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Total Tool Changing Cost using Total 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

C ct = C tp - N \cdot C \cdot (t s + t) - N t \cdot C

C_ct - Total Tool Changing Cost?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?

Total Tool Changing Cost using Total Production Cost Example

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

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

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

7200 = 30000 - 2 \cdot 80 \cdot (54 + 87) - 3 \cdot 80

7200 = 30000 - 2 \cdot 80 \cdot (54s + 87s) - 3 \cdot 80

7200 = 30000 - 2 \cdot 80 \cdot (54 + 87) - 3 \cdot 80

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Total Tool Changing Cost using Total Production Cost Solution

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

FIRST Step Consider the formula

C ct = C tp - N \cdot C \cdot (t s + t) - N t \cdot C

Next Step Substitute values of Variables

∴

C ct = 30000 - 2 \cdot 80 \cdot (54s + 87s) - 3 \cdot 80

Next Step Prepare to Evaluate

∴

C ct = 30000 - 2 \cdot 80 \cdot (54 + 87) - 3 \cdot 80

LAST Step Evaluate

∴

C ct = 7200

Total Tool Changing Cost using Total 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: C_ct

Measurement: NAUnit: Unitless

Note: Value should be greater than 0.

Formulas to find Total Tool Changing Cost

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

Other formulas in Total Production Cost category

Go Total Production Cost for given Batch Size

C tp = N \cdot C p

Go Total Production Cost

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

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

Total Tool Changing Cost using Total Production Cost evaluator uses Total Tool Changing Cost = Total Production Cost-Batch Size*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 Total Production Cost is a method to determine the total cost that arises due to the time taken by the operator in changing the Cutting Tool when he is paid by the hour during the manufacturing of a batch of components. Total Tool Changing Cost is denoted by C_ct symbol.

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

FAQs on Total Tool Changing Cost using Total Production Cost

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

The formula of Total Tool Changing Cost using Total Production Cost is expressed as Total Tool Changing Cost = Total Production Cost-Batch Size*Cost of a Tool*(Setup Time+Machining Time)-Number of Tools Used*Cost of a Tool. Here is an example- 7200 = 30000-2*80*(54+87)-3*80.

How to calculate Total Tool Changing Cost using Total Production Cost?

With Total Production Cost (C_tp), Batch Size (N), Cost of a Tool (C), Setup Time (t_s), Machining Time (t) & Number of Tools Used (N_t) we can find Total Tool Changing Cost using Total Production Cost using the formula - Total Tool Changing Cost = Total Production Cost-Batch Size*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 Total Production Cost Formula

Total Tool Changing Cost using Total Production Cost Example

Total Tool Changing Cost using Total Production Cost Solution

Total Tool Changing Cost using Total Production Cost Formula Elements

Other formulas in Total Production Cost category

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

FAQs on Total Tool Changing Cost using Total Production Cost

Variable Name