Say you're a line producer and you just got assigned to a film (short or feature).   You've been asked to look at the script and break it down.   What is the first thing that you do?  I mean, obviously you read the script, but what are you logging in your mind when you read it?   Are you looking for places where efficiencies can be found?   Are you looking for things that could be cut w/o losing the story?   

Does it depend on budget?   If you were told either, "Gotta watch the dollars" or "Money's no object", how does that change your mindset?

Basically, what goes through a seasoned line producer's mind when they first read a script that they have been asked to produce?