Optimal block generation time

[Alula]

The block generation rate of Bitcoin is one block per 10 minutes on average. I learned that 10 minutes was selected as a tradeoff between confirmation time and the amount of work wasted due to chain splits (block forks). Although the argument makes sense to me, the number seems to be randomly selected. Other altcoins are similarly selecting their block generation rate in a random fashion. Is it possible to analyze and find out an optimal block generation time? What parameters and approaches should I consider in order to calculate an optimal block generation time?

[odolvlobo]

You want the optimal time, so the first step is to decide what you are trying to optimize.

[yogi]

Magic numbers.