Approaches for Economic Analysis of Machining:

In the economic analysis of machining, various criteria are considered to evaluate the cost-effectiveness and profitability of the process. Three commonly applied approaches are:

1) Minimum cost criterion:
The minimum cost criterion focuses on minimizing the total cost associated with the machining process. This includes the cost of raw materials, tooling, energy consumption, labor, and other overhead costs. By optimizing the machining parameters and selecting the most efficient cutting tools, the aim is to reduce the overall cost without compromising the quality of the machined parts.

2) Maximum production rate:
The maximum production rate criterion aims to maximize the rate at which parts are produced while maintaining acceptable quality standards. By identifying the optimal cutting parameters, such as cutting speed, feed rate, and depth of cut, the goal is to achieve the highest possible production rate without causing excessive tool wear, tool breakage, or compromising the dimensional accuracy of the parts.

3) Maximum profit criterion:
The maximum profit criterion considers the overall profitability of the machining process. It takes into account both the revenue generated from the sale of machined parts and the total cost incurred in the production process. By optimizing the machining parameters and selecting the most cost-effective tools and processes, the objective is to maximize the profit margin.

Correct answer:
The correct answer is option 'B' - 2, 3, 1.

Explanation:
The correct order of the approaches is 2, 3, 1. This means that the maximum production rate criterion is given the highest priority, followed by the maximum profit criterion, and finally the minimum cost criterion.

The reason behind this order is that in many machining operations, especially in high-volume production, maximizing the production rate is crucial to meet the demand and generate revenue. However, solely focusing on production rate may not guarantee profitability, as costs need to be considered as well. Therefore, the maximum profit criterion is given the second priority, ensuring that the machining process is not only fast but also profitable.

Lastly, the minimum cost criterion is considered after the maximum profit criterion. Although cost reduction is important, it should not be the sole objective if it compromises the production rate and profitability. By considering the minimum cost criterion last, it ensures that cost reduction is pursued without sacrificing the production rate and profit margins.

In summary, the correct order of the approaches for the economic analysis of machining is 2, 3, 1, which prioritizes the maximum production rate, maximum profit, and minimum cost criteria, respectively.