Cost optimization for a single pass turning operation including inventory and penalty costs

Abstract

This paper analyses total cost optimization for a single pass turning operation for a given feed and depth of out taking into consideration penalty cost for due date violation and in-process inventory cost. These costs are in addition to the two cost components, viz., machine and operator cost, and tool consumption cost, which are usually considered in studies on machining economics. In earlier work in machining economics, in-process inventory cost and penalty cost for due date violation have not been considered. Since these cost components are usually present in an industrial environment consideration of these costs makes the problem realistic.