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Total Machining Time using Average Production Cost Formula

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Total machining time is the sum of all the time spent performing various machining operations on a workpiece. Check FAQs

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

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

Total Machining Time using Average Production Cost Example

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Here is how the Total Machining Time using Average Production Cost equation looks like with Values.

Here is how the Total Machining Time using Average Production Cost equation looks like with Units.

Here is how the Total Machining Time using Average Production Cost equation looks like.

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

2.3min = \frac{2 \cdot (11400 - 80 \cdot 0.45min) - 3 \cdot (80 \cdot 0.5min + 80)}{80}

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

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Total Machining Time using Average Production Cost Solution

Follow our step by step solution on how to calculate Total Machining Time using Average Production Cost?

FIRST Step Consider the formula

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

Next Step Substitute values of Variables

∴

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

Next Step Convert Units

∴

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

Next Step Prepare to Evaluate

∴

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

Next Step Evaluate

∴

T m = 138s

LAST Step Convert to Output's Unit

∴

T m = 2.3min

Total Machining Time using Average Production Cost Formula Elements

Variables

Total Machining Time

Total machining time is the sum of all the time spent performing various machining operations on a workpiece.

Symbol: T_m

Measurement: TimeUnit: min

Note: Value should be greater than 0.

Formulas to find Total Machining Time

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

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

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 Total Machining Time using Average Production Cost?

Total Machining Time using Average Production Cost evaluator uses Total Machining Time = (Batch Size*(Production Cost of Each Component-Cost of a Tool*Setup Time)-Number of Tools Used*(Cost of a Tool*Time to Change One Tool+Cost of a Tool))/(Cost of a Tool) to evaluate the Total Machining Time, The Total Machining Time using Average Production Cost refers to the cumulative duration required to process all components during the manufacturing process. This time encompasses various machining operations, such as cutting, shaping, drilling, and finishing, necessary to transform raw materials into finished products. Total machining time is a crucial parameter in production planning, resource allocation, and cost estimation. Total Machining Time is denoted by T_m symbol.

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

FAQs on Total Machining Time using Average Production Cost

What is the formula to find Total Machining Time using Average Production Cost?

The formula of Total Machining Time using Average Production Cost is expressed as Total Machining Time = (Batch Size*(Production Cost of Each Component-Cost of a Tool*Setup Time)-Number of Tools Used*(Cost of a Tool*Time to Change One Tool+Cost of a Tool))/(Cost of a Tool). Here is an example- 0.038333 = (2*(11400-80*27)-3*(80*30+80))/(80).

How to calculate Total Machining Time using Average Production Cost?

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

Can the Total Machining Time using Average Production Cost be negative?

No, the Total Machining Time using Average Production Cost, measured in Time cannot be negative.

Which unit is used to measure Total Machining Time using Average Production Cost?

Total Machining Time using 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 Total Machining Time using Average Production Cost can be measured.

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Total Machining Time using Average Production Cost Formula

Total Machining Time using Average Production Cost Example

Total Machining Time using Average Production Cost Solution

Total Machining Time using Average Production Cost Formula Elements

Other formulas in Average Production Cost category

How to Evaluate Total Machining Time using Average Production Cost?

FAQs on Total Machining Time using Average Production Cost

Variable Name