Suppose I have multiple, for this example we can consider 3, master cuboids with different length, width and breadth, 1) l1*b1*h1 2) l2*b2*h2 3) l3*b3*h3. Now I want to cut multiple smaller cuboids, for example 5, from these three master cuboids with different length, width and height. There can be a case where in one of the sides of desired small cuboids being greater than all sides of one of master cuboids.
We need to design the shortest way to decide which smaller cuboids to be cut from which master cuboid so that wastage will be least.
Is volume the only way to go forward and design the algorithm or are there any easier/out of box parameters or methods we can use for decision making.
The wasted volume would be the size of the volumes of the master cuboids $M_1, M_2, M_3$ that are actually used. So I think you are looking for the smallest one that fits all child cuboids $C_1, C_2, C_3, C_4, C_5$.
What is left is a fitting problem. What is the context? Is it a programming exercise? Or do you need to define a linear programming model?
And what is your cutting model? Can you take out any shape, or can you only cut out using planes? The second option will make the problem much easier.