Which of following techniques for improving productivity aims at reducing costs by analyzing and improving individual operations of a product/service?

Well the best technique of reducing costs is Value engineering; it evaluates each phase of operation critically and if need be restructure it that is to say design new process, that is in line with current situation. 

work simplification is the correct answer

(c)  Value engineering is the answer

 (c)  Value engineering

is the most correct answer.

(c)  Value engineering 

Management  

When used in the business sense and applied to the workplace, refers to activities that continually improve all functions and involve all employees from the CEO to the assembly line workers. By improving standardized activities and processes, our aims to eliminate waste How to eliminate of waster use "Lean method", is a systemic method for the elimination of waste  (c) value engineering

Value engineering is used to identify and eliminate unwanted costs, while improving function and quality. The aim is to increase the value of products, satisfying the product’s performance requirements at the lowest possible cost. Benefits that can be delivered include a reduction in life cycle costs, improvement in quality, reduction of environmental impacts,and so on.