Cost of Manufacturing: Experiment to Establish Process-Specific Cost Functions for a Deviation Based Cost Formulation

In the present day global competition, there is incredible pressure on manufacturing unit of a company to reduce the cost of manufacturing, so that company can offer products at low cost. Cost of manufacturing is essential to determine final cost of the product. The cost depends on the type of manufacturing techniques used and the desired level of tolerance, it varies with the tolerance. To formulate the detail cost of manufacturing all the geometric tolerance given has to be evaluated including material, dimensions and machining operations. It is vital to the survival of any business to forecast more effectively the cost of product. The deviation based cost model established [1-4] could be used to correctly estimate the process-specific cost.This research examined the effect of machining parameters on the cost of manufacturing, especially in turning operation, by conducting the experiment, collecting data and fitting it to the deviation based cost model. The author proposed to establish cost function for turning operations using deviation based cost formulation.