A company assembles its finished products from a wide selection of components.

A company assembles its finished products from a wide selection of components. It is analysing these

components to see which features are needed and whether any features can be removed to save costs. The. eventual aim is to purchase fewer components but in larger quantities to lower price and

reduce costs. Which of the following could result from this process?

1. Variety reduction

2. Value engineering

3. Ratio analysis

4. Standardisation