Release planning is the process of defining the functionality of related sequence of product releases or iterations The first and foremost process in solving a RP problem is requirement selection and prioritization. The existing RP models concentrates only on selecting and prioritizing the requirements that need to be included in the current release without giving much importance to scheduling. The high software failure rate and the complex relationship between requirements support the argument that scheduling should be integrated into release planning activity. Proposed in this paper is a time centric model that integrates prioritization and scheduling into release planning. Most of the existing models when tested with varying dependency between requirements showed that as the number of requirement dependency increases there are more chance for the project to be delayed i.e., these prioritized requirements when scheduled to the development teams exceeds the release date; it never always guarantee an on time schedule. A Time Centric Model can overcome this issue of project delay by guaranteeing an on time delivery and this algorithm selects the best combination of prioritized requirements that can always be scheduled to development teams such that it finishes on time. This approach provides a schedule that will always meet the target release date and thus provides an optimized solution to prioritization and scheduling problem in software release planning.

Keywords : Release Planning, Time Centric, Prioritization, Scheduling, Requirements.