Chris said, “Next on the agenda is optimized COGS. Optimized COGS is the lowest, possible cost of goods sold that achieves a product’s desired characteristics, function, and performance. Again, optimized COGS… is the lowest, possible cost of goods sold… that achieves a product’s desired characteristics, function, and performance.
A product’s desired characteristics, function, and performance are often referred to as the product requirements. Product characteristics are attributes such as features, appearance, size, and weight. Product function is the way the product works and what it does. Product performance is a measure of how well the product functions.
In practice, defining the product requirements is ...
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