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Machining Time for Each Product given Average Production Cost Formula

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Machining time refers to the total time required to complete a specific machining operation on a workpiece. Check FAQs

t m = \frac{C pr - C t \cdot t s - (\frac{N t}{N b}) \cdot (C t \cdot t c + C t)}{C t}

t_m - Machining Time?C_pr - Production Cost of Each Component?C_t - Cost of a Tool?t_s - Setup Time?N_t - Number of Tools Used?N_b - Batch Size?t_c - Time to Change One Tool?

Machining Time for Each Product given Average Production Cost Example

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Here is how the Machining Time for Each Product given Average Production Cost equation looks like with Values.

Here is how the Machining Time for Each Product given Average Production Cost equation looks like with Units.

Here is how the Machining Time for Each Product given Average Production Cost equation looks like.

1.15 = \frac{11400 - 80 \cdot 0.45 - (\frac{3}{2}) \cdot (80 \cdot 0.5 + 80)}{80}

1.15min = \frac{11400 - 80 \cdot 0.45min - (\frac{3}{2}) \cdot (80 \cdot 0.5min + 80)}{80}

1.15 = \frac{11400 - 80 \cdot 0.45 - (\frac{3}{2}) \cdot (80 \cdot 0.5 + 80)}{80}

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Machining Time for Each Product given Average Production Cost Solution

Follow our step by step solution on how to calculate Machining Time for Each Product given Average Production Cost?

FIRST Step Consider the formula

t m = \frac{C pr - C t \cdot t s - (\frac{N t}{N b}) \cdot (C t \cdot t c + C t)}{C t}

Next Step Substitute values of Variables

∴

t m = \frac{11400 - 80 \cdot 0.45min - (\frac{3}{2}) \cdot (80 \cdot 0.5min + 80)}{80}

Next Step Convert Units

∴

t m = \frac{11400 - 80 \cdot 27s - (\frac{3}{2}) \cdot (80 \cdot 30s + 80)}{80}

Next Step Prepare to Evaluate

∴

t m = \frac{11400 - 80 \cdot 27 - (\frac{3}{2}) \cdot (80 \cdot 30 + 80)}{80}

Next Step Evaluate

∴

t m = 69s

LAST Step Convert to Output's Unit

∴

t m = 1.15min

Machining Time for Each Product given Average Production Cost Formula Elements

Variables

Machining Time

Machining time refers to the total time required to complete a specific machining operation on a workpiece.

Symbol: t_m

Measurement: TimeUnit: min

Note: Value should be greater than 0.

Formulas to find Machining Time

Production Cost of Each Component

Production cost of each component involves accounting for various factors, including material costs, labor, machine operating costs, tool costs, overhead, and other related expenses.

Symbol: C_pr

Measurement: NAUnit: Unitless

Note: Value should be greater than 0.

Formulas to find Production Cost of Each Component

Cost of a Tool

Cost of a tool is a multifaceted consideration that includes the initial purchase price, maintenance costs, tool life, and the impact on overall production costs.

Symbol: C_t

Measurement: NAUnit: Unitless

Note: Value should be greater than 0.

Formulas to find Cost of a Tool

Setup Time

Setup Time of each component is the time required to load/unload the workpiece and position the tool for production for one component.

Symbol: t_s

Measurement: TimeUnit: min

Note: Value should be greater than 0.

Formulas to find Setup Time

Number of Tools Used

The Number of Tools Used is the total number of tools used for manufacturing a batch of products.

Symbol: N_t

Measurement: NAUnit: Unitless

Note: Value should be greater than 0.

Formulas to find Number of Tools Used

Batch Size

Batch size refers to the number of identical parts produced in a single production run or cycle.

Symbol: N_b

Measurement: NAUnit: Unitless

Note: Value should be greater than 0.

Formulas to find Batch Size

Time to Change One Tool

Time to change one tool often referred to as tool change time, includes the duration taken to remove the used tool and install a new one.

Symbol: t_c

Measurement: TimeUnit: min

Note: Value should be greater than 0.

Formulas to find Time to Change One Tool

Other formulas in Average Production Cost category

Go Number of Tools used given Average Production Cost

N t = N b \cdot \frac{C pr - C t \cdot (t s + t m)}{C t \cdot t c + C t}

Go Number of Tools used given Average Production Time

N t = N b \cdot \frac{t p - (t s + t m)}{t c}

How to Evaluate Machining Time for Each Product given Average Production Cost?

Machining Time for Each Product given Average Production Cost evaluator uses Machining Time = (Production Cost of Each Component-Cost of a Tool*Setup Time-(Number of Tools Used/Batch Size)*(Cost of a Tool*Time to Change One Tool+Cost of a Tool))/Cost of a Tool to evaluate the Machining Time, The Machining Time for Each Product given Average Production Cost is a method to determine the maximum time that can be given to a single component on one or more machines for production, based on the cost of production of a single component. Machining Time is denoted by t_m symbol.

How to evaluate Machining Time for Each Product given Average Production Cost using this online evaluator? To use this online evaluator for Machining Time for Each Product given Average Production Cost, enter Production Cost of Each Component (C_pr), Cost of a Tool (C_t), Setup Time (t_s), Number of Tools Used (N_t), Batch Size (N_b) & Time to Change One Tool (t_c) and hit the calculate button.

FAQs on Machining Time for Each Product given Average Production Cost

What is the formula to find Machining Time for Each Product given Average Production Cost?

The formula of Machining Time for Each Product given Average Production Cost is expressed as Machining Time = (Production Cost of Each Component-Cost of a Tool*Setup Time-(Number of Tools Used/Batch Size)*(Cost of a Tool*Time to Change One Tool+Cost of a Tool))/Cost of a Tool. Here is an example- 0.019167 = (11400-80*27-(3/2)*(80*30+80))/80.

How to calculate Machining Time for Each Product given Average Production Cost?

With Production Cost of Each Component (C_pr), Cost of a Tool (C_t), Setup Time (t_s), Number of Tools Used (N_t), Batch Size (N_b) & Time to Change One Tool (t_c) we can find Machining Time for Each Product given Average Production Cost using the formula - Machining Time = (Production Cost of Each Component-Cost of a Tool*Setup Time-(Number of Tools Used/Batch Size)*(Cost of a Tool*Time to Change One Tool+Cost of a Tool))/Cost of a Tool.

Can the Machining Time for Each Product given Average Production Cost be negative?

No, the Machining Time for Each Product given Average Production Cost, measured in Time cannot be negative.

Which unit is used to measure Machining Time for Each Product given Average Production Cost?

Machining Time for Each Product given Average Production Cost is usually measured using the Minute[min] for Time. Second[min], Millisecond[min], Microsecond[min] are the few other units in which Machining Time for Each Product given Average Production Cost can be measured.

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Machining Time for Each Product given Average Production Cost Formula

Machining Time for Each Product given Average Production Cost Example

Machining Time for Each Product given Average Production Cost Solution

Machining Time for Each Product given Average Production Cost Formula Elements

Other formulas in Average Production Cost category

How to Evaluate Machining Time for Each Product given Average Production Cost?

FAQs on Machining Time for Each Product given Average Production Cost

Variable Name