Product planning is a periodic process that considers the portfolio of product development projects to be executed.Product planning involves a five$-$step process:Identify opportunities.Evaluate and prioritize projects.Allocate resources and plan timing.Complete pre$-$project planning.Reflect on the results and the process.The opportunity funnel collects possibilities for new product platforms, enhancements, and fundamentally new products from several sources within and outside the firm.Potential product development projects are evaluated based on the organizations competitive strategy, technological trajectories, and product platform plans.A balanced portfolio of development projects may include investments in breakthrough products, new platforms, derivatives, and current product support.Product development portfolio budgets may be created top$-$down, by first allocating funds to high$-$level categories of projects, and then prioritizing projects of each type.Aggregate planning ensures that selected projects have adequate resources for successful completion.A mission statement for each product development project documents the product description, benefit proposition, business goals, target markets, critical assumptions, and the products stakeholders. Summarize according to the term project for waste management