Total Cost of Tools given Total Production Cost Solution

STEP 0: Pre-Calculation Summary
Formula Used
Total Cost of Tools Used = Total Production Cost-(Total Machining And Operating Cost+Total Tool Changing Cost+Total Non-Productive Cost)
TTC = TPC-(Cm+TCC+TNPC)
This formula uses 5 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.
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 Tool Changing Cost - Total Tool Changing Cost is the total cost that arises due to the time taken by the operator in changing the Cutting Tool when he is paid by the hour.
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.
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 Tool Changing Cost: 540 --> No Conversion Required
Total Non-Productive Cost: 10 --> No Conversion Required
STEP 2: Evaluate Formula
Substituting Input Values in Formula
TTC = TPC-(Cm+TCC+TNPC) --> 30000-(100+540+10)
Evaluating ... ...
TTC = 29350
STEP 3: Convert Result to Output's Unit
29350 --> No Conversion Required
FINAL ANSWER
29350 <-- 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
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Verified by Parul Keshav
National Institute of Technology (NIT), Srinagar
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3 Total Cost of Tools Used Calculators

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

Total Cost of Tools Used = Total Production Cost-(Total Machining And Operating Cost+Total Tool Changing Cost+Total Non-Productive Cost)
TTC = TPC-(Cm+TCC+TNPC)

Significance of Total Cost of Tools Used

The Total Cost of Tools Used helps us in determining the maximum amount of tool that can be renewed during the production of a given batch of products. This renewing might include buying or resharpening the tool.
Thus if the number of Tools to be used gets bounded, the machining operation would have to be optimized in order to give sufficient tool life to survive against the boundation.

How to Calculate Total Cost of Tools given Total Production Cost?

Total Cost of Tools given Total Production Cost calculator uses Total Cost of Tools Used = Total Production Cost-(Total Machining And Operating Cost+Total Tool Changing Cost+Total Non-Productive Cost) to calculate the Total Cost of Tools Used, The Total Cost of Tools given Total Production Cost is a method to determine the total amount available to be spent on renewing Machining Tool for production of a batch of components. Total Cost of Tools Used is denoted by TTC symbol.

How to calculate Total Cost of Tools given Total Production Cost using this online calculator? To use this online calculator for Total Cost of Tools given Total Production Cost, enter Total Production Cost (TPC), Total Machining And Operating Cost (Cm), Total Tool Changing Cost (TCC) & Total Non-Productive Cost (TNPC) and hit the calculate button. Here is how the Total Cost of Tools given Total Production Cost calculation can be explained with given input values -> 29350 = 30000-(100+540+10).

FAQ

What is Total Cost of Tools given Total Production Cost?
The Total Cost of Tools given Total Production Cost is a method to determine the total amount available to be spent on renewing Machining Tool for production of a batch of components and is represented as TTC = TPC-(Cm+TCC+TNPC) or Total Cost of Tools Used = Total Production Cost-(Total Machining And Operating Cost+Total Tool Changing Cost+Total Non-Productive Cost). 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 Tool Changing Cost is the total cost that arises due to the time taken by the operator in changing the Cutting Tool when he is paid by the hour & 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.
How to calculate Total Cost of Tools given Total Production Cost?
The Total Cost of Tools given Total Production Cost is a method to determine the total amount available to be spent on renewing Machining Tool for production of a batch of components is calculated using Total Cost of Tools Used = Total Production Cost-(Total Machining And Operating Cost+Total Tool Changing Cost+Total Non-Productive Cost). To calculate Total Cost of Tools given Total Production Cost, you need Total Production Cost (TPC), Total Machining And Operating Cost (Cm), Total Tool Changing Cost (TCC) & Total Non-Productive Cost (TNPC). With our tool, you need to enter the respective value for Total Production Cost, Total Machining And Operating Cost, Total Tool Changing Cost & Total Non-Productive Cost 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 Total Cost of Tools Used?
In this formula, Total Cost of Tools Used uses Total Production Cost, Total Machining And Operating Cost, Total Tool Changing Cost & Total Non-Productive Cost. We can use 2 other way(s) to calculate the same, which is/are as follows -
  • 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)
  • Total Cost of Tools Used = Total Production Cost-(Total Non-Productive Cost+Total Machining And Operating Cost+Total Tool Changing Cost)
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