Abstract
Probabilistic cutting tool replacement models assume that tool life is stochastic in nature. This implies that a tool can wear out before the planned replacement, as a result of which penalty costs are incurred. If these costs, as well as the tool failure function and the cost of scheduled replacement, are known, optimal tool replacement time can be found. While many researchers have focused on the latter two elements, there are very few articles explaining what penalty costs are and how they should be calculated. Therefore this article presents an approach for estimating the costs of tool failure for a one-stage machining operation.
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