The technique of simplification and standardization of product is closely inter-related that leads to higher efficiency in production, better quality and reduced production cost. Simplification is a process of determining limited number of grades, types and sizes of a components or products or parts in order to achieve better quality control, minimize waste, simplify production and, thus, reduce cost of production. By eliminating unnecessary varieties, sizes and designs, simplification leads to manufacture identical components or products for interchangeability and maintenance purposes of assembly of parts. Standardization is the important step towards interchangeable manufacture, increased output and higher economy. The technique of standardization comprises of determining optimal manufacturing processes, identifying the best possible engineering material, and allied techniques for the manufacture of a product and adhering to them very strictly so long as the better standards for all these are not identified. Thus definite standards are set up for a specified product with respect to its quality, required equipment, machinery, labor, material, process of manufacture and the cost of production. The identified standard with time for a specified product should never be taken as final for ever because improvement is always possible. It must accommodate the outcome of all the new researches in the manufacturing areas in order to keep pace with increasing global competition. Improvements over the existing standards in all respects should always be welcomed. The different standards prevailing in different industries may be of the types of managerial, design, manufacturing and technical needs. Managerial standards are applicable to administrative functions within industry. These include the company policy, accounting procedures, personnel policies, performance evaluation, control of expenditures, safety aspects, security procedures and regulations, etc. where as design, manufacturing and technical standards are needed for manufacturing concepts of the industry. These include design and manufacturing techniques, practices, materials and parts, supplies, methods of testing, drafting method, abbreviations and symbols, specifications and nomenclature, etc.