Total Cost of Tools Used Solution

STEP 0: Pre-Calculation Summary
Formula Used
Total Cost of Tools Used = Number of Tools Used*Cost of a Tool
TTC = Nt*Ct
This formula uses 3 Variables
Variables Used
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.
Number of Tools Used - The Number of Tools Used is the total number of tools used for manufacturing a batch of products.
Cost of a Tool - The Cost of a Tool is simply the cost of one tool being used for machining.
STEP 1: Convert Input(s) to Base Unit
Number of Tools Used: 3 --> No Conversion Required
Cost of a Tool: 100 --> No Conversion Required
STEP 2: Evaluate Formula
Substituting Input Values in Formula
TTC = Nt*Ct --> 3*100
Evaluating ... ...
TTC = 300
STEP 3: Convert Result to Output's Unit
300 --> No Conversion Required
FINAL ANSWER
300 <-- Total Cost of Tools Used
(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
Parul Keshav has verified this Calculator and 400+ more calculators!

22 Economics Of Metal-Cutting Operation Calculators

Total Production Time given Time for Individual Operation and Batch Size
Go Total Production Time = (Batch Size*Setup Time+Batch Size*Machining Time+Number of Tools Used*Time to Change One Tool)
Non-Productive Time for Each Component given Average Production Time
Go Setup Time = Average Production Time-(Machining Time+(Number of Tools Used*Time to Change One Tool/Batch Size))
Time for changing one Tool given Average Production Time
Go Time to Change One Tool = (Average Production Time-(Setup Time+Machining Time))*Batch Size/Number of Tools Used
Machining Time of Each Component given Average Production Time
Go Machining Time = Average Production Time-Setup Time-(Number of Tools Used*Time to Change One Tool/Batch Size)
Batch Size given Average Production Time
Go Batch Size = Time to Change One Tool*Number of Tools Used/(Average Production Time-(Setup Time+Machining Time))
Average Production Time of Each Component
Go Average Production Time = Setup Time+Machining Time+(Number of Tools Used*Time to Change One Tool/Batch Size)
Total Production Time
Go Total Production Time = (Total Machining Time+Non-Productive Time+Total Tool Changing Time)
Machining and Operating Rate given Total Machining and Operating Cost
Go Machining and Operating Rate = Total Machining And Operating Cost/Total Production Time
Total Production Time given Total Machining and Operating Cost
Go Total Production Time = Total Machining And Operating Cost/Machining and Operating Rate
Total Machining and Operating Cost
Go Total Machining And Operating Cost = Machining and Operating Rate*Total Production Time
Total Non-Productive Cost
Go Total Production Cost = Non-Productive Time*Machining and Operating Rate
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
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
Machining Time for one Component using Total Machining Time
Go Machining Time = Total Machining Time/Batch Size
Total Machining Time or Total Machine Time
Go Total Machining Time = Batch Size*Machining Time
Size of Batch given Total Machining Time
Go Batch Size = Total Machining Time/Machining Time
Load or Unload or Setup Time given Total Non-Productive Time
Go Setup Time = Non-Productive Time/Batch Size
Size of Batch using Total Non-Productive Time
Go Batch Size = Non-Productive Time/Setup Time
Total Non-Productive Time
Go Non-Productive Time = Batch Size*Setup Time

Total Cost of Tools Used Formula

Total Cost of Tools Used = Number of Tools Used*Cost of a Tool
TTC = Nt*Ct

Tool Failure and Need to change the Tool

The tool generally undergoes the following failure:
1. Fracture failure - Cutting force becomes excessive, leading to brittle fracture
2. Temperature failure - Cutting temperature is too high for the tool material
3. Gradual wear
Due to Wear, the sharpness of the Cutting edge of the tool is lost which leads to roughness and tolerances at the surface. To tackle this, the tool is usually sharpened rather than completely changed.

How to Calculate Total Cost of Tools Used?

Total Cost of Tools Used calculator uses Total Cost of Tools Used = Number of Tools Used*Cost of a Tool to calculate the Total Cost of Tools Used, The Total Cost of Tools Used is defined as the total amount it took to buy a sufficient number of Machining Tools to be used for manufacturing a batch of components. Total Cost of Tools Used is denoted by TTC symbol.

How to calculate Total Cost of Tools Used using this online calculator? To use this online calculator for Total Cost of Tools Used, enter Number of Tools Used (Nt) & Cost of a Tool (Ct) and hit the calculate button. Here is how the Total Cost of Tools Used calculation can be explained with given input values -> 300 = 3*100.

FAQ

What is Total Cost of Tools Used?
The Total Cost of Tools Used is defined as the total amount it took to buy a sufficient number of Machining Tools to be used for manufacturing a batch of components and is represented as TTC = Nt*Ct or Total Cost of Tools Used = Number of Tools Used*Cost of a Tool. The Number of Tools Used is the total number of tools used for manufacturing a batch of products & The Cost of a Tool is simply the cost of one tool being used for machining.
How to calculate Total Cost of Tools Used?
The Total Cost of Tools Used is defined as the total amount it took to buy a sufficient number of Machining Tools to be used for manufacturing a batch of components is calculated using Total Cost of Tools Used = Number of Tools Used*Cost of a Tool. To calculate Total Cost of Tools Used, you need Number of Tools Used (Nt) & Cost of a Tool (Ct). With our tool, you need to enter the respective value for Number of Tools Used & Cost of a Tool 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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