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Total Production Cost Formula

GoTotal Production Cost for given Batch Size Formula

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

C tp = N \cdot (C \cdot (t s + t)) + N t \cdot (C \cdot t c + C)

C_tp - Total Production Cost?N - Batch Size?C - Cost of a Tool?t_s - Setup Time?t - Machining Time?N_t - Number of Tools Used?t_c - Time to Change One Tool?

Total Production Cost Example

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With units

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Here is how the Total Production Cost equation looks like with Values.

Here is how the Total Production Cost equation looks like with Units.

Here is how the Total Production Cost equation looks like.

30000 = 2 \cdot (80 \cdot (54 + 87)) + 3 \cdot (80 \cdot 30 + 80)

30000 = 2 \cdot (80 \cdot (54s + 87s)) + 3 \cdot (80 \cdot 30s + 80)

30000 = 2 \cdot (80 \cdot (54 + 87)) + 3 \cdot (80 \cdot 30 + 80)

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Total Production Cost Solution

Follow our step by step solution on how to calculate Total Production Cost?

FIRST Step Consider the formula

C tp = N \cdot (C \cdot (t s + t)) + N t \cdot (C \cdot t c + C)

Next Step Substitute values of Variables

∴

C tp = 2 \cdot (80 \cdot (54s + 87s)) + 3 \cdot (80 \cdot 30s + 80)

Next Step Prepare to Evaluate

∴

C tp = 2 \cdot (80 \cdot (54 + 87)) + 3 \cdot (80 \cdot 30 + 80)

LAST Step Evaluate

∴

C tp = 30000

Total Production Cost Formula Elements

Variables

Total Production Cost

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

Symbol: C_tp

Measurement: NAUnit: Unitless

Note: Value should be greater than 0.

Formulas to find Total Production Cost

Batch Size

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

Symbol: N

Measurement: NAUnit: Unitless

Note: Value should be greater than 0.

Formulas to find Batch Size

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

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: s

Note: Value should be greater than 0.

Formulas to find Setup Time

Machining Time

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

Symbol: t

Measurement: TimeUnit: s

Note: Value should be greater than 0.

Formulas to find Machining 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: s

Note: Value should be greater than 0.

Formulas to find Time to Change One Tool

Other Formulas to find Total Production Cost

Go Total Production Cost for given Batch Size

C tp = N \cdot C p

Other formulas in Total Production Cost category

Go Total Non-Productive Cost given Total Production Cost

T npc = C tp - (C m + C ct + C t)

Go Non-Productive Cost of Each Component given Total Production Cost

C np = C tp - (N \cdot C \cdot t + N t \cdot ((C \cdot t c) + C))

How to Evaluate Total Production Cost?

Total Production Cost evaluator 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 evaluate 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 C_tp symbol.

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

FAQs on Total Production Cost

What is the formula to find Total Production Cost?

The formula of Total Production Cost is expressed as 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). Here is an example- 30000 = 2*(80*(54+87))+3*(80*30+80).

How to calculate Total Production Cost?

With Batch Size (N), Cost of a Tool (C), Setup Time (t_s), Machining Time (t), Number of Tools Used (N_t) & Time to Change One Tool (t_c) we can find Total Production Cost using the formula - 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).

What are the other ways to Calculate Total Production Cost?

Here are the different ways to Calculate Total Production Cost-

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

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Total Production Cost Formula

​GoTotal Production Cost for given Batch Size Formula

Total Production Cost Example

Total Production Cost Solution

Total Production Cost Formula Elements

Other Formulas to find Total Production Cost

Other formulas in Total Production Cost category

How to Evaluate Total Production Cost?

FAQs on Total Production Cost

Variable Name

GoTotal Production Cost for given Batch Size Formula