In order to find the product, we first multiply 22 by 2.
We have, 22 × 2 = 44
Now, 2.2 has 1 decimal place, 0.2 has 1 decimal place and 0.001 has 3 decimal places.
The sum of the decimal places is 1 + 1 + 3 = 5.
So, the product must contain 5 places of decimals.
∴ 2.2 × 0.2 × 0.001 = 0.00044
Thus, the value of 2.2 × 0.2 × 0.001 is 0.00044.
Hence, the correct answer is option (b).