Abstract
A computer program is prepared to optimize machining cost, production and profit-rate, or a combined criterion function consisting of the weighted average of cost, production and profit-rates. The tool-life is assumed to have a probability distribution of normal, uniform or Weibull type. The parameters of the probability density functions (variance, range and shape parameter) are related to the expected tool life, and are allowed to change with the machining and tool parameters. The optimization is performed within the feasible region defined by the relevant constraints, and with regard to the expected value of the object function. Is is shown that machining economic calculations based on the deterministic tool life concept, when in fact the tool life is a statistical quantity, yields incorrect results.
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