Setup Time for Each Product given Individual Costs Solution

STEP 0: Pre-Calculation Summary
Formula Used
Setup Time = (Total Production Cost-(Total Machining And Operating Cost+Total Tool Changing Cost+Total Cost of Tools Used))/(Cost of A Tool*Batch Size)
ts = (TPC-(Cm+TCC+TTC))/(Ct*Nb)
This formula uses 7 Variables
Variables Used
Setup Time - (Measured in Second) - Setup Time of each component is the time required to load/unload the workpiece and position the tool for production for one component.
Total Production Cost - Total Production Cost is the total amount that it takes to produce a batch of components from scratch.
Total Machining And Operating Cost - Total Machining And Operating Cost is the total amount of money required to machine a given batch of product.
Total Tool Changing Cost - Total Tool Changing Cost is 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.
Total Cost of Tools Used - Total Cost of Tools Used is the sum of the amount of all tools that have been used for production.
Cost of A Tool - The Cost of a Tool is simply the cost of one tool being used for machining.
Batch Size - Batch Size is the count of similar kinds of products to be manufactured.
STEP 1: Convert Input(s) to Base Unit
Total Production Cost: 30000 --> No Conversion Required
Total Machining And Operating Cost: 100 --> No Conversion Required
Total Tool Changing Cost: 540 --> No Conversion Required
Total Cost of Tools Used: 1000 --> No Conversion Required
Cost of A Tool: 80 --> No Conversion Required
Batch Size: 2 --> No Conversion Required
STEP 2: Evaluate Formula
Substituting Input Values in Formula
ts = (TPC-(Cm+TCC+TTC))/(Ct*Nb) --> (30000-(100+540+1000))/(80*2)
Evaluating ... ...
ts = 177.25
STEP 3: Convert Result to Output's Unit
177.25 Second -->2.95416666666667 Minute (Check conversion here)
FINAL ANSWER
2.95416666666667 2.954167 Minute <-- Setup Time
(Calculation completed in 00.004 seconds)

Credits

Created by Kumar Siddhant
Indian Institute of Information Technology, Design and Manufacturing (IIITDM), Jabalpur
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Verified by Parul Keshav
National Institute of Technology (NIT), Srinagar
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13 Value of Production Calculators

Total Non-Productive Time using Average Production Cost
Go Non-Productive Time = (Batch Size*(Production Cost of Each Component-Cost of A Tool*Machining Time)-(Cost of A Tool*Number of Tools Used*Time to Change One Tool)-(Number of Tools Used*Cost of A Tool))/Cost of A Tool
Setup Time for Each Product given Total Production Cost
Go Setup Time = (Total Production Cost-Cost of A Tool*Batch Size*Machining Time-Number of Tools Used*(Cost of A Tool*Time to Change One Tool+Cost of A Tool))/(Cost of A Tool*Batch Size)
Machining and Operating Rate given Average Production Cost of each Component
Go Machining and Operating Rate = (Production Cost of Each Component-(Number of Tools Used*Cost of A Tool/Batch Size))/(Setup Time+Machining Time+(Number of Tools Used*Tool Changing Time/Batch Size))
Setup Time for Each Product given Average Production Cost
Go Setup Time = (Production Cost of Each Component-Cost of A Tool*Machining Time-(Number of Tools Used/Batch Size)*(Cost of A Tool*Time to Change One Tool+Cost of A Tool))/Cost of A Tool
Machining and Operating Rate given Total Production Cost
Go Machining and Operating Rate = (Total Production Cost-(Number of Tools Used*Cost of A Tool))/(Batch Size*(Setup Time+Machining Time)+(Number of Tools Used*Tool Changing Time))
Batch Size given Average Production Cost
Go Batch Size = Number of Tools Used*((Cost of A Tool*Time to Change One Tool)+Cost of A Tool)/(Production Cost of Each Component-(Cost of A Tool*(Setup Time+Machining Time)))
Number of Tools used given Average Production Cost
Go Number of Tools Used = Batch Size*(Production Cost of Each Component-Cost of A Tool*(Setup Time+Machining Time))/(Cost of A Tool*Time to Change One Tool+Cost of A Tool)
Number of Tools used given Total Production Cost
Go Number of Tools Used = (Total Production Cost- Batch Size*Cost of A Tool*(Setup Time+Machining Time))/(Cost of A Tool*Time to Change One Tool+Cost of A Tool)
Setup Time for Each Product given Individual Costs
Go Setup Time = (Total Production Cost-(Total Machining And Operating Cost+Total Tool Changing Cost+Total Cost of Tools Used))/(Cost of A Tool*Batch Size)
Machining and Operating Rate using Individual Cost
Go Cost of A Tool = (Total Production Cost-(Total Non-Productive Cost+Total Tool Changing Cost+Total Cost of Tools Used))/(Batch Size*Machining Time)
Total Non-Productive Time using Total Production Cost
Go Non-Productive Time = (Total Production Cost-(Total Machining And Operating Cost+Total Tool Changing Cost+Total Cost of Tools Used))/(Cost of A Tool)
Number of Tools used given Individual Costs
Go Number of Tools Used = (Total Production Cost-(Total Non-Productive Cost+Total Machining And Operating Cost+Total Tool Changing Cost))/Cost of A Tool
Batch Size given Total Production Cost
Go Batch Size = Total Production Cost/Production Cost of Each Component

Setup Time for Each Product given Individual Costs Formula

Setup Time = (Total Production Cost-(Total Machining And Operating Cost+Total Tool Changing Cost+Total Cost of Tools Used))/(Cost of A Tool*Batch Size)
ts = (TPC-(Cm+TCC+TTC))/(Ct*Nb)

Significance of Total Non-Productive Time

The Total Non-Productive Time helps the concerned to determine the resource of the industry being wasted due to time lapse in important but non-profitable processes of the production line. It also helps in determining the required measures to be taken to increase the productivity of the plant which generally includes steps to decrease the Total Non-Productive Cost.

How to Calculate Setup Time for Each Product given Individual Costs?

Setup Time for Each Product given Individual Costs calculator uses Setup Time = (Total Production Cost-(Total Machining And Operating Cost+Total Tool Changing Cost+Total Cost of Tools Used))/(Cost of A Tool*Batch Size) to calculate the Setup Time, The Setup Time for Each Product given Individual Costs is a method to determine the maximum time that can be spent to load/unload the workpiece and reposition the tool for the manufacturing of a single product based on the cost of different activities of production. Setup Time is denoted by ts symbol.

How to calculate Setup Time for Each Product given Individual Costs using this online calculator? To use this online calculator for Setup Time for Each Product given Individual Costs, enter Total Production Cost (TPC), Total Machining And Operating Cost (Cm), Total Tool Changing Cost (TCC), Total Cost of Tools Used (TTC), Cost of A Tool (Ct) & Batch Size (Nb) and hit the calculate button. Here is how the Setup Time for Each Product given Individual Costs calculation can be explained with given input values -> 0.049236 = (30000-(100+540+1000))/(80*2) .

FAQ

What is Setup Time for Each Product given Individual Costs?
The Setup Time for Each Product given Individual Costs is a method to determine the maximum time that can be spent to load/unload the workpiece and reposition the tool for the manufacturing of a single product based on the cost of different activities of production and is represented as ts = (TPC-(Cm+TCC+TTC))/(Ct*Nb) or Setup Time = (Total Production Cost-(Total Machining And Operating Cost+Total Tool Changing Cost+Total Cost of Tools Used))/(Cost of A Tool*Batch Size). Total Production Cost is the total amount that it takes to produce a batch of components from scratch, Total Machining And Operating Cost is the total amount of money required to machine a given batch of product, Total Tool Changing Cost is 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, Total Cost of Tools Used is the sum of the amount of all tools that have been used for production, The Cost of a Tool is simply the cost of one tool being used for machining & Batch Size is the count of similar kinds of products to be manufactured.
How to calculate Setup Time for Each Product given Individual Costs?
The Setup Time for Each Product given Individual Costs is a method to determine the maximum time that can be spent to load/unload the workpiece and reposition the tool for the manufacturing of a single product based on the cost of different activities of production is calculated using Setup Time = (Total Production Cost-(Total Machining And Operating Cost+Total Tool Changing Cost+Total Cost of Tools Used))/(Cost of A Tool*Batch Size). To calculate Setup Time for Each Product given Individual Costs, you need Total Production Cost (TPC), Total Machining And Operating Cost (Cm), Total Tool Changing Cost (TCC), Total Cost of Tools Used (TTC), Cost of A Tool (Ct) & Batch Size (Nb). With our tool, you need to enter the respective value for Total Production Cost, Total Machining And Operating Cost, Total Tool Changing Cost, Total Cost of Tools Used, Cost of A Tool & Batch Size 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 Setup Time?
In this formula, Setup Time uses Total Production Cost, Total Machining And Operating Cost, Total Tool Changing Cost, Total Cost of Tools Used, Cost of A Tool & Batch Size. We can use 2 other way(s) to calculate the same, which is/are as follows -
  • Setup Time = (Production Cost of Each Component-Cost of A Tool*Machining Time-(Number of Tools Used/Batch Size)*(Cost of A Tool*Time to Change One Tool+Cost of A Tool))/Cost of A Tool
  • Setup Time = (Total Production Cost-Cost of A Tool*Batch Size*Machining Time-Number of Tools Used*(Cost of A Tool*Time to Change One Tool+Cost of A Tool))/(Cost of A Tool*Batch Size)
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