Production Time per component given Profit Solution

STEP 0: Pre-Calculation Summary
Formula Used
Average Production Time = Profit per Component/Maximum Profit Rate
tp = P/MPR
This formula uses 3 Variables
Variables Used
Average Production Time - (Measured in Second) - Average Production Time is the time taken to produce a single component out of a lot of produced batches.
Profit per Component - Profit per Component is the net profit the machine shop makes when it delivers one produced component.
Maximum Profit Rate - Maximum Profit Rate is the efficiency rate of the product obtained in metal cutting.
STEP 1: Convert Input(s) to Base Unit
Profit per Component: 5000 --> No Conversion Required
Maximum Profit Rate: 4.6 --> No Conversion Required
STEP 2: Evaluate Formula
Substituting Input Values in Formula
tp = P/MPR --> 5000/4.6
Evaluating ... ...
tp = 1086.95652173913
STEP 3: Convert Result to Output's Unit
1086.95652173913 Second -->18.1159420289855 Minute (Check conversion here)
FINAL ANSWER
18.1159420289855 18.11594 Minute <-- Average Production Time
(Calculation completed in 00.004 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!

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Amount Received by Machine Shop given Profit Rate
Go Amount Received for Each Component = (Maximum Profit Rate*Average Production Time)+Production Cost of Each Component
Production Time per component given Profit Rate
Go Average Production Time = (Amount Received for Each Component-Production Cost of Each Component )/Maximum Profit Rate
Cost of Production given Profit Rate
Go Production Cost of Each Component = Amount Received for Each Component-(Maximum Profit Rate*Average Production Time)
Rate of Profit
Go Maximum Profit Rate = (Amount Received for Each Component-Production Cost of Each Component)/Average Production Time
Amount Received by Machine Shop given Profit per Component
Go Amount Received for Each Component = Profit per Component+Production Cost of Each Component
Cost of Production given Profit per Component
Go Production Cost of Each Component = Amount Received for Each Component-Profit per Component
Profit per component produced
Go Profit per Component = Amount Received for Each Component-Production Cost of Each Component
Profit per Component produced given Profit Rate
Go Profit per Component = Average Production Time*Maximum Profit Rate
Production Time per component given Profit
Go Average Production Time = Profit per Component/Maximum Profit Rate
Rate of Profit given Profit Per component
Go Maximum Profit Rate = Profit per Component/Average Production Time

Production Time per component given Profit Formula

Average Production Time = Profit per Component/Maximum Profit Rate
tp = P/MPR

Importance of Production Time

The Production time and its proper estimation are of great help in determining:
1. Manufacturing Costs
2. Machine Work Loads
3. Personel Needs
4. Delivery Time

How to Calculate Production Time per component given Profit?

Production Time per component given Profit calculator uses Average Production Time = Profit per Component/Maximum Profit Rate to calculate the Average Production Time, The Production Time per component given Profit is a method to determine the maximum time that can be given for the production of a component for a required profit. Average Production Time is denoted by tp symbol.

How to calculate Production Time per component given Profit using this online calculator? To use this online calculator for Production Time per component given Profit, enter Profit per Component (P) & Maximum Profit Rate (MPR) and hit the calculate button. Here is how the Production Time per component given Profit calculation can be explained with given input values -> 0.301932 = 5000/4.6.

FAQ

What is Production Time per component given Profit?
The Production Time per component given Profit is a method to determine the maximum time that can be given for the production of a component for a required profit and is represented as tp = P/MPR or Average Production Time = Profit per Component/Maximum Profit Rate. Profit per Component is the net profit the machine shop makes when it delivers one produced component & Maximum Profit Rate is the efficiency rate of the product obtained in metal cutting.
How to calculate Production Time per component given Profit?
The Production Time per component given Profit is a method to determine the maximum time that can be given for the production of a component for a required profit is calculated using Average Production Time = Profit per Component/Maximum Profit Rate. To calculate Production Time per component given Profit, you need Profit per Component (P) & Maximum Profit Rate (MPR). With our tool, you need to enter the respective value for Profit per Component & Maximum Profit Rate 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 Average Production Time?
In this formula, Average Production Time uses Profit per Component & Maximum Profit Rate. We can use 1 other way(s) to calculate the same, which is/are as follows -
  • Average Production Time = (Amount Received for Each Component-Production Cost of Each Component )/Maximum Profit Rate
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