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Total Tool Changing Time using Average Production Cost Formula

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Total Tool Changing Time is the cumulative time spent changing tools throughout the machining process. Check FAQs

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

T_ct - Total Tool Changing Time?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 Time using Average Production Cost Example

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

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

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

1.5 = \frac{2 \cdot (11400 - 80 \cdot (0.45 + 1.15)) - 3 \cdot 80}{80}

1.5min = \frac{2 \cdot (11400 - 80 \cdot (0.45min + 1.15min)) - 3 \cdot 80}{80}

1.5 = \frac{2 \cdot (11400 - 80 \cdot (0.45 + 1.15)) - 3 \cdot 80}{80}

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Total Tool Changing Time using Average Production Cost Solution

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

FIRST Step Consider the formula

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

Next Step Substitute values of Variables

∴

T ct = \frac{2 \cdot (11400 - 80 \cdot (0.45min + 1.15min)) - 3 \cdot 80}{80}

Next Step Convert Units

∴

T ct = \frac{2 \cdot (11400 - 80 \cdot (27s + 69s)) - 3 \cdot 80}{80}

Next Step Prepare to Evaluate

∴

T ct = \frac{2 \cdot (11400 - 80 \cdot (27 + 69)) - 3 \cdot 80}{80}

Next Step Evaluate

∴

T ct = 90s

LAST Step Convert to Output's Unit

∴

T ct = 1.5min

Total Tool Changing Time using Average Production Cost Formula Elements

Variables

Total Tool Changing Time

Total Tool Changing Time is the cumulative time spent changing tools throughout the machining process.

Symbol: T_ct

Measurement: TimeUnit: min

Note: Value should be greater than 0.

Formulas to find Total Tool Changing 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

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 Time using Average Production Cost?

Total Tool Changing Time using Average Production Cost evaluator uses Total Tool Changing Time = (Batch Size*(Production Cost of Each Component-Cost of a Tool*(Setup Time+Machining Time))-Number of Tools Used*Cost of a Tool)/(Cost of a Tool) to evaluate the Total Tool Changing Time, The Total Tool Changing Time using Average Production Cost refers to the duration required to replace a tool in a machine during the manufacturing process. This includes the time taken to stop the machine, remove the old tool, install the new tool, calibrate or set up the machine for the new tool, and perform any necessary quality checks to ensure the machine is ready for production. Total Tool Changing Time is denoted by T_ct symbol.

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

FAQs on Total Tool Changing Time using Average Production Cost

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

The formula of Total Tool Changing Time using Average Production Cost is expressed as Total Tool Changing Time = (Batch Size*(Production Cost of Each Component-Cost of a Tool*(Setup Time+Machining Time))-Number of Tools Used*Cost of a Tool)/(Cost of a Tool). Here is an example- 0.025 = (2*(11400-80*(27+69))-3*80)/(80).

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

Can the Total Tool Changing Time using Average Production Cost be negative?

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

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

Total Tool Changing 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 Tool Changing Time using Average Production Cost can be measured.

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Total Tool Changing Time using Average Production Cost Formula

Total Tool Changing Time using Average Production Cost Example

Total Tool Changing Time using Average Production Cost Solution

Total Tool Changing Time using Average Production Cost Formula Elements

Other formulas in Average Production Cost category

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

FAQs on Total Tool Changing Time using Average Production Cost

Variable Name