Machining Economics

Economics of Machining
Machining Economics
1
Cost Components of Production
• handling cost/piece
• tooling cost/piece
• tool setting and changing cost/piece
• machining cost/piece
2
Cost per piece
3
4
Min Cp
Vopt
Minimum cost
R
Cost of Production
V
3
2 4–31–Cost
––Cost
Cost
RCost
– of tool
ofof
ofmachining
Total changing
handling
tooling
Cost
Time Components of Production
• machining time/piece
• handling time/piece
• tool setting and changing time/piece
4
Time per piece
2
Min Tp
3
R
Minimum time
Vopt
Rate of Production
Maximum
production
1
V
5
Time
changing
21–3–Non-productive
–Tool
RMachining
– Total time
timetime
Minimum
cost
Production rate
Cost per piece
Maximum
Hi-E production
range
Vcp Vtp
V
6
Cost of Production
machining cost/piece
+ tool setting cost/piece

Unit cost (Cp)
+ tooling cost/piece
+ handling cost/piece
7
Cost of Production
machining cost/piece =
8
Cost of Production
tool setting cost/piece =
9
Cost of Production
tooling cost/piece =
Solid tool Insert
10
Cost of Production
handling cost/piece =
 Does not depend on cutting speed
 Constant
11
Cost of Production
Therefore, overall machining cost or production cost per
piece ,
Cp = Cm*tm + Cm*ts*(tm/T) + Ce*(tm/T) + Cm*th
……(1)
where,
Cm = Machining cost per unit time
tm = Machining time
ts = Tool setting time
T = Tool life
Ce = Tool cost per edge
th = Tool handling time
12
Cost of Production
Since,
Machining time (tm) = ( π*d*l/ 1000*f*v)
Also from Tool life equation, VTn = C ( a constant)

Therefore by equation (1), Cp becomes
13
Economics of Machining Cost of Production
14
15
Economics of Machining Rate of Production
machining time/piece
Time of Prodn. (Rp) + tool setting time/piece
+ handling time/piece
16
17
18
19
20
b) Tool costs:
 brazed tools – initial cost = Rs.80/-; grinding
time – 5 min/edge; tool changing time = 2
min; 9 grinds/tool before salvage.
 Throw-away inserts: cost – Rs.300; tool
change time = 1.5 min; cutting edges = 8
i. Plot the cost/piece as a function of cutting speed
and hence find the cutting speed for minimum
cost for each case.
ii. Compute and compare the tool life for minimum
cost/piece for maximum production rate both for
brazed and inserted type cutting tools.
21
Cost of Production
Extended Taylor’s tool life equation:
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
Exercise Problems
Pb.: A large batch of steel shafts are to be rough turned to 76 mm
diameter for 300 mm length at a feed of 0.25 mm/rev. A solid
HSS type tool is to be used and appropriate constant in Taylor’s
tool life equation for the conditions employed are as follows: n =
0.25; measured tool life at the cutting speed of 245 m/min is 60

sec. The initial cost of the machine was Rs. 1,50,000/- and is to
be amortized in 5 years. The operator’s wages are Rs. 20/hour
and the operator and machine overheads are 100%. Tool
changing and resetting time on the machine is 300 sec and the
cost of regrinding the tool is Rs.10/-. The initial cost of the tool is
Rs.50/- and it can be ground 10 times. Non productive time for
each component is 120 sec. Obtain optimum speed for minimum
cost of production and hence obtain the tool life; rate of
production and the cost of producing the component.
37
Exercise Problems
Pb.: A 200 mm long and 300 mm diameter bar is
turned on a lathe with feed = 0.25 mm/rev.
The operating cost is 5 paise/min while the
tool cost is Rs. 1/edge. Tool changing time is

1 min. The requirements are such that either
of the two tool materials X or Y can be used.
Compare the machining cost per component
whilst operating under most economical
conditions for the two materials.
Material ‘X’  VT0.1 = 67
Material ‘Y’  VT0.1 = 90
38
Exercise Problems
Pb.: A 100 mm long 35 mm diameter bar is to be
turned at a feed of 0.26 mm/rev. The
operating cost is Rs. 10/min. and the tool

cost is Rs. 75/edge. The tool changing time
is 4 min. A carbide tool is used with two
cutting fluids for which the tool life
equations are given below:
Cutting fluid ‘X’  VT0.22 = 67
Cutting fluid ‘Y’  VT0.32 = 67
39
Exercise Problems
A tool used in a turning operation is of the brazed
carbide tip type. Its cost is Rs. 450/- and on the average,
it can be reground 10 times. The cost of regrinding is
Rs. 45/-. The lathe cost is Rs.2 lakhs, used 8 hrs/day, 5

days/week and 50 weeks/year. Its cost is to be amortized
over 10 years. The machine overheads are 100%. The
operator’s wages are Rs. 20/hr. and the operator’s
overheads are 100%. Tool life equation is VT0.25 = 7,
where V is in m/sec and T is the tool life in sec. the tool
changing time is 4 min, and the handling time per
component is 5 min. The workpiece with 50 mm
diameter and 400 mm length is machined at the rate of
0.25 mm/rev. Calculate minimum production cost and
hence obtain minimum production time.
40
Exercise Problems
Pb.: A 200 mm long and 65 mm diameter bar is to be
turned at a feed of 0.15 mm/rev. The operating
cost is Rs. 0.50/min. and the tool cost is Rs.
10/edge. The tool changing time is 2 min. Assume

weight of workpiece as 0.14 kg. The following two
workpiece materials have been used.:
Material ‘X’ (cost Rs.100/kg)  VT0.10 = 67
Material ‘Y’ (cost Rs.120/kg)  VT0.16 = 90
Calculate tool life and optimum cutting velocities
for min. cost with no consideration for material
cost; and maximum production rate criteria for
both the w/p materials. State which material
should be chosen for total minimum cost.
41
Exercise Problems
Pb.: A tool used in a turning operation is of brazed
type. Cost of the tool is Rs. 100 and on average, it
can be reground 10 times. The cost of each
regrinding is Rs.5/-. The lathe cost is to be

amortized over 10 years and the machine
overheads are 100%. The lathe cost is Rs.2,00,000
and is used 8 hrs/day, 5 days/week and 50
weeks/yr. The tool life relationship is VT0.25 = 400.
Tool changing time is 4 min, handling time per
component is 5 min, cutting distance per
component is 200 m. Calculate minimum
production cost and time.
42
Exercise Problems
Pb.: Illustrate in a sketch graph the economic factors
involved in metal cutting and show that cutting
speed has an optimum value.

When finish turning a 50 mm diameter, 130 mm
long bore in a high-tensile steel at a feed of 0.13
mm/rev. The tool life equation was VT0.12 = 146.
The cost of regrinding the tool was Rs. 8 and the
tool changing time was 10 min. If the inclusive
cost of operating the machine is Rs. 13.5/hr,
determine (a) the economic machining time per
component, (b) the number of components to be
produced between tool changes.
43
Exercise Problems
Pb.:An automatic lathe is to be used to machine brass
components 75 mm long X 50 mm diameter using a
depth of cut 1.25 mm. Select the speed that
minimizes the machining cost and calculate the

corresponding tool life. Also estimate the cutting
speed for minimum tool life of production. Assume:
Labor + overhead rate Cm = Rs. 5/hr.
Reconditioning cost of the tool edge = Rs 0.25/edge
Loading and unloading time of the work = 15 Sec.
Tool change time = 5 min.
Tool life relationship: VT0.25 = 300
44
Exercise Problems
Pb.: A 1.0 m long cut is to be given on a 100 mm
diameter steel bars on an engine lathe. The depth of
cut is 6 mm and the feed rate is 0.5 mm/rev. the
following cost data are available for this operation:

machine labor: Rs.20/hr; machine burden rate:
400% of labor; tool cost: Rs. 180; tool changing
time: 2 min.; regrinds available: 5/tool; grinding
time: 6 min/edge; tool grinding labor: Rs.30/hr;
tool grinding burden: 500% of labor; loading time:
5 min/component; Tool life equation: VT0.25 = 200.
Obtain optimum speed for minimum cost of
production and hence obtain the tool life, rate of
production and the cost producing a component.
45
Exercise Problems
Pb.: A 200mm long and 30 mm diameter bar is to
be turned on a lathe with a feed rate of 0.25
mm/rev. The rpm is 200. The operating cost is
5 paise/min while the tool cost is Rs. 1/edge.

The design provisions indicate that either of
the following two materials may be used.
State which material should be chosen for
minimum cost.
Material cost/kg tool life eqn.
X Rs. 2.00 VT0.10 = 67
Y Rs. 3.00 VT0.16 = 90
46
Exercise Problems
Pb.: A 600 mm long cut is to be made on a 150 mm dia
bar on a lathe with a depth of cut of 1.5 mm and
feed of 0.25 mm/rev. The tool life equation is VT 0.25
= 475. For the above operation, two types of tools

may be used: (i) brazed tool and (ii) throw away
carbide inserts. The following cost data have been
collected:
(a) Machine costs: machining cost = Rs 1/hr;
machine overhead = 100%; grinding cost =
Rs.1.5/hr; grinding machine overhead = 200%;
idle time = 5 min.
Contd….
47

Machining Economics

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Economics of Machining

Cost per piece

Time per piece

+ tool setting cost/piece

Solid tool Insert

 Does not depend on cutting speed

Also from Tool life equation, VTn = C ( a constant)

0.25; measured tool life at the cutting speed of 245 m/min is 60

tool cost is Rs. 1/edge. Tool changing time is

operating cost is Rs. 10/min. and the tool

Rs. 45/-. The lathe cost is Rs.2 lakhs, used 8 hrs/day, 5

10/edge. The tool changing time is 2 min. Assume

regrinding is Rs.5/-. The lathe cost is to be

speed has an optimum value.

minimizes the machining cost and calculate the

following cost data are available for this operation:

5 paise/min while the tool cost is Rs. 1/edge.

= 475. For the above operation, two types of tools

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