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Minimum Production Cost per Component Formula

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Production cost of each component refers to the total expenses incurred in manufacturing a single component, taking into account all direct and indirect costs associated with the machining process. Check FAQs

C p = R \cdot (t s + (K \cdot \frac{{(\frac{T}{L})}^{n}}{V \cdot (1 - n)}))

C_p - Production Cost of Each Component?R - Machining and Operating Rate?t_s - Setup Time?K - Constant For Machining Condition?T - Tool Life?L - Reference Tool Life?n - Taylor's Tool Life Exponent?V - Reference Cutting Velocity?

Minimum Production Cost per Component Example

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Here is how the Minimum Production Cost per Component equation looks like with Values.

Here is how the Minimum Production Cost per Component equation looks like with Units.

Here is how the Minimum Production Cost per Component equation looks like.

5000 = 7 \cdot (300 + (168.9469 \cdot \frac{{(\frac{3000}{60})}^{0.125}}{0.76 \cdot (1 - 0.125)}))

5000 = 7 \cdot (300s + (168.9469m \cdot \frac{{(\frac{3000s}{60s})}^{0.125}}{0.76m/s \cdot (1 - 0.125)}))

5000 = 7 \cdot (300 + (168.9469 \cdot \frac{{(\frac{3000}{60})}^{0.125}}{0.76 \cdot (1 - 0.125)}))

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Minimum Production Cost per Component Solution

Follow our step by step solution on how to calculate Minimum Production Cost per Component?

FIRST Step Consider the formula

C p = R \cdot (t s + (K \cdot \frac{{(\frac{T}{L})}^{n}}{V \cdot (1 - n)}))

Next Step Substitute values of Variables

∴

C p = 7 \cdot (300s + (168.9469m \cdot \frac{{(\frac{3000s}{60s})}^{0.125}}{0.76m/s \cdot (1 - 0.125)}))

Next Step Prepare to Evaluate

∴

C p = 7 \cdot (300 + (168.9469 \cdot \frac{{(\frac{3000}{60})}^{0.125}}{0.76 \cdot (1 - 0.125)}))

LAST Step Evaluate

∴

C p = 5000

Minimum Production Cost per Component Formula Elements

Variables

Production Cost of Each Component

Production cost of each component refers to the total expenses incurred in manufacturing a single component, taking into account all direct and indirect costs associated with the machining process.

Symbol: C_p

Measurement: NAUnit: Unitless

Note: Value should be greater than 0.

Formulas to find Production Cost of Each Component

Machining and Operating Rate

Machining and Operating Rate is the money charged for processing on and operating machines per unit time, including overheads.

Symbol: R

Measurement: NAUnit: Unitless

Note: Value should be greater than 0.

Formulas to find Machining and Operating Rate

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: s

Note: Value should be greater than 0.

Formulas to find Setup Time

Constant For Machining Condition

Constant For Machining Condition can be regarded as the distance moved by the tool corner relative to the workpiece during a particular machining condition. It is usually measured in "Meter".

Symbol: K

Measurement: LengthUnit: m

Note: Value should be greater than 0.

Formulas to find Constant For Machining Condition

Tool Life

Tool Life is the period of time for which the cutting edge, affected by the cutting procedure, retains its cutting capacity between sharpening operations.

Symbol: T

Measurement: TimeUnit: s

Note: Value should be greater than 0.

Formulas to find Tool Life

Reference Tool Life

Reference tool life refers to an estimated or theoretical lifespan of a cutting tool under ideal operating conditions.

Symbol: L

Measurement: TimeUnit: s

Note: Value should be greater than 0.

Formulas to find Reference Tool Life

Taylor's Tool Life Exponent

Taylor's Tool Life Exponent is an experimental exponent that helps in quantifying the rate of Tool Wear.

Symbol: n

Measurement: NAUnit: Unitless

Note: Value should be less than 1.

Formulas to find Taylor's Tool Life Exponent

Reference Cutting Velocity

Reference cutting velocity refers to the ideal or theoretical speed at which the cutting tool moves relative to the workpiece material during the machining process.

Symbol: V

Measurement: SpeedUnit: m/s

Note: Value should be greater than 0.

Formulas to find Reference Cutting Velocity

Other formulas in Minimum Machining Cost category

Go Machining and Operating Rate given Minimum Production Cost

R = \frac{C p}{t s + (K \cdot \frac{{(\frac{T}{L})}^{n}}{V \cdot (1 - n)})}

Go Non-Productive Time per component given Minimum Production Cost

t s = \frac{C p}{R} - (K \cdot \frac{{(\frac{T}{L})}^{n}}{V \cdot (1 - n)})

How to Evaluate Minimum Production Cost per Component?

Minimum Production Cost per Component evaluator uses Production Cost of Each Component = Machining and Operating Rate*(Setup Time+(Constant For Machining Condition*((Tool Life/Reference Tool Life)^Taylor's Tool Life Exponent)/(Reference Cutting Velocity*(1-Taylor's Tool Life Exponent)))) to evaluate the Production Cost of Each Component, The Minimum Production Cost per Component is defined as the total minimum cost of producing a single component from scratch including all necessary operations and processes. Production Cost of Each Component is denoted by C_p symbol.

How to evaluate Minimum Production Cost per Component using this online evaluator? To use this online evaluator for Minimum Production Cost per Component, enter Machining and Operating Rate (R), Setup Time (t_s), Constant For Machining Condition (K), Tool Life (T), Reference Tool Life (L), Taylor's Tool Life Exponent (n) & Reference Cutting Velocity (V) and hit the calculate button.

FAQs on Minimum Production Cost per Component

What is the formula to find Minimum Production Cost per Component?

The formula of Minimum Production Cost per Component is expressed as Production Cost of Each Component = Machining and Operating Rate*(Setup Time+(Constant For Machining Condition*((Tool Life/Reference Tool Life)^Taylor's Tool Life Exponent)/(Reference Cutting Velocity*(1-Taylor's Tool Life Exponent)))). Here is an example- 4999.999 = 7*(300+(168.946948749017*((3000/60)^0.125)/(0.76*(1-0.125)))).

How to calculate Minimum Production Cost per Component?

With Machining and Operating Rate (R), Setup Time (t_s), Constant For Machining Condition (K), Tool Life (T), Reference Tool Life (L), Taylor's Tool Life Exponent (n) & Reference Cutting Velocity (V) we can find Minimum Production Cost per Component using the formula - Production Cost of Each Component = Machining and Operating Rate*(Setup Time+(Constant For Machining Condition*((Tool Life/Reference Tool Life)^Taylor's Tool Life Exponent)/(Reference Cutting Velocity*(1-Taylor's Tool Life Exponent)))).

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Minimum Production Cost per Component Formula

Minimum Production Cost per Component Example

Minimum Production Cost per Component Solution

Minimum Production Cost per Component Formula Elements

Other formulas in Minimum Machining Cost category

How to Evaluate Minimum Production Cost per Component?

FAQs on Minimum Production Cost per Component

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