Minimum Cost of Machining per component Solution

STEP 0: Pre-Calculation Summary
Formula Used
Machining and Operating Cost of Each Product = Machining and Operating Rate*Machining Time for Minimum Cost/(1-Taylor's Tool Life Exponent)
Cm1 = M*tmc/(1-n)
This formula uses 4 Variables
Variables Used
Machining and Operating Cost of Each Product - Machining and Operating Cost of Each Product is the total amount of money required to machine a single product.
Machining and Operating Rate - Machining and Operating Rate is the money charged for processing on and operating machines per unit time, including overheads.
Machining Time for Minimum Cost - (Measured in Second) - Machining Time for Minimum Cost is the time for processing when the workpiece is machined to obtain the minimum cost of Machining.
Taylor's Tool Life Exponent - Taylor's Tool Life Exponent is an experimental exponent that helps in quantifying the rate of Tool Wear.
STEP 1: Convert Input(s) to Base Unit
Machining and Operating Rate: 101 --> No Conversion Required
Machining Time for Minimum Cost: 0.75 Minute --> 45 Second (Check conversion here)
Taylor's Tool Life Exponent: 0.032362 --> No Conversion Required
STEP 2: Evaluate Formula
Substituting Input Values in Formula
Cm1 = M*tmc/(1-n) --> 101*45/(1-0.032362)
Evaluating ... ...
Cm1 = 4697.00445827882
STEP 3: Convert Result to Output's Unit
4697.00445827882 --> No Conversion Required
FINAL ANSWER
4697.00445827882 4697.004 <-- Machining and Operating Cost of Each Product
(Calculation completed in 00.020 seconds)

Credits

Created by Kumar Siddhant
Indian Institute of Information Technology, Design and Manufacturing (IIITDM), Jabalpur
Kumar Siddhant has created this Calculator and 400+ more calculators!
Verified by Parul Keshav
National Institute of Technology (NIT), Srinagar
Parul Keshav has verified this Calculator and 400+ more calculators!

24 Tool and Machining Costs Calculators

Taylor's Exponent for Minimum Machining Cost given Tool Life
Go Taylor's Tool Life Exponent = ((Time to Change One Tool+(Cost of a Tool/Machining and Operating Rate))*Time Proportion of Cutting Edge Engagement)/(Tool Life+((Time to Change One Tool+(Cost of a Tool/Machining and Operating Rate))*Time Proportion of Cutting Edge Engagement))
Machining and Operating Rate given Machining Cost
Go Machining and Operating Rate = ((Machining and Operating Cost of Each Product/Machining Time)-(Time Proportion of Cutting Edge Engagement*Cost of a Tool/Tool Life))/((Time Proportion of Cutting Edge Engagement*Time to Change One Tool/Tool Life)+1)
Tool Changing Time for 1 Tool given Machining Cost
Go Time to Change One Tool = ((Tool Life*((Machining and Operating Cost of Each Product/Machining Time)-Machining and Operating Rate)/Time Proportion of Cutting Edge Engagement)-Cost of a Tool)/Machining and Operating Rate
Tool Life of One Tool given Machining Cost
Go Tool Life = Time Proportion of Cutting Edge Engagement*(Machining and Operating Rate*Time to Change One Tool+Cost of a Tool)/((Machining and Operating Cost of Each Product/Machining Time)-Machining and Operating Rate)
Cost of 1 Tool given Machining Cost
Go Cost of a Tool = (Tool Life*((Machining and Operating Cost of Each Product/Machining Time)-Machining and Operating Rate)/Time Proportion of Cutting Edge Engagement)-(Machining and Operating Rate*Time to Change One Tool)
Time Proportion of Cutting Edge Engagement given Machining Cost
Go Time Proportion of Cutting Edge Engagement = Tool Life*((Machining and Operating Cost of Each Product/Machining Time)-Machining and Operating Rate)/(Machining and Operating Rate*Time to Change One Tool+Cost of a Tool)
Machining Time per component given Machining Cost
Go Machining Time = Machining and Operating Cost of Each Product/(Machining and Operating Rate+(Time Proportion of Cutting Edge Engagement*(Machining and Operating Rate*Time to Change One Tool+Cost of a Tool)/Tool Life))
Machining Cost per component
Go Machining and Operating Cost of Each Product = Machining Time*(Machining and Operating Rate+(Time Proportion of Cutting Edge Engagement*(Machining and Operating Rate*Time to Change One Tool+Cost of a Tool)/Tool Life))
Tool Changing Cost per Tool given Tool Life for Minimum Machining Cost
Go Cost of changing each Tool = (Tool Life*Taylor's Tool Life Exponent*Machining and Operating Rate/(Time Proportion of Cutting Edge Engagement*(1-Taylor's Tool Life Exponent)))-Cost of a Tool
Tool Changing Cost per Tool given Machining Cost
Go Cost of changing each Tool = (Tool Life*((Machining and Operating Cost of Each Product/Machining Time)-Machining and Operating Rate)/Time Proportion of Cutting Edge Engagement)-Cost of a Tool
Machining Cost given Tool Changing Cost per Tool
Go Machining and Operating Cost of Each Product = Machining Time*(Machining and Operating Rate+(Time Proportion of Cutting Edge Engagement*(Cost of changing each Tool+Cost of a Tool)/Tool Life))
Tool Life of One Tool for Minimum Machining Cost given Tool Changing Cost per Tool
Go Tool Life = Time Proportion of Cutting Edge Engagement*(Cost of changing each Tool+Cost of a Tool)*(1-Taylor's Tool Life Exponent)/(Taylor's Tool Life Exponent*Machining and Operating Rate)
Time Proportion of Cutting Edge Engagement given Tool Life for Minimum Machining Cost
Go Time Proportion of Cutting Edge Engagement = Tool Life*Taylor's Tool Life Exponent/((1-Taylor's Tool Life Exponent)*(Time to Change One Tool+(Cost of a Tool/Machining and Operating Rate)))
Tool Changing Time for 1 Tool given Tool Life for Minimum Machining Cost
Go Time to Change One Tool = (Tool Life*Taylor's Tool Life Exponent/((1-Taylor's Tool Life Exponent)*Time Proportion of Cutting Edge Engagement))-(Cost of a Tool/Machining and Operating Rate)
Machining and Operating Rate given Tool Life for Minimum Machining Cost
Go Machining and Operating Rate = Cost of a Tool/((Tool Life*Taylor's Tool Life Exponent/((1-Taylor's Tool Life Exponent)*Time Proportion of Cutting Edge Engagement))-Time to Change One Tool)
Cost of 1 Tool given Tool Life for Minimum Machining Cost
Go Cost of a Tool = ((Tool Life*Taylor's Tool Life Exponent/((1-Taylor's Tool Life Exponent)*Time Proportion of Cutting Edge Engagement))-Time to Change One Tool)*Machining and Operating Rate
Tool Life of One Tool for Minimum Machining Cost
Go Tool Life = Time Proportion of Cutting Edge Engagement*(Time to Change One Tool+(Cost of a Tool/Machining and Operating Rate))*(1-Taylor's Tool Life Exponent)/Taylor's Tool Life Exponent
Taylor's Exponent for Minimum Machining Cost per component
Go Taylor's Tool Life Exponent = 1-(Machining Time for Minimum Cost*Machining and Operating Rate/Machining and Operating Cost of Each Product)
Machining and Operating Rate for Minimum Machining Cost
Go Machining and Operating Rate = Machining and Operating Cost of Each Product*(1-Taylor's Tool Life Exponent)/Machining Time for Minimum Cost
Machining Time per component for Minimum Machining Cost
Go Machining Time for Minimum Cost = Machining and Operating Cost of Each Product*(1-Taylor's Tool Life Exponent)/Machining and Operating Rate
Minimum Cost of Machining per component
Go Machining and Operating Cost of Each Product = Machining and Operating Rate*Machining Time for Minimum Cost/(1-Taylor's Tool Life Exponent)
Cutting Velocity of one product given Constant for Machining Operation
Go Cutting Velocity = Constant For Machining Condition/Machining Time
Constant for Machining Operation of one product given Machining Condition
Go Constant For Machining Condition = Machining Time*Cutting Velocity
Machining Time of one product given Constant for Machining Operation
Go Machining Time = Constant For Machining Condition/Cutting Velocity

Minimum Cost of Machining per component Formula

Machining and Operating Cost of Each Product = Machining and Operating Rate*Machining Time for Minimum Cost/(1-Taylor's Tool Life Exponent)
Cm1 = M*tmc/(1-n)

Significance of Machining and Operating Costs

The Machining and Operating Cost basically helps in determining the count of components that can be manufactured in the given resources. If this calculated cost is lower than the actual cost based on machining time, it means that the production planning has failed, as the total number of the components that are to be produced becomes lower than the starting batch size.

How to Calculate Minimum Cost of Machining per component?

Minimum Cost of Machining per component calculator uses Machining and Operating Cost of Each Product = Machining and Operating Rate*Machining Time for Minimum Cost/(1-Taylor's Tool Life Exponent) to calculate the Machining and Operating Cost of Each Product, The Minimum Cost of Machining per component is defined as the minimum capital that must be invested for machining and operating processes to be afforded on a single product. Machining and Operating Cost of Each Product is denoted by Cm1 symbol.

How to calculate Minimum Cost of Machining per component using this online calculator? To use this online calculator for Minimum Cost of Machining per component, enter Machining and Operating Rate (M), Machining Time for Minimum Cost (tmc) & Taylor's Tool Life Exponent (n) and hit the calculate button. Here is how the Minimum Cost of Machining per component calculation can be explained with given input values -> 4697.004 = 101*45/(1-0.032362).

FAQ

What is Minimum Cost of Machining per component?
The Minimum Cost of Machining per component is defined as the minimum capital that must be invested for machining and operating processes to be afforded on a single product and is represented as Cm1 = M*tmc/(1-n) or Machining and Operating Cost of Each Product = Machining and Operating Rate*Machining Time for Minimum Cost/(1-Taylor's Tool Life Exponent). Machining and Operating Rate is the money charged for processing on and operating machines per unit time, including overheads, Machining Time for Minimum Cost is the time for processing when the workpiece is machined to obtain the minimum cost of Machining & Taylor's Tool Life Exponent is an experimental exponent that helps in quantifying the rate of Tool Wear.
How to calculate Minimum Cost of Machining per component?
The Minimum Cost of Machining per component is defined as the minimum capital that must be invested for machining and operating processes to be afforded on a single product is calculated using Machining and Operating Cost of Each Product = Machining and Operating Rate*Machining Time for Minimum Cost/(1-Taylor's Tool Life Exponent). To calculate Minimum Cost of Machining per component, you need Machining and Operating Rate (M), Machining Time for Minimum Cost (tmc) & Taylor's Tool Life Exponent (n). With our tool, you need to enter the respective value for Machining and Operating Rate, Machining Time for Minimum Cost & Taylor's Tool Life Exponent and hit the calculate button. You can also select the units (if any) for Input(s) and the Output as well.
How many ways are there to calculate Machining and Operating Cost of Each Product?
In this formula, Machining and Operating Cost of Each Product uses Machining and Operating Rate, Machining Time for Minimum Cost & Taylor's Tool Life Exponent. We can use 2 other way(s) to calculate the same, which is/are as follows -
  • Machining and Operating Cost of Each Product = Machining Time*(Machining and Operating Rate+(Time Proportion of Cutting Edge Engagement*(Cost of changing each Tool+Cost of a Tool)/Tool Life))
  • Machining and Operating Cost of Each Product = Machining Time*(Machining and Operating Rate+(Time Proportion of Cutting Edge Engagement*(Machining and Operating Rate*Time to Change One Tool+Cost of a Tool)/Tool Life))
Let Others Know
Facebook
Twitter
Reddit
LinkedIn
Email
WhatsApp
Copied!