A method for achieving optimum selection of machining parameters and tool inserts for finish turning operations is provided. The method allows for the simultaneous consideration of the various machining performance criteria which are highly interactive and need to be taken into consideration when defining optimum cutting conditions or selecting optimum tool inserts. The method broadly includes the steps of (1) developing a process model relating performance variables for said operation with process parameters for said operation; (2) applying multiple criteria optimization techniques to construct a utility function relating the tool life and material removal rate for optimization, using surface roughness, cutting power, and chip breakability as constraints; (3) applying non-linear programming techniques to the process model so that optimum cutting conditions may be selected for given machining performance requirements. This method may also take into account the progressive wear state of the tool being used.