In this Adobe Photoshop Playbook video, Bryan O'Neil Hughes suggests a variety of options to help you tackle noise when processing your photographs. Due to the improvement of pixel quality, noise isn't usually so much of an issue. However, it still can be a problem especially in your low light images.
Hughes recommends using Camera Raw and shows you how to effectively reduce colour noise and luminance noise. He also mentions the reduce noise slider under Image size in Photoshop CC as well as Smart sharpen. Due to software evolving, Hughes advises against using Filter > Noise > Reduce noise.