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Tool Changing Cost of each Tool given Individual Costs Formula

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The cost of changing each Tool is the cost that arises due to the time taken by the operator to change one tool when he is paid by the hour. Check FAQs

C et = \frac{C p - (C np + C m + c)}{n}

C_et - Cost of Changing Each Tool?C_p - Total Production Cost?C_np - Total Non Productive Cost?C_m - Total Machining and Operating Cost?c - Total Cost of Tools Used?n - Number of Tools Used?

Tool Changing Cost of each Tool given Individual Costs Example

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Here is how the Tool Changing Cost of each Tool given Individual Costs equation looks like with Values.

Here is how the Tool Changing Cost of each Tool given Individual Costs equation looks like with Units.

Here is how the Tool Changing Cost of each Tool given Individual Costs equation looks like.

0.1094 = \frac{30000 - (10 + 100 + 29815)}{685.745}

0.1094 = \frac{30000 - (10 + 100 + 29815)}{685.745}

0.1094 = \frac{30000 - (10 + 100 + 29815)}{685.745}

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Tool Changing Cost of each Tool given Individual Costs Solution

Follow our step by step solution on how to calculate Tool Changing Cost of each Tool given Individual Costs?

FIRST Step Consider the formula

C et = \frac{C p - (C np + C m + c)}{n}

Next Step Substitute values of Variables

∴

C et = \frac{30000 - (10 + 100 + 29815)}{685.745}

Next Step Prepare to Evaluate

∴

C et = \frac{30000 - (10 + 100 + 29815)}{685.745}

Next Step Evaluate

∴

C et = 0.109370101130887

LAST Step Rounding Answer

∴

C et = 0.1094

Tool Changing Cost of each Tool given Individual Costs Formula Elements

Variables

Cost of Changing Each Tool

The cost of changing each Tool is the cost that arises due to the time taken by the operator to change one tool when he is paid by the hour.

Symbol: C_et

Measurement: NAUnit: Unitless

Note: Value should be greater than 0.

Formulas to find Cost of Changing Each Tool

Total Production Cost

Total Production Cost involves summing up various cost components associated with the machining process.

Symbol: C_p

Measurement: NAUnit: Unitless

Note: Value should be greater than 0.

Formulas to find Total Production Cost

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.

Symbol: C_np

Measurement: NAUnit: Unitless

Note: Value should be greater than 0.

Formulas to find Total Non Productive Cost

Total Machining and Operating Cost

Total machining and operating cost involves considering various cost factors, including material costs, labor costs, machine operating costs, tool costs, overhead, and additional related expenses.

Symbol: C_m

Measurement: NAUnit: Unitless

Note: Value should be greater than 0.

Formulas to find Total Machining and Operating Cost

Total Cost of Tools Used

Total cost of tools used refers to the comprehensive expense incurred for all tools required throughout the production process.

Symbol: c

Measurement: NAUnit: Unitless

Note: Value should be greater than 0.

Formulas to find Total Cost of Tools Used

Number of Tools Used

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

Symbol: n

Measurement: NAUnit: Unitless

Note: Value should be greater than 0.

Formulas to find Number of Tools Used

Other formulas in Individual Cost category

Go Non-Productive Cost of One Component given Individual Costs

C a = \frac{C p - (C m + C t + c)}{B}

Go Total Non-Productive Cost given Individual Costs

C np = C p - (C m + C t + c)

Go Total Production Cost given Individual Costs

C p = C np + C m + C t + c

Go Setup Time for Each Product given Individual Costs

t s = \frac{C p - (C m + C t + c)}{C \cdot B}

How to Evaluate Tool Changing Cost of each Tool given Individual Costs?

Tool Changing Cost of each Tool given Individual Costs evaluator uses Cost of Changing Each Tool = (Total Production Cost-(Total Non Productive Cost+Total Machining and Operating Cost+Total Cost of Tools Used))/Number of Tools Used to evaluate the Cost of Changing Each Tool, Tool Changing Cost of each Tool given Individual Costs refers to the portion of the total production cost that is attributed to the time and resources required to change tools during the manufacturing process. This cost includes the labor, machine downtime, and any associated expenses incurred each time a tool is changed. Cost of Changing Each Tool is denoted by C_et symbol.

How to evaluate Tool Changing Cost of each Tool given Individual Costs using this online evaluator? To use this online evaluator for Tool Changing Cost of each Tool given Individual Costs, enter Total Production Cost (C_p), Total Non Productive Cost (C_np), Total Machining and Operating Cost (C_m), Total Cost of Tools Used (c) & Number of Tools Used (n) and hit the calculate button.

FAQs on Tool Changing Cost of each Tool given Individual Costs

What is the formula to find Tool Changing Cost of each Tool given Individual Costs?

The formula of Tool Changing Cost of each Tool given Individual Costs is expressed as Cost of Changing Each Tool = (Total Production Cost-(Total Non Productive Cost+Total Machining and Operating Cost+Total Cost of Tools Used))/Number of Tools Used. Here is an example- 0.10937 = (30000-(10+100+29815))/685.745.

How to calculate Tool Changing Cost of each Tool given Individual Costs?

With Total Production Cost (C_p), Total Non Productive Cost (C_np), Total Machining and Operating Cost (C_m), Total Cost of Tools Used (c) & Number of Tools Used (n) we can find Tool Changing Cost of each Tool given Individual Costs using the formula - Cost of Changing Each Tool = (Total Production Cost-(Total Non Productive Cost+Total Machining and Operating Cost+Total Cost of Tools Used))/Number of Tools Used.

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Tool Changing Cost of each Tool given Individual Costs Formula

Tool Changing Cost of each Tool given Individual Costs Example

Tool Changing Cost of each Tool given Individual Costs Solution

Tool Changing Cost of each Tool given Individual Costs Formula Elements

Other formulas in Individual Cost category

How to Evaluate Tool Changing Cost of each Tool given Individual Costs?

FAQs on Tool Changing Cost of each Tool given Individual Costs

Variable Name