Time and Cost Analysis
There are certain basic activities that must be carried out in a factory to convert raw materials into finished products.
These activities broadly are following:
i. Manufacturing & assembly operations,
ii. Material handling,
iii. Inspection and testing, and
iv. Coordination and control.
The first activity shall help to convert raw material into finished product. It adds value to the product. In 2nd and 3rd activities the product should be moved from one operation to the next in the manufacturing and it should be inspected & tested to make sure high quality. These activities indirectly contribute value to the product. Unnecessary operation whether they were processing, assembly, material handling or inspection should be eliminated and therefore, result into savage of time and cost of waste material.
Objectives
After studying this unit, you should be able to
- Calculate approximately the machining time for different machining operations like turning, milling, boring, etc.
- Calculate the machining cost, and
- Calculate the tool cost.