![]() For this problem, the total time was 2 hours, 10 minutes and 30 seconds. Next, determine the total amount of time it took for the project to be completed. In this example problem, the total cost of the project is found to be $10,000.00. The following example problem will outline the steps required in order to determine the total cost per minute.įirst, determine the total cost of the project. It is commonly associated with part-time or hourly jobs. In general, cost per minute is used to define cost per unit time for jobs that are usually priced on an hourly basis but often take less than an hour of time.įor example, if a lawyer is hired for a job that costs $200 per hour but only averages 15 minutes of work on the case per day, it helps to understand the cost per minute to better understand the total cost. hourly wage 60,320 /yr / ( 40 h/wk × 52 wk/yr) hourly wage 29 per hour What's the difference between a wage and a salary A wage is usually based on an hourly rate, and the total amount you get paid varies with the total hours worked, including overtime. Yearly working hours 40 hr/week × 52 weeks/yr 2080 hr/yr Money per hour Annual salary/Yearly working hours. Cost Per Minute DefinitionĪ cost per minute is a financial term used to describe the total cost a project or goal takes per minute of time. To calculate the cost per minute, divide the total cost by the total time in minutes. Say you are given a large number units (n) that have been operating. For example, if 50km is covered in 5.5 hours, the unit rate will be 50km/5.5 hours 9.09 km/hour. So, to find unit rate, divide the denominator with the numerator in a way that the denominator becomes 1. FIT is number of failures per 109 device-hours. In a unit rate, the denominator is always 1. Fail fraction is probability of failure of a single unit or expected value of proportion of population failed at a given time. (For example, carpentry code for Liability might be 91343, and 5403 for your Worker’s Comp. The calculators below convert between fail fraction and average fail rate FIT given an operation time. Step 3: Locate two similar classes of labor you want to see costs on. Step 2: Next, find your General Liability and Worker’s Compensation Declaration Pages. In some cases, calculating a cost per minute is as simple as dividing the cost per hour by 60. Step 1: Enter the hourly labor rate at the top in the per hour labor cost field. Free timesheet calculator with lunch breaks and support for time periods of any length: weekly, biweekly, or monthly timesheets, (up to 31 days). Where CPM is the cost per minute ($/minute) Online time card calculator - generate a timesheet with your work hours during the week.
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