This paper summarizes the results for one aspect of an ongoing research program concerned with the probabilistic nature of tool life and its affect on tool replacement strategies and optimum machining conditions. Preventive planned, scheduled and failure replacement strategies are considered with single and multiple tool systems. When the coefficient of variation is constant as the cutting conditions change, the optimal cutting conditions using the probabilistic models of tool life are a multiple of the optimum cutting conditions obtained by using the classical deterministic model of tool life. The multiplying factor is a function of the coefficient of variation, tool change policy and the cost parameters of these replacement policies.

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