Planning is the process used to develop a scheme for scheduling and committing the resources of time, money and people. A plan shows how a project will be initiated, organized, co-coordinated and monitored. A product plan is a decision-making as regards to the design and manufacture of a product, by considering the revenues from different products. For example assume that a company already manufacturing 3 products, say P 1 , P 2 and P 3 identifies a need to design a new product ‘N'. Owing to the design and manufacture of the new product, the production volume, and hence revenue from products P 1 , P 2 ,and P 3 may be affected (due to re-allocation of company resources such as raw materials, machineries). In this situation, the company has to decide a time-schedule for the design and manufacture of the new product. Such plan made by the management is called the product plan. It must contain the time-as well as resource allocation for each of the products. More over it will result in optimum and efficient use of resources. After the product plan in made, the management begins a project for a new product design.