Tool Changing Time for Each Tool given Individual Costs Solution

STEP 0: Pre-Calculation Summary
Formula Used
Time to Change One Tool = (Total Production Cost-(Total Machining And Operating Cost+Total Non-Productive Cost+Total Cost of Tools Used))/(Cost of A Tool*Number of Tools Used)
tc = (TPC-(Cm+TNPC+TTC))/(Ct*Nt)
This formula uses 7 Variables
Variables Used
Time to Change One Tool - (Measured in Second) - Time to Change One Tool is the measure of time it takes to change one tool during machining.
Total Production Cost - Total Production Cost is the total amount that it takes to produce a batch of components from scratch.
Total Machining And Operating Cost - Total Machining And Operating Cost is the total amount of money required to machine a given batch of product.
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 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.
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: 30000 --> No Conversion Required
Total Machining And Operating Cost: 100 --> No Conversion Required
Total Non-Productive Cost: 10 --> No Conversion Required
Total Cost of Tools Used: 1000 --> No Conversion Required
Cost of A Tool: 80 --> No Conversion Required
Number of Tools Used: 3 --> No Conversion Required
STEP 2: Evaluate Formula
Substituting Input Values in Formula
tc = (TPC-(Cm+TNPC+TTC))/(Ct*Nt) --> (30000-(100+10+1000))/(80*3)
Evaluating ... ...
tc = 120.375
STEP 3: Convert Result to Output's Unit
120.375 Second -->2.00625 Minute (Check conversion here)
FINAL ANSWER
2.00625 Minute <-- Time to Change One 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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8 Tool Changing Cost Calculators

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)
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)
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 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
Tool Changing Time for Each Tool given Individual Costs
Go Time to Change One Tool = (Total Production Cost-(Total Machining And Operating Cost+Total Non-Productive Cost+Total Cost of Tools Used))/(Cost of A Tool*Number of Tools Used)
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
Tool Changing Cost of each Tool given Individual Costs
Go Cost of changing each Tool = (Total Production Cost-(Total Non-Productive Cost+Total Machining And Operating Cost+Total Cost of Tools Used))/Number of Tools Used
Total Tool Changing Cost given Individual Costs
Go Total Tool Changing Cost = Total Production Cost-(Total Machining And Operating Cost+Total Non-Productive Cost+Total Cost of Tools Used)

Tool Changing Time for Each Tool given Individual Costs Formula

Time to Change One Tool = (Total Production Cost-(Total Machining And Operating Cost+Total Non-Productive Cost+Total Cost of Tools Used))/(Cost of A Tool*Number of Tools Used)
tc = (TPC-(Cm+TNPC+TTC))/(Ct*Nt)

Significance of Total Tool Changing Time

The Total Tool Changing Time denotes the time being spent on an important but non-profitable process that is changing the Machining tool. This results in extra cost factors being accounted for as the operators are usually waged per hour or day. It is preferred that the Total Tool Changing Time in a Production Line is low so as there is a low expense on these non-profitable tasks.

How to Calculate Tool Changing Time for Each Tool given Individual Costs?

Tool Changing Time for Each Tool given Individual Costs calculator uses Time to Change One Tool = (Total Production Cost-(Total Machining And Operating Cost+Total Non-Productive Cost+Total Cost of Tools Used))/(Cost of A Tool*Number of Tools Used) to calculate the Time to Change One Tool, Tool Changing Time for Each Tool given Individual Costs is a method to determine the maximum time that can be spared on each tool to be spent for changing based on the expense of different activities of production. Time to Change One Tool is denoted by tc symbol.

How to calculate Tool Changing Time for Each Tool given Individual Costs using this online calculator? To use this online calculator for Tool Changing Time for Each Tool given Individual Costs, enter Total Production Cost (TPC), Total Machining And Operating Cost (Cm), Total Non-Productive Cost (TNPC), Total Cost of Tools Used (TTC), Cost of A Tool (Ct) & Number of Tools Used (Nt) and hit the calculate button. Here is how the Tool Changing Time for Each Tool given Individual Costs calculation can be explained with given input values -> 0.033438 = (30000-(100+10+1000))/(80*3).

FAQ

What is Tool Changing Time for Each Tool given Individual Costs?
Tool Changing Time for Each Tool given Individual Costs is a method to determine the maximum time that can be spared on each tool to be spent for changing based on the expense of different activities of production and is represented as tc = (TPC-(Cm+TNPC+TTC))/(Ct*Nt) or Time to Change One Tool = (Total Production Cost-(Total Machining And Operating Cost+Total Non-Productive Cost+Total Cost 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, Total Machining And Operating Cost is the total amount of money required to machine a given batch of product, 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 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 & The Number of Tools Used is the total number of tools used for manufacturing a batch of products.
How to calculate Tool Changing Time for Each Tool given Individual Costs?
Tool Changing Time for Each Tool given Individual Costs is a method to determine the maximum time that can be spared on each tool to be spent for changing based on the expense of different activities of production is calculated using Time to Change One Tool = (Total Production Cost-(Total Machining And Operating Cost+Total Non-Productive Cost+Total Cost of Tools Used))/(Cost of A Tool*Number of Tools Used). To calculate Tool Changing Time for Each Tool given Individual Costs, you need Total Production Cost (TPC), Total Machining And Operating Cost (Cm), Total Non-Productive Cost (TNPC), Total Cost of Tools Used (TTC), Cost of A Tool (Ct) & Number of Tools Used (Nt). With our tool, you need to enter the respective value for Total Production Cost, Total Machining And Operating Cost, Total Non-Productive Cost, Total Cost of Tools Used, Cost of A Tool & 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.
How many ways are there to calculate Time to Change One Tool?
In this formula, Time to Change One Tool uses Total Production Cost, Total Machining And Operating Cost, Total Non-Productive Cost, Total Cost of Tools Used, Cost of A Tool & Number of Tools Used. We can use 1 other way(s) to calculate the same, which is/are as follows -
  • 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)
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