Value engineering - which includes optimizing material cost and balancing engineering aspects to reduce the overall material costs of product.
Standardization - which improves simplification during high-volume manufacturing, improvement of part ordering, and reduction in cost of maintenance.
Lean product development - which is used to optimize linear manufacturing processes improving how you develop products on the manufacturing floor.
Modularization-which includes separating each piece of a manufacturing system into corresponding subsystems then building the best value for each of the subparts including waste reduction and design continuity.
Product optimization is many times thought of as a cost reduction activity. Ultimately, businesses look at optimizing the concept in engineering design components, supply chain costs, the manufacturing process, and then optimizing service and support costs.
The most common opportunities include refinement of supplier communication gaps, implementation of project management skills, and culture changes.