Over the years, machining industries are continuously striving to manufacture the parts at reduced cost and improved quality. This can be achieved by selecting appropriate set of tool–work materials and effective modelling and optimization of the process. Optimized grades of high-speed steel (HSS) are used to be treated as ultimate tool material till the 1930s [1]. However, American metalworking industry had shown three-time improvement in productivity with the use of same machines and manpower during the period 1939–1945.