured.ⓘ Batch Size [N_b]			+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 Tool using Total Production Cost [C_CT]

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Tool Changing Cost of Each Tool using Total Production Cost

Formula

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

Example

`"-6245"=("1185"-"2"*"80"*("0.9min"+"1.15min")-"3"*"80")/("3")`

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Tool Changing Cost of Each Tool using Total Production Cost Solution

STEP 0: Pre-Calculation Summary

Formula Used

Cost of changing each Tool = (Total Production Cost-Batch Size*Cost of A Tool*(Setup Time+Machining Time)-Number of Tools Used*Cost of A Tool)/(Number of Tools Used)
C_CT = (TPC-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.
Total Production Cost - Total Production Cost is the total amount that it takes to produce a batch of components from scratch.
Batch Size - Batch Size is the count of similar kinds of products to be manufactured.
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

Total Production Cost: 1185 --> No Conversion Required
Batch Size: 2 --> 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 = (TPC-N_b*C_t*(t_s+t_m)-N_t*C_t)/(N_t) --> (1185-2*80*(54+69)-3*80)/(3)

Evaluating ... ...

C_CT = -6245

STEP 3: Convert Result to Output's Unit

-6245 --> No Conversion Required

FINAL ANSWER

-6245 <-- 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!

< 21 Total Production Cost Calculators

Machining Time for Each Product using Total Production Cost

Go Machining Time = (Total Production Cost For Production Method-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)

Setup Time for Each Product given Total Production Cost

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

Tool Changing Time for Each Tool given Total Production Cost

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

Non-Productive Cost of Each Component given Total Production Cost

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

Machining and Operating Rate given Total Production Cost

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

Tool Changing Cost of Each Tool using Total Production Cost

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

Total Production Cost

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

Number of Tools used given Total Production Cost

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

Total Tool Changing Time given Total Production Cost

Go Total Tool Changing Time = (Total Production Cost-(Total Cost of Tools Used+Total Machining And Operating Cost+Total Non-Productive Cost))/(Number of Tools Used*Cost of A Tool)

Total Tool Changing Cost using Total Production Cost

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

Total Non-Productive Time using Total Production Cost

Go Non Productive Time = (Total Production Cost for Setup Time-(Total Machining And Operating Cost+Total Tool Changing Cost+Total Cost of Tools Used))/(Cost of A Tool)

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)

Total Non-Productive Cost given Total Production Cost

Go Total Non Productive Cost = Total Production Cost-(Total Machining And Operating Cost+Total Tool Changing Cost+Total Cost of Tools Used)

Total Cost of Tools given Total Production Cost

Go Total Cost of Tools Used = Total Production Cost-(Total Machining And Operating Cost+Total Tool Changing Cost+Total Non Productive Cost)

Total Tool-Changing Cost

Go Total Tool Changing Cost = Total Tool Changing Time*Number of Tools Used

Time for Changing one Tool given Total Tool Changing Time

Go Time to Change One Tool = Total Tool Changing Time/Number of Tools Used

Total Tool Changing Time

Go Total Tool Changing Time = Number of Tools Used*Time to Change One Tool

Total Production Cost for given Batch Size

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

Batch Size given Total Production Cost

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

Cost of Tool given Total Cost of Tools

Go Cost of A Tool = Total Cost of Tools Used/Number of Tools Used

Total Cost of Tools Used

Go Total Cost of Tools Used = Number of Tools Used*Cost of A Tool

Tool Changing Cost of Each Tool using Total 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 Tool using Total Production Cost?

Tool Changing Cost of Each Tool using Total Production Cost calculator uses Cost of changing each Tool = (Total Production Cost-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, The Tool Changing Cost of Each Tool using Total 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. Cost of changing each Tool is denoted by C_CT symbol.

How to calculate Tool Changing Cost of Each Tool using Total Production Cost using this online calculator? To use this online calculator for Tool Changing Cost of Each Tool using Total Production Cost, enter Total Production Cost (TPC), Batch Size (N_b), 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 Tool using Total Production Cost calculation can be explained with given input values -> 3360 = (1185-2*80*(54+69)-3*80)/(3).

FAQ

What is Tool Changing Cost of Each Tool using Total Production Cost?

The Tool Changing Cost of Each Tool using Total 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 and is represented as C_CT = (TPC-N_b*C_t*(t_s+t_m)-N_t*C_t)/(N_t) or Cost of changing each Tool = (Total Production Cost-Batch Size*Cost of A Tool*(Setup Time+Machining Time)-Number of Tools Used*Cost of A Tool)/(Number of Tools Used). Total Production Cost is the total amount that it takes to produce a batch of components from scratch, Batch Size is the count of similar kinds of products to be manufactured, 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 Tool using Total Production Cost?

The Tool Changing Cost of Each Tool using Total 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 is calculated using Cost of changing each Tool = (Total Production Cost-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 Tool using Total Production Cost, you need Total Production Cost (TPC), Batch Size (N_b), 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 Total Production Cost, Batch Size, 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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