1. A computerized system for identifying a globally optimal subset of product configurations from a plurality of possible product configurations associated with a product, the system comprising: a processor; a database for storing product configuration data and historical demand data associated with the plurality of possible product configurations; and a non-transitory computer readable medium that is usable by the processor and is operatively coupled to the database, the non-transitory computer readable medium having stored thereon a sequence of instructions that when executed by the processor causes the execution of the steps of: receiving the product configuration data from the database representative of the plurality of possible product configurations; eliminating invalid product configurations by performing fast enumeration for the plurality of possible product configurations and identifying a plurality of valid product configurations as a smaller subset of the plurality of possible product configurations; receiving, from the database, the historical demand data including historical demand data for valid product configurations previously sold; simultaneously optimizing the smaller subset of the plurality of possible product configurations, using a Lagrangian optimization model, that iteratively calculates a subset of globally optimum configurations respective of at least one economic objective, the identified plurality of valid product configurations, and the historical demand data for valid product configurations previously sold; and identifying a globally optimum subset of (r) valid product configurations; and outputting the globally optimal subset of (r) valid product configurations that identifies a limited number of (r) product configurations, wherein (r) is greater than or equal to 1 and wherein each of the (r) product configurations includes a plurality of available features.