Total Production Cost Calculator

✖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%
✖Time to Change One Tool is the measure of time it takes to change one tool during machining.ⓘ Time to Change One Tool [t_c]			+10% -10%

✖Total Production Cost is the total amount that it takes to produce a batch of components from scratch.ⓘ Total Production Cost [TPC]

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Formula

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Total Production Cost

Formula

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

Example

`"30000.01"="2"*("80"*("0.9min"+"1.15min")+("3")*(("80"*"0.341667min")+"80"))`

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Total Production Cost Solution

STEP 0: Pre-Calculation Summary

Formula Used

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))
TPC = N_b*(C_t*(t_s+t_m)+(N_t)*((C_t*t_c)+C_t))
This formula uses 7 Variables

Variables Used

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.
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.

STEP 1: Convert Input(s) to Base Unit

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
Time to Change One Tool: 0.341667 Minute --> 20.50002 Second (Check conversion here)

STEP 2: Evaluate Formula

Substituting Input Values in Formula

TPC = N_b*(C_t*(t_s+t_m)+(N_t)*((C_t*t_c)+C_t)) --> 2*(80*(54+69)+(3)*((80*20.50002)+80))

Evaluating ... ...

TPC = 30000.0096

STEP 3: Convert Result to Output's Unit

30000.0096 --> No Conversion Required

FINAL ANSWER

30000.0096 ≈ 30000.01 <-- Total Production Cost

(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

Total Production Cost Formula

Average Production Cost of each component

The average Production Cost of each component is usually determined by taking an average over a defined batch of products. The reason for this is the extended costs such as the cost of tools and operating costs etc. This makes the Average Production Cost becomes quite higher for a single product than when measured over batch size.

How to Calculate Total Production Cost?

Total Production Cost calculator uses 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)) to calculate the Total Production Cost, The Total Production Cost is defined as the total cost of producing a batch of components from scratch including all necessary operations and processes. Total Production Cost is denoted by TPC symbol.

How to calculate Total Production Cost using this online calculator? To use this online calculator for Total Production Cost, enter Batch Size (N_b), Cost of A Tool (C_t), Setup Time (t_s), Machining Time (t_m), Number of Tools Used (N_t) & Time to Change One Tool (t_c) and hit the calculate button. Here is how the Total Production Cost calculation can be explained with given input values -> 30000.1 = 2*(80*(54+69)+(3)*((80*20.50002)+80)).

FAQ

What is Total Production Cost?

The Total Production Cost is defined as the total cost of producing a batch of components from scratch including all necessary operations and processes and is represented as TPC = N_b*(C_t*(t_s+t_m)+(N_t)*((C_t*t_c)+C_t)) or 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)). 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 & Time to Change One Tool is the measure of time it takes to change one tool during machining.

How to calculate Total Production Cost?

The Total Production Cost is defined as the total cost of producing a batch of components from scratch including all necessary operations and processes is calculated using 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)). To calculate Total Production Cost, you need Batch Size (N_b), Cost of A Tool (C_t), Setup Time (t_s), Machining Time (t_m), Number of Tools Used (N_t) & Time to Change One Tool (t_c). With our tool, you need to enter the respective value for Batch Size, Cost of A Tool, Setup Time, Machining Time, Number of Tools Used & Time to Change One Tool 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 Production Cost?

In this formula, Total Production Cost uses Batch Size, Cost of A Tool, Setup Time, Machining Time, Number of Tools Used & Time to Change One Tool. We can use 1 other way(s) to calculate the same, which is/are as follows -

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

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