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Total Tool Changing Cost using Average Production Cost Formula

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Total Tool Changing Cost involves accounting for both the direct and indirect expenses related to the tool change process. Check FAQs

T cc = N b \cdot (C pr - C t \cdot (t s + t m)) - N t \cdot C t

T_cc - Total Tool Changing Cost?N_b - Batch Size?C_pr - Production Cost of Each Component?C_t - Cost of a Tool?t_s - Setup Time?t_m - Machining Time?N_t - Number of Tools Used?

Total Tool Changing Cost using Average Production Cost Example

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Here is how the Total Tool Changing Cost using Average Production Cost equation looks like with Values.

Here is how the Total Tool Changing Cost using Average Production Cost equation looks like with Units.

Here is how the Total Tool Changing Cost using Average Production Cost equation looks like.

7200 = 2 \cdot (11400 - 80 \cdot (0.45 + 1.15)) - 3 \cdot 80

7200 = 2 \cdot (11400 - 80 \cdot (0.45min + 1.15min)) - 3 \cdot 80

7200 = 2 \cdot (11400 - 80 \cdot (0.45 + 1.15)) - 3 \cdot 80

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Total Tool Changing Cost using Average Production Cost Solution

Follow our step by step solution on how to calculate Total Tool Changing Cost using Average Production Cost?

FIRST Step Consider the formula

T cc = N b \cdot (C pr - C t \cdot (t s + t m)) - N t \cdot C t

Next Step Substitute values of Variables

∴

T cc = 2 \cdot (11400 - 80 \cdot (0.45min + 1.15min)) - 3 \cdot 80

Next Step Convert Units

∴

T cc = 2 \cdot (11400 - 80 \cdot (27s + 69s)) - 3 \cdot 80

Next Step Prepare to Evaluate

∴

T cc = 2 \cdot (11400 - 80 \cdot (27 + 69)) - 3 \cdot 80

LAST Step Evaluate

∴

T cc = 7200

Total Tool Changing Cost using Average Production Cost Formula Elements

Variables

Total Tool Changing Cost

Total Tool Changing Cost involves accounting for both the direct and indirect expenses related to the tool change process.

Symbol: T_cc

Measurement: NAUnit: Unitless

Note: Value should be greater than 0.

Formulas to find Total Tool Changing Cost

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

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

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

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 Tool Changing Cost using Average Production Cost?

Total Tool Changing Cost using Average Production Cost evaluator uses Total Tool Changing Cost = Batch Size*(Production Cost of Each Component-Cost of a Tool*(Setup Time+Machining Time))-Number of Tools Used*Cost of a Tool to evaluate the Total Tool Changing Cost, The Total Tool Changing Cost using Average Production Cost 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. Total Tool Changing Cost is denoted by T_cc symbol.

How to evaluate Total Tool Changing Cost using Average Production Cost using this online evaluator? To use this online evaluator for Total Tool Changing Cost 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), Machining Time (t_m) & Number of Tools Used (N_t) and hit the calculate button.

FAQs on Total Tool Changing Cost using Average Production Cost

What is the formula to find Total Tool Changing Cost using Average Production Cost?

The formula of Total Tool Changing Cost using Average Production Cost is expressed as Total Tool Changing Cost = Batch Size*(Production Cost of Each Component-Cost of a Tool*(Setup Time+Machining Time))-Number of Tools Used*Cost of a Tool. Here is an example- 7200 = 2*(11400-80*(27+69))-3*80.

How to calculate Total Tool Changing Cost 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), Machining Time (t_m) & Number of Tools Used (N_t) we can find Total Tool Changing Cost using Average Production Cost using the formula - Total Tool Changing Cost = Batch Size*(Production Cost of Each Component-Cost of a Tool*(Setup Time+Machining Time))-Number of Tools Used*Cost of a Tool.

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Total Tool Changing Cost using Average Production Cost Formula

Total Tool Changing Cost using Average Production Cost Example

Total Tool Changing Cost using Average Production Cost Solution

Total Tool Changing Cost using Average Production Cost Formula Elements

Other formulas in Average Production Cost category

How to Evaluate Total Tool Changing Cost using Average Production Cost?

FAQs on Total Tool Changing Cost using Average Production Cost

Variable Name