New process development of forging component require lot of process knowledge and experience. Even lots of trial-and-error methods need to be used to arrive at optimum process and initial billet dimensions. But with help of reliable computer simulation tools, now it is possible to optimize the complete process and billet dimensions without a single forging trial. This saves lot of time, energy and money. Additionally, simulation gives much more insight about the process and possible forging defects.In this paper, a complete forging process was needed to be designed for a complex component. With the help of computer simulation, the complete conventional forging process and modified forging process were simulated and optimized. Forging defects were removed during optimization of the process. Also billet weight optimization was carried out. Deciding the pre-forming shape of the billet was the main challenge. With use of computer simulation, an innovative pre-forming shape was arrived resulting in reducing billet input weight. The entire forging process and billet pre-form was optimized in such a way that complete filling of cavity was achieved with minimum pre-form input weight without forging defects. Final component weight (net weight) to input pre-form weight (cut weight) ratio (i.e. yield) obtained was 81%. Further, the location of pre-form in the die was optimized and best one was selected which gave minimum wastage of material in flash.